1031 Virgina Avenue NE, Atlanta, GA

Multi-family for Sale ‐ $925,000 ‐ 5,313 Sq. Ft. on 0.16 acres

Bull Realty, Inc.

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Agent Info

NameMichael Bull, CCIM
CompanyBull Realty, Inc.

Property Info

CIMLS #930023
Location1031 Virgina Avenue NE
Atlanta GA 30306
Last UpdatedMarch 29th, 2017
TypeMulti-family
Price$925,000
Building Size5,313 Sq. Ft.
Lot Size0.16 acres

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Property Description

This 9 unit multifamily opportunity is located in heart of one of Atlanta's hottest neighborhoods, Virginia-Highland. Zoned R4, the property has been grandfathered by the City of Atlanta to legally operate 9 units. Comprised of 7 attached predominately studio apartments and 2 detached studio units in the rear, only one unit has been recently renovated.

Sold “as-is” and in need of repairs, the opportunity exists to renovate and reposition, bringing rental income up to market. The property currently relies on window AC units and a central boiler for heat. It also has only one electrical meter, breaker box, water meter and water heater. With the largest of the units currently available, this could be an ideal situation for an owner-occupant to take advantage of today’s low interest rates.

Due to its phenomenal location and smaller units, this property may alternatively either be a candidate for solid Airbnb income, or even be converted to a grand single family home given the skyrocketing neighborhood home values.

Property tours by appointment only. Please do not disturb tenants.

Location Description:

Virginia-Highland is a neighborhood known for its walkable blocks lined with charming bungalow homes. The property is located right in the heart of it within walking distance to many popular and historic businesses including the first Taco Mac, Goin' Coastal, The Original El Taco and Murphy's.

Highlights:

>> 9 unit, legal non-conforming multifamily structure

>> Offered for sale at $925,000, sold "as-is"

>> Zoned R-4

>> Located in heart of Virginia-Highland

>> Opportunity to renovate and re-lease units bringing rents up to market

>> Potential for owner-occupant, Airbnb or single family home conversion

>> Window A/C units and central boiler for heat

>> One electrical meter, breaker box, water meter and water heater

>> New roof in May 2016

>> Walking distance to popular businesses

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