Description
Offered at $1,200,000 with a CAP rate just under 8%, this 14-unit property at 879 Parsons St SW boasts a potential annual gross income of $137,100. Currently over 70% occupied with many tenants currently applying, itCOs a perfect 1031 exchange candidate or even for a first time investment. Built in 2010 for student housing, it includes Side A and Side B, each with 7 rooms, 6 bathrooms, and full kitchens, plus private bathrooms in 10 units. Key features include new HVAC, water heaters, keyless entry, and close proximity to Morehouse, Georgia Tech, Spellman, MARTA, and shopping. This turnkey investment is a high-yield, easy-to-manage asset. Units B2, B3, A1, A3 have shared bathrooms, the rest have their own private bathrooms. 2 shared kitchens & 2 shared laundry sets/areas per side. Gross income: $79 500 Potential Gross income: $137 100 Annual expenses: $42089.08 Potential Annual expenses: $41521.08 Actual NOI: $37410.92 Potential NOI: $95578.92 There is 4 parking spots in the driveway that are not assigned and are first come first served, but plenty of street parking. Property is great for DSCR loan or even a 1031 exchange.
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School Information
Description
Offered at $1,200,000 with a CAP rate just under 8%, this 14-unit property at 879 Parsons St SW boasts a potential annual gross income of $137,100. Currently over 70% occupied with many tenants currently applying, itCOs a perfect 1031 exchange candidate or even for a first time investment. Built in 2010 for student housing, it includes Side A and Side B, each with 7 rooms, 6 bathrooms, and full kitchens, plus private bathrooms in 10 units. Key features include new HVAC, water heaters, keyless entry, and close proximity to Morehouse, Georgia Tech, Spellman, MARTA, and shopping. This turnkey investment is a high-yield, easy-to-manage asset. Units B2, B3, A1, A3 have shared bathrooms, the rest have their own private bathrooms. 2 shared kitchens & 2 shared laundry sets/areas per side. Gross income: $79 500 Potential Gross income: $137 100 Annual expenses: $42089.08 Potential Annual expenses: $41521.08 Actual NOI: $37410.92 Potential NOI: $95578.92 There is 4 parking spots in the driveway that are not assigned and are first come first served, but plenty of street parking. Property is great for DSCR loan or even a 1031 exchange.
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