Multifamily
Phenix City Apartments
2515 College Dr, Phenix City, AL 36869
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present for sale Phenix City Apartments, a garden community at 2515 College Drive in Phenix City, Alabama, within the Columbus, GA-AL MSA. Built in 1976 and renovated in 2024, the property consists of 64 two-bedroom, one-bath units averaging 850 square feet. Approximately 80% of the units have been renovated with new cabinetry, new appliances, and luxury vinyl tile flooring. Every unit features central heat and air and washer/dryer connections.
In-place rents average $797 per unit, while renovated units are leasing for up to $985. The property is 85.5% occupied. Two units are currently used as an office and a maintenance shop, and a new owner can return both to the rent roll, bringing all 64 units into service.
The property sits on the College Drive corridor, directly across the street from Chattahoochee Valley Community College, which gives it a steady, walkable source of student, faculty, and staff renters. It is also minutes from Columbus and Fort Benning, the region’s largest employer with roughly 45,000 soldiers, civilians, and contractors. Neighboring communities run at 92%–100% occupancy, which confirms deep renter demand.
Phenix City Apartments
Investment Highlights
- Renovated and ready to lease: About 80% of the units feature new cabinets, appliances, and LVT flooring, so a buyer inherits the upgrade without funding it
- 23.6% rent upside: In-place rents average $797, while existing leases are already achieving $985
- Spacious, well-equipped floor plans: All 64 units are 850 SF two-bedroom homes with central heat and air and washer/dryer connections in every unit
- Built-in lease-up upside: Leasing the 9 vacant units and returning the office and shop units to service adds about $130,000 in annual gross rent at $985
- Across from CVCC: The campus is directly across the street, and Fort Benning and new manufacturing employers anchor demand on both sides of the river
Exclusively Listed By
Broker of Record
-
Eddie Greenhalgh
Senior Managing Director Investments
Investment Highlights
- Renovated and ready to lease: About 80% of the units feature new cabinets, appliances, and LVT flooring, so a buyer inherits the upgrade without funding it
- 23.6% rent upside: In-place rents average $797, while existing leases are already achieving $985
- Spacious, well-equipped floor plans: All 64 units are 850 SF two-bedroom homes with central heat and air and washer/dryer connections in every unit
- Built-in lease-up upside: Leasing the 9 vacant units and returning the office and shop units to service adds about $130,000 in annual gross rent at $985
- Across from CVCC: The campus is directly across the street, and Fort Benning and new manufacturing employers anchor demand on both sides of the river
Investment Overview
Marcus & Millichap is pleased to present for sale Phenix City Apartments, a garden community at 2515 College Drive in Phenix City, Alabama, within the Columbus, GA-AL MSA. Built in 1976 and renovated in 2024, the property consists of 64 two-bedroom, one-bath units averaging 850 square feet. Approximately 80% of the units have been renovated with new cabinetry, new appliances, and luxury vinyl tile flooring. Every unit features central heat and air and washer/dryer connections. In-place rents average $797 per unit, while renovated units are leasing for up to $985. The property is 85.5% occupied. Two units are currently used as an office and a maintenance shop, and a new owner can return both to the rent roll, bringing all 64 units into service. The property sits on the College Drive corridor, directly across the street from Chattahoochee Valley Community College, which gives it a steady, walkable source of student, faculty, and staff renters. It is also minutes from Columbus and Fort Benning, the region’s largest employer with roughly 45,000 soldiers, civilians, and contractors. Neighboring communities run at 92%–100% occupancy, which confirms deep renter demand.
Exclusively Listed By
Broker of Record
-
Eddie Greenhalgh
Senior Managing Director Investments
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