421 West is a rare opportunity for investment in Downtown Athens, consisting of 89 one bedroom units, with gross potential rents at $742,260. 421 West was transformed in 2015 from conventional housing to Class A student-housing asset due to its proximity to campus, downtown, and Prince Avenue corridor. Prime location and capital improvements allows for significant rental rate increases to new ownership. Revenue growth can be achieved by introducing a charge for parking passes (which are currently free), rental rate increases to match market competitors, and fixed utility charges to tenants. The community offers 93 parking spaces for residents. The fully remodeled units boast renovated kitchens, new countertops and cabinets, stainless steel appliance packages, 48 TV included in each unit, new flooring throughout, along with fully bathroom remodel. Residents can access the building from front and back parking lots through a controlled access electronic exterior door lock system with building-wide security cameras. Residents can access the fitness and cardio room as well as the central laundry room with brand new washer/dryers, lounge area with TVs, through a secure fob system.
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