Forest Creek

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Address: 4663 & 4771 Waldrop Drive, Forest Park, Georgia, US
Created date: September 19, 2023
Date last updated: October 16, 2023

Property Description

Forest Creek is a 1965-built multifamily asset consisting of 136 units.The property is comprised of one- and two-bedroom garden-style floorplans, and features long-lasting brick exteriors with vinyl siding accents.Amenities include a leasing office, swimming pool, playground, and grilling and picnic area.Since 2018, ownership has spent over $2.2 million on property improvements. Market occupancy is 94% as shown in the rent comps (see page 40). A capital event, fresh management, and investment can bring this asset back to market.The proforma is very conservatively underwritten. It assumes no rent growth and 9% bad debt (currently 11.5%).Since Spring 2022, the average sales comp price per unit is $111,000.Opportunity to renovate 42 remaining classic units and push rents $107-$264 over today’s in-place rents.Two and a half miles from metro’s largest employer, Hartsfield-Jackson Atlanta international Airport. One mile from the redeveloped Fort Gillem Logistics Park, and close to thousands of new jobs.Residents are less than four miles from Clayton County’s primary retail corridor, centered on Southlake Mall (one million SF). The mall is anchored by Macy’s and boasts more than 90 additional shops and eateries. Substantial satellite big-box retail is a major source of employment for the area.Located near planned bus and rail lines for voter approved MARTA expansion into Clayton County, with a direct connection to Atlanta’s international airport.Completely surrounded by stable, middle-class single-family houses in quiet, low-crime area.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
No. of Units: 136
Year Built: 1965
Lot Size: 116,125.00 Sq ft
Opportunity Zone: No
Property Website Click Here
Address: 4663 & 4771 Waldrop Drive, Forest Park, GA 30297, USA
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