507 Greenwood Avenue NE

Midtown, Atlanta, GA 30308
$1,375,000
Pending

Property Details

507 Greenwood Avenue NE

Listing #7020448

MIDTOWN 5 UNIT MULTI-FAMILY BUILDING zoned R5. 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)

Exterior Details

ConstructionCement Siding, Frame
Built In1925
StoriesThree Or More
ParkingDetached, Parking Lot
ServicesNear Beltline, Near Marta, Near Schools, Near Shopping, Near Trails/Greenway, Park, Public Transportation
UtilitiesCable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Available, Water Available
SewerPublic Sewer
Lot DescriptionCorner Lot
Lot Dimensionsx
Acres0.186

Location

Subdivision Midtown
Zip Code 30308
City Atlanta
County Fulton

Schools

Elementary Springdale Park
Junior David T Howard
High Midtown

First Multiple Listing Service

Listing Provided Courtesy Of: PalmerHouse Properties

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Data Last updated on August 12, 2022 3:11am