US-1 Studio Apartments

6017 Second Street N, Folkston, GA

22.61% return

SP: $650,000

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Property Description

BACK ON THE MARKET!! Recently renovated!! Incredible investment. This is a high income generating property and business for sale. Total of 24 units (office included) on 3.3 acres of prime real estate. This property can generate some serious income. On-site property manager and maintenance. 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. 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. 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 statusSold
Property typeMulti Family
Total units25
Total bedrooms(unknown)
Total bathrooms(unknown)
Building size11649 sq. ft.
Lot size3.3 acres
Year built1950

CountyCharlton County
SubdivisionFolkston (District 02)
ConstructionBrick, CBS
RoofGalvanized
Water sourceCity water
Water disposalSewer
HeatingWall unit, Central
CoolingWall A/C, Central air

Property Financial Summary

Sale price$650,000
Estimated rehab¹$0
Total investment$650,000

TypeProforma

Gross income (annually)$204,000
Operating expenses (annually)$57,046
Net income (annually)$146,954
Gross return31.38%

Gross income (monthly)$17,000
Operating expenses (monthly)$4,754
Net income (monthly)$12,246
Net return22.61%

Property Income & ExpensesMonthlyAnnual

Income

Building 1
Unit 102: 1 bed / 1 bath$680/month$8,160/year
Unit 103: 1 bed / 1 bath$680/month$8,160/year
Unit 104: 1 bed / 1 bath$680/month$8,160/year
Unit 105: 1 bed / 1 bath$680/month$8,160/year
Unit 106: 1 bed / 1 bath$680/month$8,160/year
Unit 107: 1 bed / 1 bath$680/month$8,160/year
Unit 108: 1 bed / 1 bath$680/month$8,160/year
Unit 109: 1 bed / 1 bath$680/month$8,160/year
Building 2
Unit 110: 1 bed / 1 bath$680/month$8,160/year
Unit 111: 1 bed / 1 bath$680/month$8,160/year
Unit 112: 1 bed / 1 bath$680/month$8,160/year
Unit 113: 1 bed / 1 bath$680/month$8,160/year
Unit 114: 1 bed / 1 bath$680/month$8,160/year
Unit 115: 1 bed / 1 bath$680/month$8,160/year
Unit 116: 1 bed / 1 bath$680/month$8,160/year
Unit 117: 1 bed / 1 bath$680/month$8,160/year
Unit 118: 1 bed / 1 bath$680/month$8,160/year
Unit 119: 1 bed / 1 bath$680/month$8,160/year
Building 3
Unit 142: 1 bed / 1 bath$680/month$8,160/year
Unit 143: 1 bed / 1 bath$680/month$8,160/year
Unit 144: 2 bed / 2 bath$800/month$9,600/year
Unit 145: 2 bed / 2 bath$800/month$9,600/year
Unit 146: 2 bed / 2 bath$800/month$9,600/year
Office Building
Unit House: 3 bed / 1 bath$1,000/month$12,000/year
Unit Office Front Desk: studio / 0 bath$0/month$0/year
Total$17,000/month$204,000/year

Expenses

Property Taxes$296/month$3,554/year
Waste Collection$178/month$2,136/year
Water bill$1,500/month$18,000/year
Electric bill$35/month$420/year
On-site maintenance$1,000/month$12,000/year
Lawn care$100/month$1,200/year
Insurance$303/month$3,636/year
Administrative$42/month$500/year
Supplies$300/month$3,600/year
Property Management$1,000/month$12,000/year
Total$4,754/month$57,046/year

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 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.