Four-Unit Apartment
For Sale
$789,900
Pending
368 NE Irwin Street, Atlanta, GA 30312
Residential Income, Atlanta, GA
Property Size3,360 SF
Lot Size0.02 Acres
Days on Market15
Property Features for 368 NE Irwin Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 5, Bedroom 2, Bedroom 12, Bathroom 3, Bedroom 10, Bathroom 7, Bedroom 9, Bathroom 6, Bedroom 1, Bedroom 11, Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 8, Bathroom 1, Bathroom 4, Bedroom 3, Bathroom 8, Bathroom 2, Bedroom 6
Parking features
On Street
Fireplace
1
Subdivision
No Subdivision
Lot features
Less than 1/2 Acre
Directions
From I-85 N, Take Exit 248 B, Continue Onto Fort St Ne, Turn Right On Irwin St Ne, Property Is On The Left
Standard status
Pending
APN
14 004600071016
Size
3,360 SF
Lot size
0.02 Acres
Utilities
Sewer type
Public Sewer
Heating system
Fireplace(s), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2005
Number of units
4
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Realty River Cities
(706) 221-6900
Listed By:
Donna Dk Knowles Team
(706) 392-4930
Added: Sep 6
Changed: Sep 16
Last Checked: Sep 20 at 1:06AM
MLS# 234036
Copyright © 2026 Columbus Board of Realtors (GA). 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 4-unit residential property contains approximately 3,360 square feet, with each apartment offering about 840 square feet, three bedrooms, and two full bathrooms. The units were previously updated but now require repairs. Building features include vinyl siding, central air, forced-air heat, fireplaces, and on-street parking. The property was built in 2005 and is served by public water and public sewer.
Located at 368 NE Irwin Street in Atlanta’s 30312 ZIP Code, the property is near shopping, dining, and other local amenities. The sale includes the complete four-unit complex rather than individual apartments. The property is offered for sale and is not being offered for rent.
Located at 368 NE Irwin Street in Atlanta’s 30312 ZIP Code, the property is near shopping, dining, and other local amenities. The sale includes the complete four-unit complex rather than individual apartments. The property is offered for sale and is not being offered for rent.
Key Highlights
- Four‑unit complex with approximately 3,360 square feet
- Each unit includes 3 bedrooms, 2 full baths, and approximately 840 square feet
- Previously updated units now require repairs
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
$40,008
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
5.06%
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%
$800,160
$800.2K
Cap Rate 7%
$571,543
$571.5K
Cap Rate 9%
$444,533
$444.5K
Market Conditions
NOI Build-Up for 3,360 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
$60.5K $18.00/SF
− Vacancy
−$3.3K −$0.99/SF
EGI
$57.2K $17.01/SF
− OpEx
−$17.1K −$5.10/SF
NOI
$40.0K $11.91/SF
Area
Atlanta, GA
Vacancy
5.50%
Lease Rate
$18.00 /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%
$800,160
Cap Rate 7%
$571,543
Cap Rate 9%
$444,533
Alternative Uses
Best Use
Multifamily LT 5
$571.5K
$500.1K – $666.8K
NOI $40,008 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$529.5K
$463.3K – $617.7K
NOI $37,062 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$939.2K
$821.8K – $1.10M
NOI $65,747 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
7,972
Businesses Nearby
Explore this area
Business Placement
Demographics for 30312, GA
25,435
Population
15,787
Households
1.6
Avg Household Size
34
Median Age
65%
College-Educated
92%
High-School Grad
3.3 sq mi
ZIP Area
7,708
Density / Sq Mi
$75,963
Median Household Income
$70,268
Median Earnings
$1,594
Median Rent
$493,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units with central air, public utilities, and repair needs following prior updates.
Where is this quadplex located?
The property is located at 368 NE Irwin Street Atlanta, GA.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: Four‑unit complex with approximately 3,360 square feet; Each unit includes 3 bedrooms, 2 full baths, and approximately 840 square feet; Previously updated units now require repairs
