80-Unit Value-Add Multifamily Opportunity

Highlights:

• Spacious units with separate dining areas and ample closet space
• Potential to convert all of the 2 bed / 1 bath units into 2 bedroom / 2 bath units with open kitchen-to-living-room floorplans
• All units have private balconies off the living rooms
• Onsite leasing office (80th unit)
• Gated property with large greenspace/courtyard between the buildings and mature trees
• Underutilized basement space in one of the buildings that could be converted to onsite laundry
• Plenty of excess land to add a playground and/or other amenities
• Potential redevelopment opportunity in the future with 6+ acres of land inside I-285 in a gentrifying neighborhood of Atlanta
• Adjacent to Cleveland Avenue Elementary School
• Easy, quick access to I-85 and I-75, downtown Atlanta, and Atlanta International Airport

Description:

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 damage (affecting 4 units), past 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.

This property is located in Hapeville, Ga.

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