Northwood Apartments | 234 Marietta Hwy
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Northwood Apartments 234 Marietta Hwy
52 Unit Block of Flats £5,874,750 (£112,976/Unit) 6.59% Net Initial Yield Canton, GA 30114
Investment Highlights
- Surging Population Growth: Cherokee's population growth outpaced other North Atlanta counties, increasing nearly 96%
- Ideal Suburban Location: Located less than five minutes from Historic Downtown Canton and I-575
- Recent Lease Trend: Latest leases renting 9.5% over average in-place rent
- Proven Value-Add: 66% classic units with $132 proven premiums
- Opportunity to Push Rents to Market: Competitors’ rents outpace subject’s average in-place rent by $325
- Ability to get 70% LTV on new Agency debt with sub-5.6% interest rate and partial term i/o
Executive Summary
Built in 1980, Northwood Apartments is a 52-unit multifamily property located just a 4-minute drive from Downtown Canton. Canton and Cherokee County have seen strong population growth since 2000 (96% increase) making it the fastest growing county in Metro Atlanta. Along with this population explosion has come some great renter demographics, with an average HHI over $90k, 2.3% unemployment and an overall school rating of an A- from Niche.
New Class “A” apartments nearby provide ample headroom for new ownership to reposition Northwood as the high-quality value provided in Canton. With a $425 gap between Northwood’s rents and their Class “A” competitors. Current ownership has lightly renovated 5 units with resurfaced countertops, updated appliances, new cabinet fronts, and vinyl flooring, leaving the remainder of the property wide open for new ownership to implement a systematic renovation program. With 76.9% of the floor plans two- and three-bedrooms with full size washer and dryer connections, Northwood is primed to cater to the submarket’s historical demand.
New Class “A” apartments nearby provide ample headroom for new ownership to reposition Northwood as the high-quality value provided in Canton. With a $425 gap between Northwood’s rents and their Class “A” competitors. Current ownership has lightly renovated 5 units with resurfaced countertops, updated appliances, new cabinet fronts, and vinyl flooring, leaving the remainder of the property wide open for new ownership to implement a systematic renovation program. With 76.9% of the floor plans two- and three-bedrooms with full size washer and dryer connections, Northwood is primed to cater to the submarket’s historical demand.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Miscellaneous
Property Facts
| Price | £5,874,750 | Building Class | C |
| Price Per Unit | £112,976 | Lot Size | 4.89 AC |
| Sale Type | Investment | Building Size | 42,376 SF |
| Net Initial Yield | 6.59% | Average Occupancy | 100% |
| No. Units | 52 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1980 |
| Property Subtype | Apartment | Parking Ratio | 3.54/1,000 SF |
| Apartment Style | Garden |
| Price | £5,874,750 |
| Price Per Unit | £112,976 |
| Sale Type | Investment |
| Net Initial Yield | 6.59% |
| No. Units | 52 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.89 AC |
| Building Size | 42,376 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1980 |
| Parking Ratio | 3.54/1,000 SF |
Unit Amenities
- Dishwasher
- Washer/Dryer Hookup
- Refrigerator
- Oven
Site Amenities
- Laundry Facilities
- Picnic Area
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 12 | £939.96 | 539 |
| 2+1 | 38 | £1,097 | 854 |
| 3+2 | 2 | £1,214 | 1,240 |
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PROPERTY TAXES
| Parcel Number | 091N06-0000B-002-000-0000 | Improvements Assessment | £0 |
| Land Assessment | £4,386 | Total Assessment | £4,386 |
PROPERTY TAXES
Parcel Number
091N06-0000B-002-000-0000
Land Assessment
£4,386
Improvements Assessment
£0
Total Assessment
£4,386
zoning
| Zoning Code | R40, County (Ability to build another 21-units per current zoning and density) |
| R40, County (Ability to build another 21-units per current zoning and density) |
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Northwood Apartments | 234 Marietta Hwy
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