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Lender Owned 80-Unit Value Add Multifamily 2600 Old Hapeville Rd SW 80 Unit Apartment Building $5,200,000 ($65,000/Unit) Atlanta, GA 30315
INVESTMENT HIGHLIGHTS
- Spacious units with separate dining areas and ample closet space | All units have private balconies off the living rooms
- Onsite leasing office (80th unit) | Underutilized basement space in one of the buildings that could be converted to onsite laundry
- Potential redevelopment opportunity in the future with 6+ acres of land inside I-285 in a gentrifying neighborhood of Atlanta
- Potential to convert all of the 2 bed / 1 bath units into 2 bedroom / 2 bath units with open kitchen-to-living-room floorplans
- Gated property with large greenspace/courtyard between the buildings and mature trees | Plenty of excess land to add playground and/or other amenities
- Adjacent to Cleveland Avenue Elementary School | Easy, quick access to I-85 and I-75, downtown Atlanta, and Atlanta International Airport
EXECUTIVE SUMMARY
Rare opportunity to acquire an 80-unit apartment complex at a steep discount inside I-285 in Atlanta. The property is currently in need of renovation with only 25% of the units online (~10% of which are currently occupied). The other 75% of the units have differing degrees of damage and deferred maintenance including some fire and water damage and vandalism. The property last sold for $10,000,000 in December of 2022 as a stabilized asset proving significant value-add potential with the right vision and execution.
The spacious units present an opportunity to convert all of the 2 bed/1 bath units into 2 bed / 2 bath units with open kitchen to living room floor plans and / or potentially add in-unit laundry. In addition, all units have private balconies or patios which increases tenant demand over other competing properties. There is plenty of open greenspace and an underutilized basement in one of the buildings allowing for the potential addition of tenant amenities to further enhance value. With the Cleveland Avenue Elementary School next door, a new owner will have a captive audience of potential tenants seeking proximity to schooling with quick easy access to I-75, I-85, I-285, downtown Atlanta and the Atlanta International Airport.
The spacious units present an opportunity to convert all of the 2 bed/1 bath units into 2 bed / 2 bath units with open kitchen to living room floor plans and / or potentially add in-unit laundry. In addition, all units have private balconies or patios which increases tenant demand over other competing properties. There is plenty of open greenspace and an underutilized basement in one of the buildings allowing for the potential addition of tenant amenities to further enhance value. With the Cleveland Avenue Elementary School next door, a new owner will have a captive audience of potential tenants seeking proximity to schooling with quick easy access to I-75, I-85, I-285, downtown Atlanta and the Atlanta International Airport.
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Dining Room
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Tenant Controlled HVAC
- Gated
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 24 | $1,195 | 650 |
| 2+1 | 56 | $1,350 | 800 |
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PROPERTY TAXES
| Parcel Number | 14-0069-0002-059-3 | Improvements Assessment | $3,675,840 |
| Land Assessment | $358,960 | Total Assessment | $4,034,800 |
PROPERTY TAXES
Parcel Number
14-0069-0002-059-3
Land Assessment
$358,960
Improvements Assessment
$3,675,840
Total Assessment
$4,034,800
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Lender Owned 80-Unit Value Add Multifamily | 2600 Old Hapeville Rd SW
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