580 E Broad Street
Athens,
GA
30601
Jill Swope with University Holdings Brokerage, LLC,
original listing - (706) 305-7785
Property Details
| List Price: |
$11,220,000 |
| Beds: |
-- |
| Baths: |
-- |
| Status: |
Active |
SqFt: |
31623 Square Feet |
| Agency: |
University Holdings Brokerage, LLC |
| Agency Phone: |
(706) 305-7785 |
Description/Comments
| Lot Size: |
0 acre(s) |
| Property Type: |
Residential-Single Family Attached |
| Year Built: |
1890 |
| Notes: |
This flagship Athens asset is adjacent to UGA and Downtown and comprises 36 units + 119 beds. It was originally constructed in 1897, but was converted to loft apartments in 1977 and then an extensive value-add was completed from 2018 - 2023. Farmers Exchange is currently 100% Occupied and 92.4% Pre-Leased for AY 25-26 with average rents at only $768/ bed. Surrounding competition this close to campus charges $286 - $604 more per bed for their 1BR - 5BR floor plans. <br />
<br />
This deal comes with ASSUMABLE non-recourse debt with Fannie at 4.14% that matures 12/1/31. It's on a 30 year AM and has IO until 12/1/26. Loan Balance is $7.467MM (67% LTV). <br />
<br />
Farmer's Exchange has been well maintained throughout the years. In 2018, the 300 Building had floors refinished, ceiling height increased and a full interior/ exterior paint. All common area lighting was replaced, a laundry room was added, alongside common area updates to include a pool table, package lockers, study rooms, nest thermostats and updated exterior signage. <br />
<br />
Current ownership resealed the flat TPO roof in January 2020 and in 2021 performed a Green Loan update which included adding solar film protective to all windows, adding weather stripping to all doors/ windows and adding low flow shower heads. In 2023, 10 HVAC units were replaced and they also replaced and upgraded the entire fire monitoring system (including electrical and conduit). <br />
<br />
Interior unit features include exposed brick and beam architecture, hardwood floors, white wood cabinets, granite countertops, stainless steel appliances and more. <br />
<br />
-Incredible Location: This property is adjacent to The University of Georgia and Downtown Athens. <br />
-Assumable Non-Recourse Debt: This property has assumable non-recourse debt with Fannie at 4.14% with IO until 12/1/26 that matures 12/1/31. <br />
-Strong Occupancy and Pre-Lease: Farmer's Exchange is currently 100% Occupied and 92.4% Pre-Leased 24-25 school year.<br />
-Ability to Reduce Expenses: Farmer's exchange currently includes cable in the rent, so stripping this expense for AY 25-26 would save over $7,000 on an annual basis.1. Hardwood Flooring & Exposed Brick and Beam Architecture, 2. White wood cabinets with granite countertops and stainless steel appliances, 3. Nest Thermostats and Electronic Keys / Fob entry, 4. ASSUMABLE DEBT! Adjacent to UGA's campus |
| MlsNumber: |
-- |
| ListingId: |
1020905 |
Estimate Your Monthly Payment
| Listing Provided By: |
University Holdings Brokerage, LLC, original listing |
| Phone: |
(706) 305-7785 |
| Office Phone: |
(706) 305-7785 |
| Agent Name: |
Jill Swope |
| Disclaimer: |
Copyright © 2024 Athens Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. |
