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Hot Lakewood 9-Unit Apartment Building
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Property Description |
An 9 unit apartment building in Lakewood Atlanta for sale:
1) a large elderly care facility,
2)a 40 acre mixed use development,
3) and the redevelopment of the Lakewood Fairgrounds,
4) as well as lots of single family redevelopment.
Address of apartments is 1688 Lakewood Avenue.
The 9-unit produces $4,470 of gross monthly income. However, even my tenants tell me that my rents are too low.
The building has real annual expenses around $12,000, leaving NOI around $41,700, and the sales cap rate at 9+%. Besides raising rents, you could also separately meter the water consumption and improve your profitability. You could easily end up with a cap rate of around 12%.
I also own the commercial lot next door and the house behind the apartments. They are available for an additional $150,000, but not necessary to purchase the apartments.
The house rents low at $600 per month.
The lot is commercial and could be developed as a coin laundry, dollar store, furniture rental, etc. I have spoken with a few prospects, but it has been a few years, so they are not hot leads anymore.
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| Contact person: |
Jon |
| Seller Type: |
PrivateOwner |
| Phone: |
678-595-0007 |
| Email: |
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| Web Link: |
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| Listing Status: |
For Sale |
| Property Type: |
Apartment Buildings |
| Price($): |
449500 |
| Street Address: |
1688 Lakewood Ave |
| City: |
atlanta |
| Region: |
Georgia |
| ZIP/Postal Code: |
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| Bedrooms: |
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| Bathrooms: |
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| Stories: |
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| Square Feet: |
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| Lot Size: |
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| Year Built: |
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| Owner Finance: |
No |
| Cap Rate: |
9% |
| Net Operating Income: |
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| Price Per Square Foot: |
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