588 & 590 Parkway Dr 2 Multifamily Properties Offered at $1,598,000 in Atlanta, GA

Two Adjacent Old Fourth Ward Multifamily Properties | 6 Units | Value-Add Rental Upside
Marketing description
Vision Commercial Advisors is pleased to present 588 & 590 Parkway Drive NE, two adjacent multifamily properties in Atlanta's Old Fourth Ward, available together or separately. The properties are directly across the street from The Darwin - Atlanta Midtown by IHG and approximately 0.4 miles from Ponce City Market and the Atlanta BeltLine Eastside Trail.
Held under the same ownership since 1990, the properties offer a rare combination of existing multifamily improvements, below-market rents, renovation upside and long-term land value in one of Atlanta's most walkable and active Intown neighborhoods.
588 Parkway Drive NE - $899,000
588 Parkway is a four-unit apartment property consisting of four one-bedroom/one-bath units on approximately 0.1722 acres. Three units are currently leased at $1,350, $1,400 and $1,425 per month, with the fourth unit recently becoming vacant. The vacant unit requires only light cosmetic work, giving a purchaser an immediate opportunity to establish a new market rent.
The property has benefited from meaningful capital improvements, including a new roof in 2018, HVAC replacement in 2019, and flooring and kitchen upgrades. At the $899,000 asking price, 588 Parkway is offered approximately $300,000 below Fulton County's 2026 fair market valuation of $1.2 million.
Current rents remain well below many competing Old Fourth Ward one-bedroom properties, creating an opportunity for a new owner to improve income as leases roll while acquiring a four-unit property that remains within the 2-4 unit residential financing category.
590 Parkway Drive NE - $699,000
Immediately adjacent, 590 Parkway is a two-unit property containing approximately 2,938 square feet on 0.1745 acres. The two large units average approximately 1,469 square feet each. The property is currently vacant and under renovation, allowing a purchaser to complete the improvements and reposition the property without working around existing tenants.
The roof and HVAC were replaced in 2018, and the property received a partial whole-house renovation in 2019. With both units currently vacant, 590 Parkway may appeal to an investor seeking a renovation and lease-up opportunity or an owner-occupant looking for a substantial intown property with a second unit.
Buy One or Buy Both
Together, 588 and 590 Parkway comprise approximately 0.3467 acres with roughly 5,918 square feet of existing improvements. The parcels are separately deeded and separately priced, giving buyers the flexibility to acquire either property individually or assemble both.
Both parcels are zoned RG-4 and have unusually deep lots with substantial open area behind the existing buildings. Because the buildings are positioned toward Parkway Drive, the rear portions of the properties may offer potential for additional development while retaining the existing improvements and income. Any additional development is subject to zoning, setbacks, parking, tree requirements, surveys and all other applicable governmental approvals, and buyers should independently verify development feasibility.
The location is difficult to replicate. Ponce City Market and the BeltLine are approximately a nine-minute walk away, Central Park is one block from the properties, and The Towns at O4W adjoins the rear of the site. Midtown, Downtown, Georgia Tech and Georgia State University are all within a short drive.
The surrounding blocks continue to attract significant residential investment, including new apartments and townhomes in virtually every direction. Against that backdrop, 588 & 590 Parkway offer an unusual opportunity to acquire small-scale multifamily assets with immediate income and renovation upside, long-term land potential, and more than 36 years of untapped value under the same ownership.