1445 Lucile Avenue SW
Property Description
Turnkey multi-family Investment or Owner Occupant opportunity in rapidly appreciating Historic Westview. The Kelsie is a beautiful Spanish Colonial Revival apartment building fully stabilized currently generating $68,300 in gross rental and laundry income with immediate, high-yield value-add upside. Finish out the fully plumbed 1-bed/1-bath ground floor unit (projected $1,250-$1,300/mo.) to unlock $15,000 in marginal rental income, delivering an estimated 30% Yield on Cost with a $50,000 renovation investment. Continue cosmetic upgrades to interiors, exteriors and common areas and install in Unit washer/dryer hook ups to enhance rents. Extensive Recent Capital Improvements & Renovations include: TPO roof replaced in 2019. HVAC systems replaced for Units #2 and #4 in 2023. Most water heaters recently replaced. Full Interior Renovations: Units #3 & #4 fully renovated in 2018; main-level Units #1 & #2 fully renovated in 2023. Upgraded features include new kitchen/bath cabinetry, plumbing fixtures, quartz/stone countertops, stainless steel appliance packages, tile, luxury flooring, upgraded lighting, and new hardware/window blinds. Exterior & Common Areas improvements included paint, pressure washing, landscaping, drainage, window repairs, and stair/rail maintenance. Prime Westview Location: Situated in the heart of Westview directly across from Kipp Strive Academy and less than 300 feet from the Westside Atlanta Beltline Trail and the incoming 8-acre Enota Park expansion to include with Community Lawn, Boardwalk, Pavilion, Splashpad and Basketball Court. Walk two blocks to neighborhood favorites like Westview Corner Grocery, Firewall, and Augies Cafe. Just minutes to the Lee & White Mixed-Use District (breweries, dining, and retail), the Atlanta University Center, West End MARTA, Downtown Atlanta stadiums, and Hartsfield-Jackson Airport. Ideal 1031 Exchange and with a Unit coming available in the near term property will work for a "house hacking" Owner Occupant using conventional financing.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $899,000 |
| No. of Units: | 5 |
| Year Built: | 1935 |
| Opportunity Zone: | No |
| Price per unit: | $179,800 |
| Property Website | Click Here |
| Number of Bedrooms: | 0 |
| Number of Bathrooms: | 0 |
ID: 3yd-FMLSGA-7853097
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