507 Greenwood Avenue NE
Atlanta, GA 30308
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)
- StatusActive Under Contract
- MLS #7020500
- FeaturesDisappearing Attic Stairs, High Ceilings 9 ft Main, High Ceilings 9 ft Upper
- HVACCeiling Fan(s), Central Air
- StyleCraftsman, Victorian
- ConstructionCement Siding, Frame
- Built In1925
- StoriesThree Or More
- ParkingDetached, On Street, Parking Lot
- FeaturesCourtyard, Private Front Entry, Private Rear Entry, Private Yard
- 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
Listing Provided Courtesy Of: PalmerHouse Properties
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Data Last updated on May 18, 2022 11:00pm