Mulberry on the Mile

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Address: 233 S Mulberry St, Statesboro, Georgia, US
Created date: September 12, 2023
Date last updated: September 12, 2023
  • - Renovations include new appliances, bathroom vanities, granite countertops, lighting, doors, windows, ceiling fans, and backsplash
  • - Metal roofs are less than three years old
  • - The parking lot has been resurfaced and striped
  • - Statesboro serves as the county seat and is known for its rich history, thriving economy, and vibrant community
  • - Current ownership has put in approximately $40,000 per unit in renovations
  • - Property has new PEX plumbing and cooper wiring, and new electric panels and electric service

Property Description

Waller Group is proud to present the fully renovated – Turnkey Mulberry on the Mile Apartments and Townhomes. Mulberry on the Mile is a fully renovated and stabilized value add property located on the blue mile trail in Statesboro GA. Seller fully vacated property and gutted the structure to the studs which costs in excess of $40,000 per unit in electrical, plumbing, HVACs, all new copper wiring and PEX plumbing. Granite counter tops, new cabinets, vanities, lighting, doors, windows throughout every unit as well as W&D connections for townhome units. Majority townhome unit mix differentiates property from apartment competitors, as well as proximity to blue mile behind the property along the railroad track, which has been a primary retail and growth driver for the city of Statesboro.Lease up began Mid May and as of 6/5 is 70% occupied, projected to be over 90% to qualify for agency debt prior to first week of July. Water, sewer and trash RUBS have been implemented and will be reflected on June P&L of $45 p/unit 1bdrms $55 2bdrm, $65 for 3 bdrm. Property qualifies for agency debt and will be treated as a new construction lease up and delivered stabilized with growing demographics and room to increase rents as leases renew.A value-add opportunity exists in adding combo W&D’s to efficiencies and 1bdrm units and converting existing laundry room to additional unit, as well as increasing rents upon renewal after lease up concessions burn off. As delivered at closing proforma is projecting a 20% IRR utilizing agency debt with no capex reserves as this is comparable to a new construction asset.Seller owns properties throughout the US and is selling to reinvest in larger assets and return equity to their LPs. Existing construction debt is coming due as capex was over budget and exceeded proforma timeline. Property was reduced $500,000 June 6th. Property tours will be confirmed upon receipt of qualified LOI, for LOI and tour procedures see page 4. First acceptable LOI will be considered by seller as no call for offer date has yet been set.The property is currently managed by a third-party service. Current management is willing to stay on. Financials were underwritten with a 5.0% management fee.

Key Property Information

Listing Status: Unavailable
Listing Type: Call for offers
Price: $3,500,000
No. of Units: 26
Average Occupancy: 8.16
Lot Size: 21,446.00 Acres
Opportunity Zone: No
Price per unit: $134,615
Property Website Click Here
Address: 233 S Mulberry St, Statesboro, GA 30458, USA
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