Historical Multifamily Sale Listing - Laurel Park

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Laurel Park

5758 Georgia Highway 85, Riverdale, GA 30274

N/A

387 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
387
Building Size:
362,820 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
7.20%
No. Stories:
2
Year Built:
1969
Lot Size:
37.80 AC
Listing ID
15470366
Last Updated
over 1 year ago

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

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.

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

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Created 12/7/2007