50 Mount Zion RdAtlanta, GA 30354
- Garden apartment buildings
- 62,055 SF
Property Details for 50 Mount Zion Rd
- Year built
- 1969
- Construction
- WOOD
- Lot size
- 8.13 AC
- Property size (Sq ft)
- 62,055 SF
- Zone code
- RG2
- Property type
- Garden apartment buildings
- APN
- 14 006700050881
- APU
- 14006700050881
Description
This exceptional 172-unit apartment building in Atlanta, Georgia, presents a compelling value-add investment opportunity. Located at 50 Mount Zion Rd, in Fulton County, zip code 30354, this Class C multifamily property, built in 1971 and renovated in 2005, offers significant potential for investor returns. Currently operating under the Low-Income Housing Tax Credit (LIHTC) program, the property boasts an attractive assumable loan with a high loan-to-value ratio and a 5.77% interest rate, with only two years remaining of interest-only payments. The asking price is $17,200,000, translating to approximately $100,000 per unit. LIHTC rents were increased by 3% in 2024, offering immediate rental upside on new leases and renewals. The property is strategically located near major Atlanta employers, providing strong occupancy potential. Furthermore, a new owner has the option to pursue a Qualified Contract (QC) process to transition the property to market-rate rents, eliminating LIHTC restrictions. Comprehensive due diligence materials, including insurance loss runs showing no recent claims, and documents for the QC process are readily available. This property represents a rare chance to acquire a well-positioned asset with substantial upside potential in a thriving Atlanta market.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $11,350,300
- 6.5%
- $10,477,200
- 7%
- $9,728,800
-
Comparable approach
- Method
- Valuation
- Relative Method
- $14,162,200
- Geo Method
- $14,162,200
-
Alternative Use
- Use
- Valuation
- Industrial / Distribution
- $17,878,100
- Retail / Commercial
- $8,914,140
- Mixed-Use / Specialty
- $8,682,480
- Hospitality / Lodging
- $6,109,830
- Office
- $8,422,720
- Institutional / Educational
- $8,954,850
- Multifamily
- $13,673,800
- Automotive / Energy
- $7,675,580
- Parking / Income-Based Land
- $2,846,230
- Restaurant / Food Service
- $4,089,250
- Healthcare / Senior Housing
- $9,108,700
Location Insight
- City
- Atlanta
- County
- Fulton
- State
- Georgia
- Latitude
- 33.67
- Longitude
- -84.3898
- CBSA code
- 12060
- CBSA name
- ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].