Dahlridge Apartments
Closed1400 Flat Shoals Rd., Atlanta, GA 30349
Property type
Multifamily
Unit / Space count
48
Price
$3,000,000
Building size
72,432 sf
Rentable area
72,432 SF
Year built
1977
Year renovated
Occupancy
Zoning code
Lot size
6.95 Acres
Sold/status
Sold · Date unknown
Sale price
$3000000
Bedroom count
Property description
Dahlridge Apartments presents a unique opportunity to acquire 48 large (1500 Square Feet) and unique two and three-bedroom single-story units complete with two-car carports. At over 1500 square feet the units feature vaulted ceilings, large private patios, private two-car carports, washer dryer connections in every unit, large storage closets, and fireplaces in select units. The current owner has made recent capital improvements including HVAC replacement, low-flow toilets & faucets, roof repair, painting, and has upgraded 12 total units with rent premiums of $200/month. Currently, the units are rented well below the market average of $0.73 per foot providing organic growth potential for a new owner. Given the large size of the units, there is additional upside in rent through minor cosmetic upgrades further pushing revenue potential. In addition to unit upgrades, the next owner could rent the model/office unit for an additional $14,100 to the EGI and burn-off the loss to lease with the rents currently achieved.
Property highlights
- Large 2 & 3 Bedroom units
- Below Market Rents
- 12 upgraded units achieving $200/month rent premiums
- 1500 SF units with two car-carports, vaulted ceilings and washer dryer connections
- Upside Through Additional Renovations
- Ability for the next owner to add the three-bedroom model/office as a rental unit