A 52-Unit Multifamily Asset | Lawrenceville, Georgia
Year Built / Renovated: 1972 / N/A
Number of Units: 52 Units
Average Square Feet: 833 SF
Total Square Feet: 43,332 SF
Site Size / Density: 7.3 Acres; 7.2 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Frost-free Refrigerator
- Faux Wood Vinyl Flooring
- Walk-in Closet(s)*
- Window Blinds
- (* In select units)
- Leasing Office
- Laundry Facility
- Open Sports Field
- Mail Kiosk
- On Bus Line
- Ridgewood Apartments, which was built in 1972, offers solid architectural bones with low-maintenance brick exteriors and new roofs with composition shingles.
- Diverse mix of one-, two- and three-bedroom units.
- Asset remains highly occupied at all times with little bad debt
- $150 rent premiums available through interior value-add program
- While the property has existing 52 units, it is zoned for 87 units. A new owner has the potential to build 35 additional garden-style units or lower density townhomes (at 8 units to the acre for townhomes), according to Lawrenceville City Planners.
- According to the Q4 2020 RealPage report, the Northeast Gwinnett County submarket shows an average occupancy of 97% and monthly rent of $1,310, indicating a strong demand for rental properties. Additionally, the Northeast Gwinnett County submarket saw a +6.9% annual revenue increase.
- Located half a mile south of Highway 316 (77,300 vehicles per day); 3.5 miles east of Sugarloaf Parkway (34,400 v.p.d); and 5.5 miles east of I-85 (148,000 v.p.d.), which directly links residents to downtown Atlanta, Hartsfield Airport, and major job hubs.
- Within walking distance of a Walmart Supercenter, and within close proximity to Home Depot, Target, and a Publix-anchored shopping center.