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Bank-Owned | 80-Unit Value-Add Multifamily 2600 Old Hapeville Rd SW 80 Unit Apartment Building $5,856,438 CAD ($73,205 CAD/Unit) Atlanta, GA 30315
Executive Summary
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.
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
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
Property Facts
| Price | $5,856,438 CAD | Building Class | C |
| Price Per Unit | $73,205 CAD | Lot Size | 6.16 AC |
| Sale Type | Investment | Building Size | 66,240 SF |
| Sale Condition | Deferred Maintenance | Average Occupancy | 5% |
| No. Units | 80 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2012 |
| Property Subtype | Apartment | Parking Ratio | 2.29/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RG2 | ||
| Price | $5,856,438 CAD |
| Price Per Unit | $73,205 CAD |
| Sale Type | Investment |
| Sale Condition | Deferred Maintenance |
| No. Units | 80 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.16 AC |
| Building Size | 66,240 SF |
| Average Occupancy | 5% |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2012 |
| Parking Ratio | 2.29/1,000 SF |
| Zoning | RG2 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Dining Room
Site Amenities
- 24 Hour Access
- Courtyard
- Tenant Controlled HVAC
- Gated
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 800 - 900 |
| 2+1 | 56 | - | 800 - 900 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 14-0069-0002-059-3 | Improvements Assessment | $5,125,554 CAD |
| Land Assessment | $500,530 CAD | Total Assessment | $5,626,085 CAD |
Property Taxes
Parcel Number
14-0069-0002-059-3
Land Assessment
$500,530 CAD
Improvements Assessment
$5,125,554 CAD
Total Assessment
$5,626,085 CAD
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Bank-Owned | 80-Unit Value-Add Multifamily | 2600 Old Hapeville Rd SW
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