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100908 . 85 Home SFR, Albany, GA 31705
- 77 single-family detached homes, 6 duplex units, and 2 condos
- Average home size of 1,317 square feet
- Self-managed staff member willing to continue with the new owner
- The average home vintage is 1962
- A mix of two, three, four, and five-bedroom homes
- The average asking price of $93,529
- Home values are up 10% in Albany per Neighborhood Scout
- The average monthly rent of $816 is 10% below current market renters
- Year 1 stabilized cap rate of 7.66% with a gross yield of 11.49%
- 100% leased to fully vetted tenants with 2-year leases
- All SVN® Offices Independently Owned & Operated
- Local Broker License Information: www.SFRhub.com/realstatelicensing
Visit www.SFRhub.com and search for portfolio 101166 for more information.
Director of Brokerage Services
SVN | SFRhub Advisors
License #: BR507919000
Gary Martin & Associates LLC,
SVN | SFRhub Advisors is pleased to present to qualified investors this 85-home scattered single-family rental portfolio in Albany, GA. The portfolio consists of 77 single-family detached homes and 3 duplexes (6 units) and 2 condos. The unit mix includes 16 – 2 bedroom; 55 – 3 bedroom; 11 – 4 bedroom; and 1 - 5-bedroom homes. The homes are 100% leased to fully vetted tenants. Seventy percent of the tenants have been in place for over two years with many tenants occupying their homes for five to eight years, and some as long as fifteen years. The homes would be classified as Class B/C and the neighborhoods would be classified the same, but the homes have been well maintained as evidenced by the photos. The tenants have signed 2- year leases with 28 of those leases expiring in 2023.
The average home size is 1,317 square feet with an average rental rate of $816 per month. This rental rate is over 10% below current market rates and well below the average market rent of $859 per month. Albany is a renter’s market with 62% of the population being tenants. The Seller has deployed an average of $15,000 per home in CapEx as he acquired the portfolio beginning 10 years ago. Their improvements include vinyl flooring, new trim, paint, remodeled bathrooms, and replacing roofs, water heaters, and HVAC units as needed. The average home price is $93,529 which is 9% below the median home price in Albany of $91,230 according to Neighborhood Scout. Home values have increased 9.63% in the past twelve months.
The homes were built between 1924 and 2009 with an average vintage of 1962. The portfolio is self-managed, and the key staff member is willing to remain with the portfolio when sold. All tenant payments are performed electronically, and Seller receives as much as $20,000 per year in late payments automatically received through that electronic payment system. An investor can make an immediate impact by reducing the 43% OPEX and driving rents to market as leases expire. This portfolio is a fantastic opportunity for an investor to have an immediate scale in the growing Georgie SFR (Single Family Rental) market.