Bank Owned 80-Unit Value Add Multifamily 2600 Old Hapeville Rd SW 80 Unit Apartment Building $5,849,928 CAD ($73,124 CAD/Unit) Atlanta, GA 30315

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 (5% 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.