600 Parkway DrAtlanta, GA 30308

Property Details for 600 Parkway Dr

Year built

1930

Construction

WOOD

Lot size

0.34 AC

Property size (Sq ft)

16,636 SF

Zone code

RG4

Property type

Residential income properties

Property subtype

Garden apartment buildings

APN

14 004700020095

APU

14004700020095

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,130,346

  6.5%

  $2,889,550

  7%

  $2,683,154

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,896,512

  Geo Method

  $5,029,778

• Alternative Use

  Use

  Valuation

  Residential

  $2,889,550

  Hospitality

  $2,646,813

  Educational

  $2,202,117

  Medical

  $2,277,851

  Retail

  $3,425,516

Location Insight

City

Atlanta

County

Fulton

State

Georgia

Latitude

33.7709

Longitude

-84.3731

CBSA code

12060

CBSA name

ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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