120 Howard St SE - Airbnb +ADU Income Property-2 Homes 1 Lot 2 Unit Apartment Building Offered at $999,000 at a 6.17% Cap Rate Atlanta, GA 30317

Turnkey Income Property Featuring a Successful Airbnb and Separate ADU in the Heart of Kirkwood
Rare opportunity to acquire a fully renovated two-home income property in one of Atlanta’s most desirable intown neighborhoods. Located just one block from the restaurants, coffee shops, and retail of downtown Kirkwood, this unique offering provides investors with two separate income-producing residences on a single lot in a highly walkable and appreciating location.
The property is offered at $999,000, representing an approximate 6.2% cap rate based on current income.
The property consists of a renovated 3-bedroom, 2-bath bungalow currently operating as a successful Airbnb and a newer construction 2-bedroom, 2-bath accessory dwelling unit (ADU) leased to a long-term tenant. The two homes are fully independent and separately rentable, providing diversified income streams and flexibility for a variety of ownership strategies.
The main house has operated as a high-performing short-term rental with an average annual gross revenue of approximately $63,600, while the ADU currently generates $2,330 per month ($27,960 annually) in long-term rental income. Combined, the property produces approximately $91,560 in annual gross income.
Property Highlights
• Two fully independent homes on one lot
• Renovated 3BR / 2BA bungalow operating as a successful Airbnb
• Separate 2BR / 2BA ADU leased for $2,330 per month
• Combined annual gross income of approximately $91,560
• Offered at approximately a 6.2% cap rate at $999,000
• Walkable Kirkwood location near restaurants, shops, and retail
• Strong demand for both short-term and long-term rentals in the area
• Turnkey investment with established income history
• Potential opportunity to add a third detached guest house, creating additional rental income and increasing overall property yield
Current Income
Main House – Airbnb
Average Revenue: ~$5,300/month
Annual Revenue: ~$63,600
Accessory Dwelling Unit (ADU) – Long-Term Rental
Current Rent: $2,330/month
Annual Rent: $27,960
Total Gross Income: ~$91,560 annually
Operating Expenses
Operating expenses include property taxes, insurance, utilities, maintenance, and operating costs associated with the Airbnb. Based on current financials, the property generates an estimated Net Operating Income (NOI) of approximately $61,700 annually.
Investment Opportunity
This property offers investors a rare combination of stable income, operational flexibility, and long-term appreciation potential. The dual-income structure provides diversification between short-term and long-term rental revenue streams while maintaining relatively low management complexity compared to larger multifamily properties.
Additionally, the property benefits from its location in Kirkwood, one of Atlanta’s most sought-after intown neighborhoods known for its walkability, historic character, and strong residential demand.
There may also be an opportunity to further enhance the property’s income potential through the addition of a third detached guest house, subject to buyer verification of zoning and permitting requirements. This additional unit could provide another long-term or short-term rental revenue stream and further increase the overall investment return.
The offering may be particularly attractive for investors seeking a turnkey income-producing asset, 1031 exchange buyers looking for stable cash flow in a high-growth market, or buyers interested in maintaining the current Airbnb operation while benefiting from the stability of long-term rental income from the ADU.
If operated as traditional long-term rentals, the property could generate approximately $75,600 in annual rental income, producing an estimated ~5.9% cap rate at the asking price.
Detailed financials, Airbnb performance history, and additional property information are available upon request.