Edinborough
Closed300 Pat Mell Rd W, Marietta, GA 30060
Property type
Multifamily
Unit / Space count
128
Price
$13,200,000
Building size
131,302 sf
Rentable area
131,302 SF
Year built
1965
Year renovated
Occupancy
Zoning code
Lot size
9.40 Acres
Sold/status
Sold · Date unknown
Sale price
$13200000
Bedroom count
CAP
4.69%
Property description
Located in one of the fastest emerging submarkets in Atlanta, Edinborough presents a unique opportunity to acquire an asset with value-add upside in a resurging Cobb county market. Home to over 17 million square feet of office space, the new Braves stadium and The Battery, Cobb County is one of the fastest growing markets in the Atlanta MSA. The property is in immediate proximity to Georgia Tech’s Marietta Campus, Dobbins Air Force Base, and the Atlanta FC training facility as well as the Franklin Gateway Sports Complex. Edinborough Apartments were built in 1965 and feature large 1 and 2 bedroom apartments with fully equipped kitchens, pantry space, spacious bedroom, linen closet near the bathroom and individual heat/air. These brick buildings are situated on a well landscaped property with outdoor seating areas and a walking path. Additional amenities include a recreation room, 3 laundry facilities and a business center. Edinborough Apartments are currently rented as a 55 plus community. Recent rent increases on newer move-ins illustrate the ability for a new owner to mark the units to market and receive increased returns. In addition, with the reduction of rental housing stock in the market, a new investor could further increase rents through a value-add strategy of cosmetic interior upgrades to maximize rents to the average rental level of $1.28 per foot on 1 bedroom units and $1.15 per foot on two bedroom units.
Property highlights
- Close Proximity to Downtown Marietta, Shopping & Dining
- Conveniently located near I-75, I-285 & Other major Thoroughfares
- Walking Distance to the Cobb Transit Bus System
- Well Manicured Landscaping
- Spacious One & Two Bedroom Units
- Located in Highly Desirable Cobb County
- Short drive to the New Suntrust Park, Dobbins/Lockheed Martin Complex, WellStar Hospital, and other major employers