242 11th St
Atlanta, GA 30309
Multifamily Property For Sale · 4 Units

Websites to review ALL of the info for this property https://youtu.be/_mIsFXzitA4 https://youtu.be/v4UXxIF0eY8 Full Video Presentation https://www.loopnet.com/Listing/242-11th-St-Atlanta-GA/14322640/ www.24211thStreet.IsNowForSale.com Please read description below in its entirety Rare opportunity in Midtown Atlanta Quadruplex conversion to larger Multifamily, Condos, or Single-Family Residence for something super unique, quirky and fun. Located just yards from Piedmont Park. This is the ONLY remaining fee simple building on block. Great buy and hold for redevelopment. In the heart of Midtown (behind the flying Biscuit) and close to an abundance of fun living with restaurants, unique shops, and access to Piedmont Park, Atlanta’s largest park that offers festivals, concerts and celebrations. Unbeatable location, outstanding opportunity to renovate a fine Atlanta property near Piedmont and 10th at Piedmont Park. Ripe for a massive renovation into a fantastic private rental units estimated at $200,000 to $300,000 in renovations depending on your scope of work, design choices . An after renovation value estimated up to $2,000,000 for as a rental for AirBnB or Long Term tenants of with proper variances and zoning office lofts. The project renovation could include adding a full story along with a rooftop deck to maximize the value of the property. Last use of the property was as a quadruplex, one of the last remaining parcels ready for renovation in Midtown. Current zoning is SPI-17 high density. If you choose to tear down the structure, you could go back and build new up to 5 stories depending on your plans. To verify, feel free to contact the Atlanta City planners office during your due diligence prior to viewing the property. FAQS - Here are answers to the most asked questions about this property 1- The structure has fire damage and has been secured. Fire was in the center of the building near the front entry. Property will need a total renovation. Review the attached photos to see interior photos of the building. 2- Seller has no property or building records prior to 2016. Property was purchased at auction as-is from Deutsche Bank 3- Seller does not have any surveys, has not made any applications for permits or variances 4 - Seller has provided preliminary drawings for the property that can be found in the documents section of this website link 5- Seller is selling to work on other unrelated endeavors as most sellers who sell and trade real estate 6- Seller will not wait through a permitting process prior to selling for the buyer without a non refundable earnest money. 7- Seller will not finance the sale of the property 8- Buyer will need to secure financing through a hard money lender or have adequate cash funds to purchase. 9- Earnest Money Minimum is 5 to 10% of the sales price 10- Building can be rebuilt or tore down and rebuilt. The purchase will need to due their due diligence prior to contracting on the property. Or may present an offer for a due diligence period acceptable to the seller. 11- If the purchaser chooses to rebuild with the present zoning at SPI -17, a new building with maximum height of 5 stories is what is allowed per the seller. Buyer will need to contact the Atlanta City Planner's office to have any specific questions answered about the type of building and construction requirements for they type of building they want to build. Since each builder/development/architect will have their own building design aesthetic, the seller cannot answer any questions of what specific attributes are or are allowed with or without a variance. 12- Building does not have an easement. If you are viewing the property on google maps, then you will not be looking at the correct layout of the lot as google shows the property having an easement in the middle of the building which it does not have,it's a driveway in reality. You can do further vetting on the actual county/city website on FultonCountyTaxes.org for tax info and FultonAssessor.org for lot and property information. You will need to spell out Eleventh street to pull up the information on the county/city websites to locate the property records. 13. City Planners Website for more information https://www.atlantaga.gov/government/departments/city-planning 14. The building is a 1960 brick building on crawl space 2,882 SF, Lot size is .109 of an acre, off street parking up to 4 cars plus a driveway, currently a 2 story building. 4 one bed, one bath units around 700-750 SF each, The buildings on each side of the building hold multifamily units. The topography is sloping and levels out at the back of the subject property. 15- Rents in the area range 1750-2300 for 1 bedroom units AirBnB ranges $125 - $300 per night depending on events currently in the city. 16- Property tax info can be located at FultonCountyTaxes.org 17- Insurance will be based on your own details creditwise and based on what you plan to do with the building. Next to Piedmont Park Close to Beltline Near Atlanta Botanical Gardens Near Capital City Club Near Ansley Golf Club Short distance to restaurants Shopping in the neighborhood Willie's at the Park