Laurel Mill
Closed2566 Whites Mill Road, Decatur, GA 30034
Property type
Multifamily
Unit / Space count
99
Price
$3,849,999
Building size
103,350 sf
Rentable area
103,350 SF
Year built
1971
Year renovated
Occupancy
Zoning code
Lot size
7.90 Acres
Sold/status
Sold · Date unknown
Sale price
$3849999
Bedroom count
Property description
Laurel Mill Apartments represent an excellent value add opportunity for an investor. The property is situated on just under 8 acres in a heavily residential neighborhood in the Dekalb county submarket. The location provides easy access to Interstates 20 and I-285 and within close proximity to South Dekalb Mall. Laurel Mill apartments feature large two bedroom two bath and three bedroom 2 bath apartments which are currently rented well below the market average providing tremendous upside for an investor. The current ownership group spent over $1.6 Million in capital improvements on the property including new windows, HVAC replacement, and interior systems replacement. The property was recently leased up to full capacity with exception to 9 down units leaving additional upside for an investor. Through curb appeal imprvements and renovations to the remaining down units and increasing rents to the $0.79 per foot market average, an investor can realize double digit returns.
Property highlights
- Upside through additional Renovations
- Below Market Rents
- Large Two and Three Bedroom Units
- Quiet Neighborhood Setting
- $1.6 Million in Renovations