Atlanta MSA, Atlanta GA

Multi-family for Sale - $14,400,000

Bull Realty, Inc.

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Agent Info

NameMichael Bull, CCIM
CompanyBull Realty, Inc.

Property Info

CIMLS #970250
LocationAtlanta MSA
Atlanta GA 30303
Last UpdatedDecember 11th, 2017
TypeMulti-family
Price$14,400,000

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Property Description

Opportunity to acquire a portfolio of 160 units in 80 fully leased duplexes with stable income and strong upside in north Atlanta.

Big upside exists in the ability to significantly increase NOI by raising rents closer to market rates. All of the units are 2 or 3 bedrooms and 2 or 2.5 baths. 2018 rents average $668.63-month, which is less than half the average rents around metro Atlanta. If you only raise rents $200-unit, rents would still be only average $868.63 month. The annual increase in revenues would be $385,000.

Location Description:

Located in Lawrenceville, Buford and Flowery Branch

Highlights:

>> 100% Occupied

>> 6.5% existing cap rate

>> Rents significantly under market

>> Strong rental demand

>> All units are 2 to 3 bedrooms and 2 baths

>> Separate meters and systems

>> Tenants take care of the grounds

>> Clustered in 3 popular areas in north Atlanta

>> Lawrenceville, Buford and Flowery Branch

>> Demand in this rental range projected to increase

>> Strong forecasted job growth in the area

>> Atlanta gained 4th-most residents in the nation last year, with 90,650 additional people

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