Brick Duplex with In-Law
New
For Sale
$800,000
3505 Waters Glen Way, Alpharetta, GA 30022
MULTI_FAMILY - Alpharetta, GA
Property Size4,800 SF
Lot Size0.49 Acres
Price / SF$166.67
Days on Market2
Property Features for 3505 Waters Glen Way
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
Garage, Driveway
Window features
Double Pane Windows
Subdivision
Waters Mill Homeowners Association
Lot features
Back Yard, Front Yard, Landscaped, Level
Elementary school
Dolvin
Middle school
Autrey Mill
High school
Johns Creek
Directions
From GA 400 north, exit 9/Haynes bridge, left on North Point Parkway, right on Kimball Bridge Road, right on Waters Road, right on Waters Glen Way
Standard status
Active
Lot size
0.49 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3695
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Forced Air, Natural Gas, Central
Cooling system
Attic Fan, Ceiling Fan(s), Central Air
Water source
Public
Amenities
clubhouse
pickleball
Building Details
Year built
1987
Floors in Building
3
Flooring type
Tile - Ceramic, Hardwood, Carpet
Building materials
Brick, Cement Siding
Roof type
Shingle
Listing Agency:
Keller Williams North Atlanta · Keller Williams Realty
(770) 663-7291
Listed By:
Capucine Love · License #379833
(470) 549-1200
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 5:06AM
MLS# 7821028
Copyright © 2026 First Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1987 brick and cement-siding duplex in Alpharetta offers 4,800 total square feet, six bedrooms, and 4.5 bathrooms. The main residence includes formal living and dining rooms, an open kitchen with two pantries, an eat-in area, family room with fireplace, walk-in laundry room, updated primary suite, four additional bedrooms, and an oversized deck. Hardwood, carpet, and ceramic tile flooring are featured throughout.
A separate-entrance terrace-level suite provides nearly 1,600 square feet with one bedroom, two full bathrooms, an office, den or family room, dining area, and second kitchen. The suite opens to a flat backyard with a flagstone patio and fire pit. Recent work includes a new HVAC system, new lighting, two sump pumps, refinished hardwood, landscaped steps, and roof maintenance. Public water and sewer serve the property, with driveway and garage parking. The home is near GA 400, Avalon, Downtown Alpharetta, Peachtree Corners, Halcyon, and area restaurants.
A separate-entrance terrace-level suite provides nearly 1,600 square feet with one bedroom, two full bathrooms, an office, den or family room, dining area, and second kitchen. The suite opens to a flat backyard with a flagstone patio and fire pit. Recent work includes a new HVAC system, new lighting, two sump pumps, refinished hardwood, landscaped steps, and roof maintenance. Public water and sewer serve the property, with driveway and garage parking. The home is near GA 400, Avalon, Downtown Alpharetta, Peachtree Corners, Halcyon, and area restaurants.
Key Highlights
- 4,800 total sq ft duplex with 6 bedrooms and 4.5 bathrooms
- Nearly 1,600 sq ft terrace‑level suite with separate entrance
- Suite includes 1 bedroom, 2 full bathrooms, office, den or family room, dining area, and kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$69,744
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,394,880
$1.4M
Cap Rate 7%
$996,343
$996.3K
Cap Rate 9%
$774,933
$774.9K
Market Conditions
NOI Build-Up for 4,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$106.6K $22.20/SF
− Vacancy
−$6.9K −$1.44/SF
EGI
$99.6K $20.76/SF
− OpEx
−$29.9K −$6.23/SF
NOI
$69.7K $14.53/SF
Area
Fulton County, GA
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,394,880
Cap Rate 7%
$996,343
Cap Rate 9%
$774,933
Alternative Uses
Best Use
Multifamily LT 5
$996.3K
$871.8K – $1.16M
NOI $69,744 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$921.2K
$806.0K – $1.07M
NOI $64,483 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,925 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 30022, GA
66,667
Population
24,330
Households
2.7
Avg Household Size
40
Median Age
68%
College-Educated
95%
High-School Grad
23.7 sq mi
ZIP Area
2,813
Density / Sq Mi
$153,022
Median Household Income
$74,500
Median Earnings
$1,966
Median Rent
$589,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Finished terrace-level suite, multiple living areas, and access to swim, tennis, and pickleball amenities.
Where is this duplex located?
The property is located at 3505 Waters Glen Way Alpharetta, GA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 4,800 total sq ft duplex with 6 bedrooms and 4.5 bathrooms; Nearly 1,600 sq ft terrace‑level suite with separate entrance; Suite includes 1 bedroom, 2 full bathrooms, office, den or family room, dining area, and kitchen
