LEMANS APARTMENTS

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SSP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Lemans Apartments. Lemans Apartments is located in Valdosta, GA and is within a fifteen-minute drive-time radius of all major employers within the Valdosta MSA. Lemans Apartments offers the opportunity for a new buyer to increase the NOI by 51.38% by renovating unit interiors, installing a laundry facility in what is now the office, and thus by increasing rental rates at the property. Currently, Lemans Apartments has average effective in-place rents 44% to 67% below the average of all market comparables.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.

56
UNITS

40,200
SQFT

1972
YEAR BUILT

PRICED AT
MARKET BID

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VITAL PROPERTY DATA

  • Property Addresses: 415 Northside Drive, Valdosta, GA 31602

  • NUMBER OF UNITS: 56 Units

  • RENTABLE SQUARE FOOT: 40,200 SF

  • AVERAGE UNIT SIZE: 705 SF

  • NUMBER OF BUILDINGS: (7) Residential, (1) Clubhouse

  • LOT SIZE: 3.22 Acres +/-

  • FINANCING: Free and Clear

VIABLE PATH TO SUBSTANTIAL UPSIDE

  • Well Located Asset Situated Within a 15-Minute Radius of All Major Valdosta Employers

  • Ability to Increase NOI by 51.38% Within the First 24-Months of Ownership

  • Value Add Opportunity Through Physical and Operational Upside Unlocked by Renovating Unit Interiors and Installing a Laundry Facility

  • Underperforming Asset With In-Place Rents 44% to 67% Below Market Comparables

  • Located Directly off Northside Drive, Providing Residents Easy Access to Shopping and Retail Destinations, Moody Air Force Base, Valdosta State University and South Georgia Medical Center

WELL LOCATED VALDOSTA PROPERTY

  • 2-Minutes to South Georgia Medical Center

  • 2-Minutes to North Ashley Professional Center

  • 3-Minutes to Castle Park Shopping Center

  • 4-Minutes to Walmart Supercenter & Publix Super Market

  • 5-Minutes to Valdosta State Universit

  • 6-Minutes to Valdosta Country Club

  • 7-Minutes to Valdosta High School

  • 7-Minutes to Downtown Valdosta

  • 10-Minutes to Wiregrass Georgia Technical College

  • 12-Minutes to Moody Air Force Base

VALDOSTA: GEORGIA’S SOUTHERN GROWTH HUB

  • 7.74% 10-Year Population Growth (US Census Bureau)

  • 6.24% Future 5-Year Population Growth Estimate (US Census Bureau)

  • 2.8% 2019-20 Year-Over-Year Job Growth (Best Places)

  • 37.2% Projected 10-Year Growth Rate (Best Places)

  • 38th Emerging Metropolitan Areas (Best Places)

  • 150,388 2020 Population Estimate (US Census Bureau)

  • 159,771 2025 Population Estimate (US Census Bureau)

  • Expanding Logistics, Medical, and Governmental Sectors

DEAL TEAM CONTACTS

Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com

Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com

Contact an Agent Listed Above to Schedule Property Tours