307 W 36th St, Savannah, GA 31401

Property Description

This is a rare opportunity to purchase a fully stabilized core plus multifamily asset in the heart of Savannah's Stalrand/Thomas square neighborhood. The Starland district is the new place to be: young professionals, art students, military officers, and all manner of local Savannians come to Starland to live, work, and play - and they pay a premium to do so. 307 W 36th was totally renovated in 2018 and went through a management value-add over the past year: rents were stabilized to market with well-qualified 12+ month tenants, unnecessary expenses cut, and deferred maintenance performed. Now the owners are ready to deliver this asset to the discerning buyer seeking easy cash flow and appreciation over the next few years as the Starland district and the Savannah MSA in general continues to grow well in excess of the rest of the nation. Offered at a 6.5% going-in capitalization rate and unlevered IRR/EM at year 7 of 13.8%/2.2x, clean Phase II ESA in hand. Financials upon request.