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Multifamily

The Cottages at Magnolia

2205 Magnolia Cir, Tallahassee, FL 32301

Listing Price: Request For Offer

Number of Units
54
Gross SF
86,184

Investment Overview

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Cottages at Magnolia & The Gardens. This portfolio is a total of 54-units built in 2001, consisting of all 1,596 Sq. Ft. four-bedroom/four-bathroom units, and is located just two minutes south of Downtown Tallahassee. In the summer of 2020, current ownership converted the Property from student housing assets to conventional market rate assets. A new buyer has the ability to further capitalize on the conversion from student housing to market rate by infusing an additional $350,000 into the assets for interior renovations, exterior painting, rebranding and new fences with automatic gates. Upon completion of this renovation plan, a new buyer has the ability to increase rents 23% from the current average effective rents.

Investment Highlights

  • Ability to Individually Meter or Implement RUBS Reimbursement on Remaining 27 Units. Currently, 27 Of the Units are Individually Metered for Water and Sewer.
  • Ability To Further Capitalize on Current Ownership's 2020 Conversion from Student Housing to Convectional Multifamily
  • Value Add Opportunity by Renovating Unit Interiors and Implementing an Exterior Renovation Plan, Allowing Avg. Effective Rents to Increase by 23%

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
54
Gross SF
86,184

Investment Highlights

  • Ability to Individually Meter or Implement RUBS Reimbursement on Remaining 27 Units. Currently, 27 Of the Units are Individually Metered for Water and Sewer.
  • Ability To Further Capitalize on Current Ownership's 2020 Conversion from Student Housing to Convectional Multifamily
  • Value Add Opportunity by Renovating Unit Interiors and Implementing an Exterior Renovation Plan, Allowing Avg. Effective Rents to Increase by 23%

Investment Overview

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Cottages at Magnolia & The Gardens. This portfolio is a total of 54-units built in 2001, consisting of all 1,596 Sq. Ft. four-bedroom/four-bathroom units, and is located just two minutes south of Downtown Tallahassee. In the summer of 2020, current ownership converted the Property from student housing assets to conventional market rate assets. A new buyer has the ability to further capitalize on the conversion from student housing to market rate by infusing an additional $350,000 into the assets for interior renovations, exterior painting, rebranding and new fences with automatic gates. Upon completion of this renovation plan, a new buyer has the ability to increase rents 23% from the current average effective rents.

Exclusively Listed By

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