This Multifamily Property is Off-Market.

5758 Georgia Highway 85
Riverdale, GA 30274 ·

387 Units · Multifamily For Sale

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Laurel Park

Price N/A Property Use Type Investment
No. Units 387 Cap Rate 7.20%
Building Size 362,820 SF No. Stories 2
Property Type Multifamily Year Built 1969
Property Sub-type Garden/Low-Rise Lot Size 37.80 AC
Listing ID: 15470366 Date Created: 12/07/2007 Last Updated: 08/14/2008

Description

Unit Mix/Size:
Laurel Park features studio, garden, and townhome style apartments. Of the 387 units there are 16 studio, 288 Garden, and 83 townhome units available. Respectively the average unit sizes are 520, 910, and 1,100. This unit mix is very attractive in comparison to the surrounding available product.

In-Place Cash Flow:
With the current rent collections, assumable HUD financing, and an expense reduction campaign, Laurel Park offers an attractive cash flow stream for an investor.

Additional Retail Development Strategy:
Laurel Park has two +/- acres of excess land that has been zoned GB (General Business) by the city of Riverdale. A conceptual plan proposes a 1,100 SF retail building with two ingress/egress points: One is off Hwy85 and another off of Laurel Park' s private drive.
Recent Renovations

Management has recently completed interior and exterior renovations.
Interior Renovations:
" Carpet
" Vinyl
" Office/Clubhouse
Exterior Renovations:
" Asphalt
" Structural improvements
" HVAC
" Plumbing
" Electrical

The property' s convenient location off of GA Highway 85 is close to I-75 and I-285, which offer access to all major traffic arteries leading to the City of Atlanta and surrounding metropolitan areas.

According to Dale Henson Associates' Atlanta Apartment Market Tracker 2007 Mid-Year 2007, the Clayton County submarket for C class properties experienced a 4.5% increase in occupancy while effective rents increased 2.5% indicating that Laurel Park has significant potential for income growth given the area' s upward trend with stable market occupancy.

Highlights

  • Outstanding Location: Laurel Park, five minutes from Atlanta Hartsfield International Airport, is located near some of Atlanta' s largest distributio
  • Unit Type/Size: Built in 1972, Laurel Park features studio, garden, and townhome style apartments. Of the 387 units there are 16 studio, 288 Garden
  • In-Place Cash Flow: With the current rent collections, existing loan, and an expense reduction campaign, Laurel Park offers an attractive cash flow
  • Additional Retail Land: Laurel Park has two +/- acres of excess land that has been zoned GB (General Business) by the city of Riverdale. A conceptu

Research

5758 Georgia Highway 85, Riverdale, GA 30274 (Clayton County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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