507 Greenwood Avenue; Atlanta, GA 30308

$1,400,000

MIDTOWN 5 UNIT MULTI-FAMILY BUILDING zoned R5. See RINC FMLS 7020448. Three Blocks to Beltline and Piedmont Park. Nestled at the corner of Greenwood and Monroe, 2 Blocks south of Midtown Promenade. Features Three 2/1 Units, One 2/2 Unit, and One 1/1. All of these units are seriously HUGE. Newer systems, Updated kitchens, Newer windows, Roof, and More. The fully functional bathrooms have not been renovated but have a kitschy mid-century feel. Each unit has its own style and a ton of character! Great rental history is currently ready for rental rate increases. All of the tenants are long-term and are holdovers on month-to-month leases at below market. The current gross rental income of $83,820 Annually. Having no rental increases for several years rents can easily be much much more as-is with no improvements. (Market Analysis of neighboring comparable rents suggests that gross income could be just over 100k with an NOI of 97K). Building constructed in 1925 and converted to rental units around 2000. This massive building has been owner-managed since 2006, meticulously maintained, and steadily improved. The owner is selling due to retiring/relocation. Call Bill for full details! (Please do not disturb tenants)
Key Facts
  • Style:
  • Year Built: 1925
  • Status: Active
Schools
  • Elementary School: Springdale Park
  • Middle School: David T Howard
  • High School: Midtown
Bedrooms
  • Beds Total: 9
  • Lower Bedrooms: 2
  • Upper Bedrooms: 4
Bathrooms
  • Baths Full: 6
  • Baths Half: 0
  • Lower Full Baths: 2
  • Main Full Baths: 2
  • Master Bath Features: Other
  • Upper Full Baths: 2

Learn more about this property...

Private & Public Schools Nearby

  • 5 / 5
    Above
    Avg

    Springdale Park Elementary School

    1246 Ponce De Leon Ave NE; Atlanta, GA 30306
    Public KG-5th  |  704 students
    Metro Atlanta School Rank: 25th

Similar Properties Nearby

Listing Provided Courtesy Of: Palmerhouse Properties
Listings on this website come from the FMLS IDX Compilation and may be held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. © 2024 FMLS.

For issues regarding this website (and/or listing search engine, as applicable) please contact KNOWAtlanta - 770-650-1102

Listing information last updated on March 28, 2024