US-1 Studio Apartments
6017 Second Street N, Folkston, GA
21.49% return
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Property Description

*CALL US FOR SHOWINGS* Incredible investment. This is a high income generating property and business for sale. Property has been recently renovated. New photos coming soon. Total of 24 units (office included) on 3.3 acres of prime real estate. This property can generate some serious income: $178,800 a year when fully occupied and well managed and $250,800 with added mobile home and RV pads. Decent overall condition. On-site property manager and handyman. Property has a history of generating $11,000+ a month consistently. $600/month for 20 single units and $800/month for 3 double units. Separate electric meters, tenants pay for electricity. Electric is updated. On-site laundry facility. Additional space with electric, water and sewer hookup to add additional housing. Tons of industry in town. Only 45 mins away from Jacksonville, FL and 8 miles from Florida/Georgia border. Folkston, GA seen 91% population growth in the last 7 years!!! Units rent immediately and always stay full. Mobile home and RV pads can be added in the back for additional income. 20 pads will generate a whooping $6000/month at $300/pad!

Property Information

  • Listing statusOff market
  • Property typeMulti Family
  • Total units24
  • Total bedrooms28
  • Total bathrooms26
  • Building size11649 sq. ft.
  • Lot size3.3 acres
  • Year built1950
  • CountyCharlton County
  • SubdivisionFolkston (District 02)
  • ConstructionBrick, CBS
  • RoofGalvanized
  • Water sourceCity
  • Water disposalSewer
  • HeatingWall unit, Central
  • CoolingWall A/C Units, Central

Property Financial Summary

  • Asking price $575,000
  • Estimated rehab 1 $0
  • Total investment $575,000
  • Type Proforma
  • Gross income (annually) $171,600
  • Operating expenses (annually) $48,019
  • Net income (annually) $123,581
  • Gross return 29.84%
  • Gross income (monthly) $14,300
  • Operating expenses (monthly) $4,002
  • Net income (monthly) $10,298
  • Net return 21.49%

Property Income & Expenses

  • Income
  • Unit 1: 1 bed / bath $600/month
  • Unit 10: 1 bed / bath $600/month
  • Unit 11: 1 bed / bath $600/month
  • Unit 12: 1 bed / bath $600/month
  • Unit 13: 1 bed / bath $600/month
  • Unit 14: 1 bed / bath $600/month
  • Unit 15: 1 bed / bath $600/month
  • Unit 16: 1 bed / bath $600/month
  • Unit 17: 1 bed / bath $600/month
  • Unit 19: 1 bed / bath $600/month
  • Unit 2: 1 bed / bath $600/month
  • Unit 20: 1 bed / bath $600/month
  • Unit 21: 2 bed / bath $800/month
  • Unit 22: 2 bed / bath $800/month
  • Unit 23: 2 bed / bath $800/month
  • Unit 3: 1 bed / bath $600/month
  • Unit 4: 1 bed / bath $600/month
  • Unit 5: 1 bed / bath $600/month
  • Unit 6: 1 bed / bath $600/month
  • Unit 7: 1 bed / bath $600/month
  • Unit 8: 1 bed / bath $600/month
  • Unit 9: 1 bed / bath $600/month
  • Unit House: 3 bed / bath $500/month
  • Unit Office Front Desk: bed / bath $0/month
  • Total $14,300/month
  • Expenses
  • Property Taxes $353/month
  • Waste Collection $100/month
  • Water bill $500/month
  • Electric bill $700/month
  • On-site maintenance $1,200/month
  • Lawn care $100/month
  • Insurance $303/month
  • Administrative $42/month
  • Supplies $300/month
  • Internet $250/month
  • Cable Bill $154/month
  • Total $4,002/month

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for the this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.

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