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Kings Court Apartments 2099 Martin Luther King Dr 24 Unit Apartment Building $2,160,000 ($90,000/Unit) Atlanta, GA 30310
EXECUTIVE SUMMARY
True-value add opportunity in the West End area of Atlanta. Located directly across from the historic Westview Cemetery with Marta bus access in front of the property. The current owner has not made any efforts to raise rents or lease units in anticipation of a sale. All rents are significantly below market with an avg. in place rent of only $850/unit. Hence this is not an cap rate sale as the property is currently only 60% occupied. Being sold as is, as a value-add opportunity, not based on current income.
All units are 2 bed/ 1 bath floorplans in classic condition with a few select units upgraded to accommodate Airbnb use. All units have central HVAC with in-unit laundry connections. The property is separately metered for electric and gas. Water is common.
Easy access to I-20, downtown Atlanta and the popular West End Neighborhood. The Pro Forma cap rate for this property is 8.5%
All units are 2 bed/ 1 bath floorplans in classic condition with a few select units upgraded to accommodate Airbnb use. All units have central HVAC with in-unit laundry connections. The property is separately metered for electric and gas. Water is common.
Easy access to I-20, downtown Atlanta and the popular West End Neighborhood. The Pro Forma cap rate for this property is 8.5%
PROPERTY FACTS
| Price | $2,160,000 | Building Class | C |
| Price Per Unit | $90,000 | Lot Size | 0.65 AC |
| Sale Type | Investment | Building Size | 15,072 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 1.59/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | C1 - Central Business District | ||
| Price | $2,160,000 |
| Price Per Unit | $90,000 |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.65 AC |
| Building Size | 15,072 SF |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.59/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C1 - Central Business District |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Carpet
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 24 | - | 628 |
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PROPERTY TAXES
| Parcel Number | 14-0173-0007-044-3 | Improvements Assessment | $1,470,240 |
| Land Assessment | $96,000 | Total Assessment | $1,566,240 |
PROPERTY TAXES
Parcel Number
14-0173-0007-044-3
Land Assessment
$96,000
Improvements Assessment
$1,470,240
Total Assessment
$1,566,240
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Kings Court Apartments | 2099 Martin Luther King Dr
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