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Macon,GA 31217
Key Details
Property Type Multi-Family
Sub Type Multi Family,Triplex
Listing Status Active
Purchase Type For Sale
Subdivision Woolfolk
MLS Listing ID 10411268
Year Built 1950
Annual Tax Amount $391
Tax Year 2021
Lot Size 5,662 Sqft
Property Description
High-Yield Triplex - Exceptional Investment Opportunity with a 34% Potential Annual Rental Cap Rate! 856 Center Street, Macon, GA 31217 is a single-family home uniquely configured as a triplex. The property features Unit A (Studio), Unit B (2BR/1BA), and Unit C (1BR/1BA). It is listed at an asking price of $159,000 "As Is" with a rental income potential of $28,800 annually, based on achievable market rents after minor upgrades. Unit A is vacant and ready to rent with minor upgrades. Unit B is currently occupied by a Section 8 tenant paying $800/month ($9,600 annually). Unit C is vacant and requires light TLC work to maximize rental income. The projected monthly rent breakdown is $900 for Unit A (market rent after gas HVAC conversion), $800 for Unit B (current rent), and $700 for Unit C (after upgrades), totaling $2,400 per month or $28,800 annually. Utility savings are achievable by converting appliances and HVAC systems to gas, reducing monthly utility costs from $600 to $200, which translates to an annual savings of $4,800. A contractor quote for $11,000 covers light TLC work for Unit C and gas HVAC installations for Units A and C. Financing options include hard money bridge lenders offering 100% financing for the renovations, with the option to refinance into a 30-year fixed mortgage post-renovation. With an annual gross rental income of $28,800 and estimated annual expenses of $7,900 (including utilities, property taxes, insurance, and maintenance), the net operating income (NOI) stands at $20,900 annually, yielding a projected cap rate of 34%. This property offers a high rental yield and minimal initial outlay by leveraging financing options for renovation costs. There is tangible value-add potential by improving rents and reducing utility expenses, and the turnkey nature of the investment is ensured with a clear and marketable title. Combining affordability, immediate cash flow, and upside potential, this triplex is an excellent opportunity to transform into a cash-generating asset and secure long-term financial returns. Contact your agent today for contractor bids, financing details, rent comparables, utility savings projections, property tours, and next steps to secure this unique investment opportunity.
Location
State GA
County Bibb
Interior
Heating Other
Cooling Other
Exterior
Parking Features Off Street
Community Features None
Utilities Available Sewer Connected,Water Individual Meters
View Y/N No
Building
Sewer Public Sewer
Water Public
Structure Type Brick,Wood Siding
New Construction No
Schools
Elementary Schools Burdell Hunt
Middle Schools Appling
High Schools Northeast
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition Resale