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    Renovated Duplex with 1BR Units Title is generated by Realmo AI

    506 Old Wheat Street NE, Atlanta, GA 30312

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    For Sale
    $599,999

    MULTI_FAMILY - Atlanta, GA

    Lot size:
    0.05 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 11:06 am

    Property Features for 506 Old Wheat Street NE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Window features
    Insulated Windows
    Standard status
    Active
    APN
    14 004600120540
    Lot size
    0.05 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8899

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air, Central, Heat Pump (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Separate Meters
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    1
    Number of units
    2
    Building materials
    Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Tracy Witherspoon
    Tracy Witherspoon

    Listing agent Tracy Witherspoon

    Listing office HomeSmart 10900 Crabapple Road, Atlanta, GA

    Listing date Jun 3, 2026

    MLS# 7781450 Listing URL

    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.

    HighLights

    • Duplex built in 1920 with wood siding and a composition roof
    • Fully occupied duplex with two 1BR/1BA units
    • Each unit features hardwood floors, updated kitchen and bath, granite countertops, and stainless steel appliances
    • 10‑foot ceilings and decorative fireplaces in both units
    • Separate laundry room in each unit with washer and dryer
    • Central heating and central air, including a heat pump (heating)

    Overview

    This renovated duplex offers two separate, fully occupied 1BR/1BA residences. Each unit features spacious floor plans with hardwood floors, updated kitchens and baths, granite countertops, and stainless steel appliances. Interiors also include 10-foot ceilings and decorative fireplaces that combine historic character with modern finishes. A separate laundry room with an included washer and dryer is provided for each unit. The property also includes a new deck.

    Located at 506 Old Wheat Street NE in Atlanta’s Old Fourth Ward area, the home is described as being just steps from Krog Street Market, the Atlanta BeltLine Eastside Trail, Edgewood Avenue, and the Martin Luther King Jr. National Historical Park.

    Designed for an owner-operator or investor, the current layout provides two independent 1BR/1BA options within a single duplex. With both units already occupied, the property supports buyers seeking immediate rental income while retaining flexibility for an owner-occupant, short-term rental use, or a long-term hold. The combination of turnkey interior updates and practical in-unit laundry amenities may appeal to tenants who want a move-in-ready rental experience.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Restaurant Law Firm Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Atlanta
    County
    Cobb
    State
    Georgia
    Longitude
    -84.370933
    Latitude
    33.756006

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    FAQs

    What type of property is this?
    Duplex - Renovated two-unit duplex with modern 1BR/1BA interiors and in-unit laundry, steps from major Old Fourth Ward attractions.
    Where is this duplex located?
    The property is located at 506 Old Wheat Street NE Atlanta, GA.
    What is the asking price?
    The asking price for this property is $599,999.
    What are key features of this property?
    This property features: Duplex built in 1920 with wood siding and a composition roof; Fully occupied duplex with two 1BR/1BA units; Each unit features hardwood floors, updated kitchen and bath, granite countertops, and stainless steel appliances
    (404) 876-4901
    We can help!
    Listing Contact
    Tracy Witherspoon
    Tracy Witherspoon
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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