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Rivera Park 1204-1216 Lakeview Dr NW 24 Unit Apartment Building $3,299,000 ($137,458/Unit) 7.99% Cap Rate Conyers, GA 30012
Investment Highlights
- High Demand Leasing Market
- Easy Access to Metro Atlanta
- Well Below Market Rents
Executive Summary
Discover an Unbeatable Opportunity with RIVERA PARK Apartment Community!
Nestled in the thriving, high-growth submarket of Conyers, Georgia, just 24 miles east of Atlanta, RIVERA PARK offers an exceptional investment opportunity that’s ready to deliver strong returns from day one!
This stabilized, high-potential asset guarantees immediate cash flow while offering incredible upside potential for savvy investors.
With rents currently under market at just $1200 and FOUR (4) UNITS VACANT, there’s a tremendous opportunity to boost income through strategic rental increases, filling vacancies, and implementing operational efficiencies.
Additionally, the property’s excess land presents multiple value-creation possibilities, from development opportunities to further enhancements.
This 24-unit building features exclusively spacious 2-bed, 1-bath units, each a generous 900 square feet, known for their ease of leasing, low maintenance needs, and strong demand. These units practically lease themselves and are highly sought after by renters!
In 2023, the property underwent a transformative $800k+ renovation, elevating the interiors, exterior, landscaping, parking lot, and amenities, as well as adding a modern onsite office. The upgrades have made this property even more attractive, enhancing its long-term value.
***PRICE REFRESHMENT: $3,299,000
* 10%+ Cash-on-Cash Return
Don’t miss out on this rare chance to capitalize on a property that blends immediate cash flow with huge growth potential. This is a must-see for any investor looking for a smart, high-reward acquisition!
***NO OWNER FINANCING****
***NO SUB TO********
***NO CREATIVE FINANCING********
TIREKICKERS--KEEP IT MOVING!
Only Real Buyers with Proven Experience and Financials Need Enquire
Thank you,
Josh Ahlzadeh
404.580.8885 text/call
josh@delzaproperties.com
Nestled in the thriving, high-growth submarket of Conyers, Georgia, just 24 miles east of Atlanta, RIVERA PARK offers an exceptional investment opportunity that’s ready to deliver strong returns from day one!
This stabilized, high-potential asset guarantees immediate cash flow while offering incredible upside potential for savvy investors.
With rents currently under market at just $1200 and FOUR (4) UNITS VACANT, there’s a tremendous opportunity to boost income through strategic rental increases, filling vacancies, and implementing operational efficiencies.
Additionally, the property’s excess land presents multiple value-creation possibilities, from development opportunities to further enhancements.
This 24-unit building features exclusively spacious 2-bed, 1-bath units, each a generous 900 square feet, known for their ease of leasing, low maintenance needs, and strong demand. These units practically lease themselves and are highly sought after by renters!
In 2023, the property underwent a transformative $800k+ renovation, elevating the interiors, exterior, landscaping, parking lot, and amenities, as well as adding a modern onsite office. The upgrades have made this property even more attractive, enhancing its long-term value.
***PRICE REFRESHMENT: $3,299,000
* 10%+ Cash-on-Cash Return
Don’t miss out on this rare chance to capitalize on a property that blends immediate cash flow with huge growth potential. This is a must-see for any investor looking for a smart, high-reward acquisition!
***NO OWNER FINANCING****
***NO SUB TO********
***NO CREATIVE FINANCING********
TIREKICKERS--KEEP IT MOVING!
Only Real Buyers with Proven Experience and Financials Need Enquire
Thank you,
Josh Ahlzadeh
404.580.8885 text/call
josh@delzaproperties.com
Property Facts
| Price | $3,299,000 | Building Class | B |
| Price Per Unit | $137,458 | Lot Size | 3.01 AC |
| Sale Type | Investment | Building Size | 21,600 SF |
| Cap Rate | 7.99% | Average Occupancy | 83% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1968/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.53/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-14 - Residential | ||
| Price | $3,299,000 |
| Price Per Unit | $137,458 |
| Sale Type | Investment |
| Cap Rate | 7.99% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 3.01 AC |
| Building Size | 21,600 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built/Renovated | 1968/2023 |
| Parking Ratio | 1.53/1,000 SF |
| Zoning | R-14 - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Tub/Shower
- Carpet
- Dining Room
Site Amenities
- 24 Hour Access
- Picnic Area
- Playground
- Property Manager on Site
- Security System
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | $1,500 | 900 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | C07-0-01-0026 | Improvements Assessment | $286,880 |
| Land Assessment | $38,000 | Total Assessment | $324,880 |
Property Taxes
Parcel Number
C07-0-01-0026
Land Assessment
$38,000
Improvements Assessment
$286,880
Total Assessment
$324,880
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Rivera Park | 1204-1216 Lakeview Dr NW
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