For Sale
$3,500,000

600 Parkway DrAtlanta, GA 30308

12-Unit Apartment Building, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 12-unit apartment building, located at 600 Parkway Drive NE in Atlanta, Georgia, presents a compelling investment opportunity. Boasting 16,636 square feet on a 0.34-acre lot, this two-story, 1930-built property underwent renovations just two years ago. Currently generating a NOI of $255,000, representing a 7.00% cap rate, the property offers significant upside potential with a pro-forma NOI of $280,000 and a pro-forma cap rate of 8.00%. All 12 units are currently rented, with 10 having been recently renovated. Unit sizes vary, offering a mix of one to three-bedroom and one to two-bathroom layouts. The property's prime location between Ponce City Market and The Fox Theatre in the desirable intown area provides easy access to MARTA, restaurants, shopping, and Fourth Ward Park. This asset offers significant long-term rental growth potential. Furthermore, the property possesses substantial air rights, allowing for up to 13 floors of potential future development, presenting opportunities for expansion, hotel construction, or a live/work/play concept. The asking price is $3,500,000. This property is ideal for investors seeking a strong cash flow, future development potential, or a combination of both.

Highlights

  • Prime location with 13-floor air rights potential.
  • Excellent opportunity for expansion or mixed-use development (hotel, residential, commercial).

Property Details for 600 Parkway Dr

Property type
Apartment buildings
Square Feet
16,636 SF
Year Built/Renovated
1930/2
Buildings
1
Stories
2
Lot Size (sq. ft)
14,810 SF
Units
12

Location Insight

City
Atlanta
County
Fulton
State
Georgia
Latitude
33.7708803
Longitude
-84.3730704
600 Parkway Dr, Atlanta, Georgia

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600 Parkway Dr
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