Lockheed Square
Closed393 Lockheed Ave , Marietta, GA 30060
Property type
Multifamily
Unit / Space count
32
Price
$3,300,000
Building size
17,040 sf
Rentable area
17,040 SF
Year built
1970
Year renovated
Occupancy
Zoning code
Lot size
1.84 Acres
Sold/status
Sold · Date unknown
Sale price
$3300000
Bedroom count
CAP
6.30%
Property description
Located in one of the fastest emerging submarkets in Atlanta, Lockheed Square presents a unique opportunity to acquire a newly renovated property on a large 1.8 acre site 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 Kennesaw State’s Marietta Campus, The Marietta Square, Georgia Tech’s Marietta Campus, Dobbins Air Force Base, the Atlanta FC training facility and the Franklin Gateway Sports Complex. Lockheed Square Apartments were built in 1970 and feature Studio, One and Two-bedroom apartments with renovated Kitchens and Baths (2018). Upgrades include new kitchen cabinets, countertops, brushed nickel hardware and black appliance packages. In addition to updated electrical, flooring, blinds, and shelving, the units feature LED light fixtures and coded entry. All the one-bedroom units have barn door slider entries to the bedroom. Bathroom upgrades include pedestal sinks, low flow toilets, lighting and hardware. The property also includes new energy star windows and trim, gutters and downspouts, repaved roads, new walkways, irrigation system, new entrances, and signage. Additional interior amenities include upgrades hallways with led lighting, key card entry, a new laundry facility, and a new work out room. Exterior amenities include large open spaces with a fire pit, volleyball/ badminton court, a covered outdoor kitchen with separate eating area, and plenty of off-street parking. Lockheed Square Apartments have maintained strong occupancy with average rents just below $850 which is about $50 below the market average of similar vintage properties including some that haven’t been renovated.
Property highlights
- Located in One of The Fastest Emerging Submarkets in Atlanta
- Renovated in 2018
- Excellent Physical Plant and Amenity Package
- Property has Maintained Strong Occupancy with Average Rents Just Below $850
- Close Proximity to Downtown Marietta, Shopping & Dining
- Located in Highly Desirable Cobb County
- Short Drive to Truist Park, Dobbins/Lockheed Martin Complex, WellStar Hospital, and other Major
- Employers