Atlanta High-Rise Site | Covered Land Play | 6.8% Cap Rate

90 Forsyth St NW, Atlanta, GA

$6,000,000

Price

0.31 acres

Lot Area

 
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Overview
Lot Area
0.31 acres
Description

Opportunity to acquire a prime downtown Atlanta high-rise site planned for up to 160 multifamily residences, 231 student housing beds or 300,000 SF hotel. Currently utilized for parking and billboard income the property income exceeds $410,000 annually providing a remarkable covered land play. New lighting being installed expected to boost the parking income to $500,000 annually.

The site is well-located surrounded by major educational, entertainment, and sporting venues. Demand generators are bountiful including Georgia State University, Underground Atlanta, State Farm Arena, Mercedes Benz Stadium, Centennial Olympic Park, Georgia Aquarium, Georgia World Conference Center, the World of Coca-Cola, CNN Center, and the College Football Hall of Fame. Tenants or guests will also enjoy quick access to Woodruff Park, the Peachtree Center Transit Station, and Georgia State University.

This property is located in Atlanta, GA

Highlights
  • Build up to 160 apartments
  • Zoning: SPI SA 7
  • Forsyth Street Frontage: 100’
  • Luckie Street Frontage: 134.5’
  • Existing Income: $410,000 (6.8% cap rate)
  • Proforma Income: $500,000 (8.3% cap rate)
  • Walk Score: Walkers Paradise (98)
  • Transit Score: Excellent Transit (81)
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