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296 Unit Apt. Property with 238 Unit Apt. Sister Property Available

Atlanta, Georgia 30325

VALUE ADDED ATLANTA MULTI-FAMILY ASSET OF 296 UNITS WITH SERIOUS ROOM TO GROW, AND GROW BIG! PURCHASE PRICE IS $8,584,000 PLUS 5% *238 UNIT SISTER PROPERTY ALSO AVAILABLE FOR $6,902,000 PLUS 5%* THIS IS A CLASS C MULTI-FAMILY ASSET IS IN A CLASS C NEIGHBORHOOD. THIS VALUE ADDED ASSET OF 296 UNITS IS LOCATED IN GEORGIA. THERE ARE 296 UNITS THAT OFFER BOTH ONE AND TWO BEDROOM APARTMENTS ASSET IS NOT FAR FROM HARTSFIELD INTERNATIONAL AIRPORT. THE SELLER RECEIVED A $13,000,000 GRANT FROM THE ATLANTA AIRPORT AUTHORITY TO SOUNDPROOF THE BUILDING AND APARTMENTS—NEW WINDOWS AND ALL NEW ROOFS. THE WORK IS ABOUT 95% COMPLETED. ADDITIONAL IMPROVEMENTS HAVE BEEN COMPLETED BY THE SELLER. THE AREA HAS MAJOR APPEAL AS THE WOODED SETTING IS TREMENDOUS. THIS ONE AND TWO-BEDROOM APARTMENT PROPERTY HAS A GREAT LANDSCAPING APPEAL. THERE IS A SPARKLING SWIMMING POOL, ON SITE LAUNDRY FACILITY, ALARM SYSTEMS AND NUMEROUS GRILL AREAS AND PLAYGROUND. APARTMENTS HAVE EXPANSIVE CLOSET SPACE AND A PRIVATE PATIO. SUNDECKS AND OR BALCONIES ARE AVAILABLE. ALL APARTMENTS HAVE A GAS RANGE AND A FULL SIZE DISHWASHER. THE GROSS MONTHLY RENT IS $170,590. THE ANNUAL GROSS RENT IS $2,074,080. THE NET OPERATING INCOME IS $635,980. CAP RATE IS 7.4% WITH LOTS OF ROOM TO GROW THE OCCUPANCY RATE IS EXCESS OF 75% NOTE: THIS PROPERTY'S SISTER PROPERTY IS ON A SEPARATE OFFERING SUMMARY. SISTER PROPERTY CAN BE PURCHASED SEPARATELY OR AS A PACKAGE WITH THIS PROPERTY. SISTER'S MULTI FAMILY ASSET HAS 238 UNITS FOR $6,902,000 + 5%.

Property Info

Sqft (Living) 192000 sq ft.
Sqft (Lot) 225000 sq ft.
Year Built 1996
Deal Type Wholesale
Property Type Commercial
ARV $9,125,000
Estimated Rent $171000
Cap Rate 7.4%

Location