Don't miss this rare opportunity to own a 10 unit apartment building right in the heart of Atlanta. Located just a few miles south of downtown Atlanta, in the rapidly growing neighborhood of Pittsburgh, this property has the potential for huge financial returns. Not only is it situated directly across from a massive new mixed use development (Pittsburgh Yards), it is also located in a government designated "Opportunity Zone", which would allow an investor to defer and even reduce a large portion of any capital gains taxes. This is also a Beltline neighborhood with multiple large developments currently underway in the immediate area including the new food hall, Switchman Hall. Current average rent for a 1 bedroom unit in the area is $1491 however, if approved for Section 8 rentals, the maximum payment standard is $1850 for a 1/1 unit. Another option would be to scrape the lot and build a larger apartment building. Either way, there is a huge opportunity here for the experienced investor. PLEASE READ THE FOLLOWING IN FULL BEFORE CALLING LISTING AGENT: All units currently vacant. There is only street parking currently available for this building which the city may take issue with. The adjacent lot, which would allow for parking, may be for sale at the right price, per the current owner. Contact info for negotiations will be provided upon request. Buyer must do their own due diligence with the City of Atlanta & Pittsburgh Neighborhood Association to ensure intended use of the property conforms with all local laws. All units are separately metered for electricity. Each unit has a window AC unit and gas space heater. Units are roughly 400 sq ft each and estimated rehab costs would be 10k-20k per unit.
Property Type(s):
Residential Income
|
Last Updated
|
4/23/2024
|
Tract
|
Pittsburgh
|
|
Year Built
|
1945
|
County
|
Fulton
|
SCHOOLS
| Elementary School |
Charles L. Gideons |
| Jr. High School |
Sylvan Hills |
| High School |
G.W. Carver |
Price History
|
Prior to Feb 23, '24
|
$775,000 |
|
Feb 23, '24 - Apr 23, '24 |
$720,000 |
| Apr 23, '24 - Today |
$725,000 |
Additional Details
| AIR |
Window Unit(s) |
| AIR CONDITIONING |
Yes |
| BUYER'S BROKERAGE COMPENSATION |
3 |
| HEAT |
Space Heater |
| LOT |
5001 sq ft |
| LOT DESCRIPTION |
Other |
| LOT DIMENSIONS |
x |
| PARKING |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| SUBDIVISION |
Pittsburgh |
| TAXES |
5365 |
| UTILITIES |
Cable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Available, Water Available |
| VIEW |
Yes |
| VIEW DESCRIPTION |
City |
| WATER |
Public |
| WATER ACCESS |
None |
Listing provided courtesy of EXP Realty, LLC.
Location
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Data last updated: 7/27/24 12:19 AM PDT.
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