729 Bonaventure
Closed729 Bonaventure Ave NE, Atlanta, GA 30306
Property type
Multifamily
Unit / Space count
12
Price
$2,500,000
Building size
Year built
1930
Year renovated
Occupancy
Zoning code
Lot size
0.09 Acres
Sold/status
Sold · Date unknown
Sale price
$2500000
Unit mix
6x
1br
1x
2br
Bedroom count
Property description
729 Bonaventure represents a unique opportunity to purchase a 12-unit trophy asset located within walking distance of Ponce City Market, Atlanta Beltline, and Freedom Park. The property is located at 729 Bonaventure Ave, in the sought-after Poncey-Highland Neighborhood which is one of Atlanta’s most desirable neighborhoods. The property is made up of one building built in 1930 with an Ideal floor plan of six studio units, five one-bedroom one-bathroom units, and one two-bedroom one bathroom unit. The building is in excellent shape with original hardwood floors, a recently replaced roof, new property-owned coin laundry, and interior cosmetic improvements. A new owner can go in and finish the “last mile renovations” by converting three of the one-bedroom units to two-bedroom units, upgrading the cosmetic renovations in the remaining units, updating the common areas (exterior entrance & corridor), and painting the exterior of the building. The last mile renovations will close the +$400 gap on 729 Bonaventure’s effective rents vs the competitors in the immediate area.
Property highlights
- Walking Distance to Ponce City Market & The Atlanta Beltline
- +$400 Rental Gap Between Avg Mkt Rents Vs Subjects Effective
- Meticulously Maintained: Original Hardwood Floors
- Last Mile Value Add
- Strong Area Performance