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Value-Add MF | Short Term Financing Available 4663 Waldrop Dr 136 Unit Apartment Building $12,950,000 ($95,221/Unit) Forest Park, GA 30297
INVESTMENT HIGHLIGHTS
- This 137-unit apartment community provides a performing investment, with an on-site leasing office, a gated in-ground pool, and a gated playground.
- This up-and-coming neighborhood offers strong rental demand, with a growing 3-mile population of more than 156k and over 65% renting their homes.
- The easily accessible location offers convenient connections to I-75/I-85 and I-285, as well as the Atlanta Hartsfield International Airport.
- Community’s exterior renovations are completed, with approximately 65% of interior updates completed, providing upside for a value-add investor.
- A fantastic location places the community within walking distance of quality retail amenities, top-rated schools, and lush public parks.
EXECUTIVE SUMMARY
Forest Creek Apartments at 4663 Waldrop Drive provides a value-add multifamily opportunity with a fantastic location in the Forest Park suburb of Atlanta, Georgia. Comprising a total of 136 units, the community presents a turnkey investment that offers a 9% proforma cap rate with 18% proforma cash-on-cash return.
Forest Creek spans a total of 121,575 square feet across 20 buildings originally built in 1965 on 7.8 acres. The complex offers an on-site leasing office, a gated in-ground pool, and a gated playground area. The property has undergone significant renovations, with exterior work completed and approximately 65% of the unit interiors updated. There is substantial value-add upside for a new owner to complete the remaining work and increase the occupancy and revenue of the community.
This well-located asset is placed in walking distance to nearby retail amenities, highly rated schools and scenic public parks. The prime location enjoys convenient proximity to Atlanta Hartsfield International Airport with easy access to Interstate 75/85 and Interstate 285. Within ten minutes of Forest Creek, there is a wealth of national retail locations, including brands such as Chick-fil-A, KFC, Little Caesars Pizza, CVS, O’Reilly Auto Parts, Walmart Supercenter, The Home Depot, and many more.
Robust tenant demand is driven to Forest Creek thanks to proximity to large employment centers, including critical distribution centers for Amazon, Kroger, JCPenney, The Clorox Company, and O’Reilly Auto Parts. A growing population of more than 156,000 within 3 miles of the property demonstrates the growing demand for quality accommodation in the area, with over 62% of these locals currently renting their homes. More than $1.3 billion in consumer spending was delivered by the population during 2024, and household segment spending totaled more than $195 million.
For financials and more info, please complete the online confidentiality agreement found here: https://www.bullrealty.com/properties/sale/1494962?propertyId=1494962-sale
Short Term bridge financing available for qualified purchasers with 20% down payment. Contact agent for more details.
Forest Creek spans a total of 121,575 square feet across 20 buildings originally built in 1965 on 7.8 acres. The complex offers an on-site leasing office, a gated in-ground pool, and a gated playground area. The property has undergone significant renovations, with exterior work completed and approximately 65% of the unit interiors updated. There is substantial value-add upside for a new owner to complete the remaining work and increase the occupancy and revenue of the community.
This well-located asset is placed in walking distance to nearby retail amenities, highly rated schools and scenic public parks. The prime location enjoys convenient proximity to Atlanta Hartsfield International Airport with easy access to Interstate 75/85 and Interstate 285. Within ten minutes of Forest Creek, there is a wealth of national retail locations, including brands such as Chick-fil-A, KFC, Little Caesars Pizza, CVS, O’Reilly Auto Parts, Walmart Supercenter, The Home Depot, and many more.
Robust tenant demand is driven to Forest Creek thanks to proximity to large employment centers, including critical distribution centers for Amazon, Kroger, JCPenney, The Clorox Company, and O’Reilly Auto Parts. A growing population of more than 156,000 within 3 miles of the property demonstrates the growing demand for quality accommodation in the area, with over 62% of these locals currently renting their homes. More than $1.3 billion in consumer spending was delivered by the population during 2024, and household segment spending totaled more than $195 million.
For financials and more info, please complete the online confidentiality agreement found here: https://www.bullrealty.com/properties/sale/1494962?propertyId=1494962-sale
Short Term bridge financing available for qualified purchasers with 20% down payment. Contact agent for more details.
PROPERTY FACTS
| Price | $12,950,000 | Apartment Style | Garden |
| Price Per Unit | $95,221 | Building Class | C |
| Sale Type | Investment | Lot Size | 7.80 AC |
| No. Units | 136 | Building Size | 122,111 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1965 |
| Zoning | RM - Residential | ||
| Price | $12,950,000 |
| Price Per Unit | $95,221 |
| Sale Type | Investment |
| No. Units | 136 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.80 AC |
| Building Size | 122,111 SF |
| No. Stories | 2 |
| Year Built | 1965 |
| Zoning | RM - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Smoke Free
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | $1,175 | 900 |
| 2+1 | 120 | $1,350 | 1,100 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,831,523 | |
| Land Assessment | $202,800 | Total Assessment | $3,034,323 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$202,800
Improvements Assessment
$2,831,523
Total Assessment
$3,034,323
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Value-Add MF | Short Term Financing Available | 4663 Waldrop Dr
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