Winston · Douglas County
Multifamily Investment Properties for Sale in Winston
1 duplex · 0 triplex · 0 fourplex · 0 apartmentsGeorgia market report →
ACS 2023 · HUD FY2027 · 1 ZCTAs with ACS
Winston housing stock & renter economics
Winston apartment-building and small-multifamily investors concentrate in ZIPs where HUD Fair Market Rents sit above or beside ACS median gross rent. The table below is ZCTA housing stock and voucher benchmarks for commercial residential income underwriting, linked to each ZIP housing profile. Live FMLS set on this page: 1 building.
1 ZCTAs · 1 with ACS. Medians across ACS ZIPs; totals for stock. Not a listing feed.
- Population
- 8,130
- Households
- 2,858
- Housing units
- 3,029
- 2-unit stock
- 13
- 3–4 unit stock
- 0
- 2–4 unit stock
- 13
- 5–49 unit stock
- –
- 50+ unit stock
- 0
- Median renter share
- 10.3%
- ACS median rent
- $994
- Contract rent
- $913
- 1BR SAFMR
- $1,460
- 2BR SAFMR
- $1,590
- 3BR SAFMR
- $1,890
- SAFMR / ACS rent
- 1.60×
- Vacancy (ACS)
- 5.7%
- Pop Δ 2018–2023
- +2.7%
- Median HH income
- $102,500
- Rent burden ≥30%
- 23.2%
- Rent burden ≥50%
- 6.8%
- LIHTC projects / units
- 0 / 0
- HUD assisted MF
- 0 / 0
- Alloc. 5+ permits
- 330
Winston: median renter share 10.3%; ACS median gross rent $994; FY2027 2BR SAFMR $1,590; 2BR SAFMR is 1.60× ACS median gross rent; 13 units in 2-unit structures, 0 in 3–4-unit structures, and 0 in 5–49-unit structures; population up +2.7% between ACS 2018 and 2023; 330 allocated 5+ unit permits (county BPS × ZCTA share). Census / HUD stock, not a rent roll and not a buy/sell score.
Georgia ZIP housing directory·All Georgia ZCTAs·SAFMR directory·Voucher Spread™
ZCTA ≈ USPS ZIP. ACS 5-year 2023 lags construction. Units-in-structure is Census standing stock (2-unit vs 3–4 vs 5–49 vs 50+), not the live FMLS card. SAFMR is a bedroom-specific HUD voucher benchmark, not asking rent. LIHTC / assisted-MF are inventory of record and belong on apartment pages. 5+ permits are county BPS 2025 allocated by ZCTA housing-unit share. Brokerage is Georgia-only.
1 Multifamily Investment Properties for Sale in Winston
As of today, 1 active small multifamily listings in Winston · median $127,500/door. This Georgia market currently shows live FMLS Residential Income, duplexes, triplexes, quadplexes, and small apartment buildings where they exist. Counts, median price-per-door, and estimated cap rates below are built from the active set on this page. Use them to decide whether to drill into a listing, not as a substitute for a rent roll.
Inventory outside the core metro is often thin. If the type filter comes back empty, open the county page or the statewide Georgia collection for the same unit mix. Estimated yields appear only when we can publish them; a blank cap is not a zero cap.
All Georgia multifamily →Georgia multifamily market report →
HUD Fair Market Rent · Douglas County(FY2026)
Showing 1 of 1 multifamily investment properties for sale
Run the numbers on Winston multifamily
Before you offer, check the ask against NOI with the commercial cap rate calculator, test DSCR on the DSCR and cash-on-cash calculator, and price per door on the multifamily valuation calculator.
Know the terms first:Georgia multifamily cap ratesNOI for apartment buildingsrebuilding a seller pro formaapartment building DSCR loan guidehow to use gross rent multipliercash-on-cash return explainedhow to finance an apartment buildingOpportunity Zone tax benefits explained
- Cap rate · NOIcap rate and NOI calculatorBuild NOI from rents and expenses, then solve for cap rate, price, or value.
- DSCR · Cash-on-cash · Cash flowDSCR calculatorRent roll, expenses and the loan in one model: NOI, DSCR, cash-on-cash, cash flow, PDF.
- GRM · Price per unit · Income approachgross rent multiplier calculatorIncome-approach value, price per door, and GRM with a cap rate sensitivity.
- 1% rule · Rent to price1% rule multifamily listingsLive Georgia multifamily listings where monthly rent clears 1% of the ask.
- Debt service · Balloon · Commercial mortgagecommercial mortgage calculatorMonthly payment, annual debt service, and the balloon on a commercial loan.
- IRR · Equity multiplecommercial real estate IRR calculatorLevered IRR and equity multiple from cash flow growth and an exit cap.
- 1031 exchange · Boot1031 exchange calculatorDeferred gain, cash and mortgage boot, minimum replacement price, 45 and 180 day clock.
- LIHTC · Rent limits · Tax creditsLIHTC valuation toolGeorgia LIHTC rent caps by county and AMI tier, plus annual credits and equity from eligible basis.
Screening estimates only. Confirm rents, expenses and loan terms with a T-12, rent roll and lender quote.
Shopping for a home to live in instead? Browse homes for sale in Winston, GA (57 current FMLS listings).
How to underwrite a multifamily property in Winston
Price every building on its income, not the asking cap rate. Rebuild net operating income from the rent roll, compare it with multifamily cap rates in Georgia, and screen the ask with the gross rent multiplier before you spend money on inspections.
Comparing sizes? Two to four units finance like a home; five and up is commercial debt sized to the income. Compare these listings with apartment buildings for sale in Atlanta, apartment buildings for sale in Georgia and all multifamily properties for sale in Georgia. Buyers who want to build units instead of buying them sometimes start with churches for sale in Georgia, which need a rezoning for apartments, and income buyers often weigh commercial properties for sale in Georgia against the same rent roll math.
Send me a Winston listing and I will rebuild the rent, expenses and debt with you before you write an offer. Ask about a property.
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Duplex, triplex, fourplex, and apartment listings in Winston from live FMLS. Tell us what you are after and we will email you when new matching listings hit FMLS.
- New matching FMLS listings by email
- Your criteria reviewed by Jeff Crowe, CENTURY 21 The Avenues
- Starts with Winston; change types, markets or frequency any time
Frequently Asked Questions: Winston Multifamily
How do investors value a multifamily property in Winston?
Start with net operating income: rent collected minus operating expenses, before the loan. Divide that income by the price for the cap rate, compare the price to gross rent for a quick gross rent multiplier screen, and on 5 units or more check that the income covers the loan payment about 1.25 times. Cap rates shown on listings are seller figures or model estimates, so rebuild them from the rent roll before you offer.
Do 2 to 4 unit and 5+ unit buildings in Winston finance the same way?
No. Two to four units can use residential loans, including owner-occupied FHA and VA programs. Five units and up is commercial lending sized to the building's income, usually with 20% to 30% down and shorter terms, sometimes with a balloon. Price both paths before you choose which size to buy.
Why are there so few listings on this page?
Smaller Georgia cities often have only a handful of Residential Income listings at a time. The statewide Georgia inventory and the county page will show a larger set for the same unit types.
Are the cap rates official MLS numbers?
No. They are independent screening estimates shown only when we can publish a yield. Always verify income and expenses with the listing broker and your own underwriting.
Who represents buyers and sellers of this inventory?
Jeff Crowe CRE (Georgia license 355533, Century 21 The Avenues, Calhoun) assists investors with acquisition and disposition of duplexes, triplexes, quadplexes, and small apartment buildings in this market and across North Georgia.
Are there multifamily properties for sale in Winston right now?
Yes. This page shows 1 active FMLS listing with 2 or more units in Winston, and the count updates with the feed. Smaller markets often carry only a few at a time, so compare them with apartment buildings for sale in Georgia before you set a price.
What rent should I underwrite on a multifamily property in Winston?
The rent the units actually collect, from the rent roll and bank deposits, not the asking or pro forma rent. Check it against HUD Fair Market Rents for the area and a few nearby rental listings. If a building leans on Housing Choice Vouchers, the local housing authority payment standard sets the ceiling.
Will the property taxes change after I buy a multifamily property in Winston?
Plan on it. Georgia assesses property at 40% of fair market value, and a sale gives the county assessor a fresh market value to work from, so budget taxes on your purchase price rather than the seller's current bill. The county tax assessor that covers Winston can tell you the millage rate.
Can I use a 1031 exchange to buy a multifamily property in Winston?
Yes, when the property you sell and the one you buy are both held for investment. Identify the replacement within 45 days, close within 180 days and use a qualified intermediary. Any investment real estate, including land and commercial buildings, can be exchanged into a rental property.
Looking for multifamily investments in Winston?
Send Jeff your criteria and get new matching listings plus local help screening them.
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