$10,300,000

580 E Broad Street, Athens GA, 30601

Built in1890

Property typeMulti-family

Overview

Sold

Closed

Listed Aug 15, 2024

Updated Jul 22

This flagship Athens asset is adjacent to UGA and Downtown and comprises 36 units + 119 beds. It was originally constructed in 1897, but was converted to loft apartments in 1977 and then an extensive value-add was completed from 2018 - 2023. Farmers Exchange is currently 100% Occupied and 92.4% Pre-Leased for AY 25-26 with average rents at only $768/ bed. Surrounding competition this close to campus charges $286 - $604 more per bed for their 1BR - 5BR floor plans. This deal comes with ASSUMABLE non-recourse debt with Fannie at 4.14% that matures 12/1/31. It's on a 30 year AM and has IO until 12/1/26. Loan Balance is $7.467MM (67% LTV). Farmer's Exchange has been well maintained throughout the years. In 2018, the 300 Building had floors refinished, ceiling height increased and a full interior/ exterior paint. All common area lighting was replaced, a laundry room was added, alongside common area updates to include a pool table, package lockers, study rooms, nest thermostats and updated exterior signage. Current ownership resealed the flat TPO roof in January 2020 and in 2021 performed a Green Loan update which included adding solar film protective to all windows, adding weather stripping to all doors/ windows and adding low flow shower heads. In 2023, 10 HVAC units were replaced and they also replaced and upgraded the entire fire monitoring system (including electrical and conduit). Interior unit features include exposed brick and beam architecture, hardwood floors, white wood cabinets, granite countertops, stainless steel appliances and more. -Incredible Location: This property is adjacent to The University of Georgia and Downtown Athens. -Assumable Non-Recourse Debt: This property has assumable non-recourse debt with Fannie at 4.14% with IO until 12/1/26 that matures 12/1/31. -Strong Occupancy and Pre-Lease: Farmer's Exchange is currently 100% Occupied and 92.4% Pre-Leased 24-25 school year. -Ability to Reduce Expenses: Farmer's exchange currently includes cable in the rent, so stripping this expense for AY 25-26 would save over $7,000 on an annual basis.1. Hardwood Flooring & Exposed Brick and Beam Architecture, 2. White wood cabinets with granite countertops and stainless steel appliances, 3. Nest Thermostats and Electronic Keys / Fob entry, 4. ASSUMABLE DEBT! Adjacent to UGA's campus

Courtesy of University Holdings Brokerage, LLC with Jill Swope,
Listing Contact: (706) 305-7785

The data relating to real estate on this website comes in part from the Internet Data Exchange program of Hive MLS, and is updated as of 12:35 AM UTC, 7/22/2026. All information is deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Berkshire Hathaway HomeServices All American Homes shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. Hive MLS provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. Hive MLS will not be liable for any damage or loss resulting from the use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of Hive MLS.

Data last updated 12:35 AM UTC, 7/22/2026