Patton Arms Apartments Listing Details & Market Data

The Patton Arms Apartments represents an excellent value-add property situated in established Southeast Columbus, Georgia. The subject property features convenient access to downtown Columbus (approx. 4.0 miles), the heavily trafficked Victory Drive/US Highway 27 (approx. 0.2 miles) and Interstate 185 (approx. 1.4 miles). The Patton Arms Apartments provides convenient interstate airport access with an approximate 1.5 hour drive to Atlanta's Hartsfield Jackson International Airport and a mere 12 minute drive to the Columbus Airport which is serviced by Delta Airlines and American Airlines, as well as a number of charter and private aviation options. Columbus is the second (2nd) largest city in Georgia (source: Wikipedia) and is part of the Columbus-Auburn-Opelika Combined Statistical Area which has a current estimated population of 499,128 people and is approximately 95 miles due south of Atlanta Hartsfield-Jackson Internatial Airport . Columbus is home to many major employers, including AFLAC insurance, Kia Motors Manufacturing, Pratt & Whitney, Anthem Blue Cross Blue Shield, TYSY Global Payments, Hyundai Transys Powertrain Systems, Hostess Brands and Synovus Financial Services. Columbus is also home to Fort Benning, a United States Army post that supports more than 120,000 active-duty military, family members, reserve component soldiers, retirees and civilian employees on a daily basis. Columbus is experiencing high growth and the surrounding area has had twice the average growth rate for the state of Georgia since 2010 and has an available workforce of approximately 250,000 workers within a 60-mile radius and 83,000 students pursuing higher education at 7 colleges and universities located in the area.The Patton Arms Apartments represent an excellent value-add multifamily investment located in Columbus, Georgia. The subject property is comprised of three (3) two-story, walk up brick buildings, featuring sixteen (16) units situated on approximately 0.58 acres. Dwellings consists of twelve (12) 1BR/1BA units and four (4) 2BR/1BA units. As of December 2023, current rents are averaging $579.80 per unit per month, while the 2024 HUD advisory for rent in the subject property zip code of 31903 is $760 per month for 1BR/1BA units and $890 for 2BR/1BA units, presenting the value-add investor with an exceptional opportunity to realize increased potential rents and occupancy. Occupancy as of December 2023 was 93.75%. Additional opportunity to implement Ratio Utility Billing System (RUBS), allows an investor with potential to further increase income and recapture expenses.