2331 Hwy 52 W Dahlonega, GA 30533

9% cap! Seven apartment building fully renovated to the stud. Complete with new electrical, plumbing, interior walls, floors, roof, siding. Was originally built in 1960's as a motel and now converted to 7 apartments consisting of 6 studio apartments and 1 one-bedroom apt. Leases are for $1,175 for studios $1,775 for 1 bedroom. As the conversion is being completed, 5 furnished apartments already have 1 year leases. Last 2 have small finishing touches then projected to be 100% leased in early July for 9.1% cap rate. $104k income; $23k expenses. Current 7 apartments are on one level, each with private entry. Terrace level has space to build out 2 more studios. Great income producing! Location is just west of Dahlonega, a historic 'gold rush' town in the foothills of North Georgia with the ever-growing University of North Georgia, the 5th Ranger Training Battalion, the new North Georgia Medical Center hospital, wedding venues all around. The area attracts people from all around with vineyards, hiking and biking trails, river rafting, horseback riding, Ironmountain ATV park and one of the most beautiful state parks, Amicalola Falls State Park, is just 10 miles down the road.