218 W Hill Avenue
- 13,602 SF building with ±40 units
- Fully redeveloped in 2022
- Housing Choice Voucher (Section 8) program
- ±9.9% pro forma cap rate
- New commercial roof (2025) with warranty
- On-site laundry + office space
- South Georgia location
Property Description
Courlley Court II is a rare opportunity to invest in a turnkey, stabilized, and proven multifamily asset located in downtown Valdosta, Georgia. Offered at $2,550,000 (approximately $63,750 per unit), the property consists of 40 total units, including 38 residential apartments and two on-site offices. The residential unit mix includes 36 efficient one-bedroom/one-bath units and 2 two-bedroom/one-bath units, along with a manager’s office and additional office space. Originally a motel, the property was completely gutted and converted to apartment use in 2022. All residential units were fully rebuilt and feature durable finishes and efficient layouts with kitchenettes, updated cabinetry, flooring, fixtures, and lighting. Kitchenettes include mini-refrigerators, two-burner electric cooktops, and microhood vent systems. Courlley Court II operates under the Housing Choice Voucher (formerly Section 8) federally funded housing program, providing reliable, government-backed rental payments and consistent demand. Pro forma rents average ±$875 per residential unit, equating to approximately $35,000 in monthly income ($420,000 annually). Using a conservative 40% operating expense ratio, the property supports a ±9.9% pro forma cap rate at the asking price. All residential units are individually metered for electricity and billed directly to tenants by Georgia Power, reducing landlord utility exposure. Ownership provides hot water, property-wide Wi-Fi, and dumpster service. Additional amenities include an on-site tenant laundry room. Major capital improvements include a new Duro-Last commercial roof installed in 2025 with a 20-year transferable warranty, significantly reducing near-term capital expenditure risk. Member of seller entity is a licensed real estate associate broker in Georgia.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,550,000 |
| No. of Units: | 40 |
| Average Occupancy: | 9.88 |
| Lot Size: | 0.61 Acres |
| Opportunity Zone: | No |
| Price per unit: | $63,750 |
| Property Website | Click Here |
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