368 Mell Avenue
Atlanta, GA 30307
This is an opportunity to own a rare quadruplex in the heart of Candler Park. THREE UNITS ALREADY OCCUPIED AND A NEW LEASE JUST EXECUTED (starting in September) AT $1,800/MONTH FOR ONE OF THE FOUR UNITS, WHICH IS $200 OVER THE MARKET RATE FOR A ONE BEDROOM UNIT!! This will increase the annual revenue to over $64,000 with very low expenses! This needle in the haystack quadruplex lies directly across the street from the entrance of Candler Park Recreation Area, and just a five minute walk from restaurants such as: Fellini's, El Gato, La Fonda, and Candler Market.Originally built in 1910, this property includes four 1B/1BA apartments with original charm such as vintage hardwood floors, intricate trim molding, antique fireplaces and original casement windows, as well as a great backyard with a fire pit. The Home has ample parking including a driveway and a parking lot directly across the street. All current tenants in good standing and up to date on rent. Units are currently leased below market rates. With a few updates, units could be leased for $1,600/month or more, further increasing the NOI and future residual value. Time to make hay while the sun shines!!!
- StatusActive Under Contract
- MLS #6850425
- TypeResidential Income
- ConstructionVinyl Siding
- Built In1910
- ParkingParking Lot
- SewerPublic Sewer
- Lot Dimensions69X100
Listing Provided Courtesy Of: Keller Knapp, Inc.
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Data Last updated on October 23, 2021 1:46am