282 & 286 North Clarendon Avenue

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Address: 282 & 286 North Clarendon Avenue, Scottdale, Georgia, US
Created date: February 26, 2024
Date last updated: March 26, 2024
  • Located within a stone’s throw of thousands of industrial and service jobs
  • Located within a 6 to 10 minute walk to thousands of service jobs in the award winning charming and busy Avondale Estates entertainment district-plenty of mini breweries
  • Avondale Estates entertainment district awarded “Best Small-Town Beer Scene” in the nation for 2021, 2022, 2023
  • 34,088 jobs within 2 miles of the property
  • 242,622 jobs within 5 miles of the property
  • Current rents 42% below market

Property Description

Opportunity to acquire 100% leased - rents 42% below market-6-unit workforce housing complex on 1/2 acre inside the perimeter in Atlanta MSA offered at a 9% cap rate. Increasing the rents to market will produce a proforma cap rate of 14%. Captive target market for workforce housing in that large employers-structural steel fabricator and distributors and manufacturers-are located within a few yards of property. Perfect for workers who value proximity to work and not concerned with exterior cosmetics and are not interested in hosting cocktail parties or a prestigious address. Service workers in the charming nationally awarded Avondale downtown/entertainment district are also a captive market-a 6 to 10 minute walk from the property. Workforce tenants will pay a premium for the convenience of this location, the property maintains full occupancy - there should never be a vacancy.

Key Property Information

Listing Status: Unavailable
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $695,000
No. of Units: 6
Opportunity Zone: No
Price per unit: $115,833
Property Website Click Here
Address: 282 & 286 North Clarendon Avenue, Scottdale, GA 30079, USA
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