Midtown Condo with Skyline
For Sale
$350,000
147 15th Street NE #6E, Atlanta, GA 30309
Two-bedroom condo in Midtown with concierge and included utilities.
Property Size1,483 SF
Price / SF$236.01
Days on Market411
Property Features for 147 15th Street NE #6E
General Information
Standard status
Active
Size
1,483 SF
Property subtype
Condominium
Amenities
Security System
Central Air
Central
Dishwasher
Disposal
Electric Range
Microwave
Deck, Patio, Porch, Cable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Available, Underground Utilities, Water Available
Building Details
Building Size
1,483 SF
Year Built
1972
Listing Agency:
Keller Knapp
Listed By:
First MLS
(678) 733-0107
Source:
Kw
Added: Jul 19, 2025
Changed: Aug 21
Last Checked: Sep 1 at 2:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Knapp
Investment Insights
Based on property information with market context.
Located in the heart of Midtown at the Hanover House, this 1,483 square foot condo features two bedrooms and two bathrooms. The residence offers refurbished warm parquet flooring and custom wood kitchen cabinetry. An open-concept living and dining area extends to a balcony with Midtown skyline views. The primary suite includes an oversized bedroom, floor-to-ceiling windows, a double-sided closet, and a private bath. The second bedroom features built-ins. Residents have access to a concierge service, and all utilities are included in the HOA fee. Colony Square is accessible via elevator, providing access to restaurants, salons, a gym, a theater, and a hotel. The High Museum, Alliance Theater, and Atlanta Symphony are located one block away. Piedmont Park, the Botanical Gardens, and the Beltline are also nearby. Parking spaces are available for rent at Colony Square for $150 per car monthly.
Key Highlights
- Prime Midtown location next to Colony Square offering a "grab your keys and go" lifestyle with immediate access to restaurants, salons, gym, theater, and hotel.
- All utilities are included in the HOA fee.
- Concierge service available.
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
$16,358
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
4.67%
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%
$327,160
$327.2K
Cap Rate 7%
$233,686
$233.7K
Cap Rate 9%
$181,756
$181.8K
Market Conditions
NOI Build-Up for 1,483 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
$31.1K $21.00/SF
− Vacancy
−$1.4K −$0.95/SF
EGI
$29.7K $20.06/SF
− OpEx
−$13.4K −$9.02/SF
NOI
$16.4K $11.03/SF
Area
Atlanta, GA
Vacancy
4.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
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%
$327,160
Cap Rate 7%
$233,686
Cap Rate 9%
$181,756
Alternative Uses
Best Use
Apartment 5plus
$233.7K
$204.5K – $272.6K
NOI $16,358 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$414.6K
$362.7K – $483.7K
NOI $29,019 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 30309, GA
31,856
Population
20,558
Households
1.5
Avg Household Size
34
Median Age
84%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
9,653
Density / Sq Mi
$111,894
Median Household Income
$81,517
Median Earnings
$2,123
Median Rent
$414,700
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?
Apartment building - Two-bedroom condo in Midtown with concierge and included utilities.
Where is this apartment building located?
The property is located at 147 15th Street NE #6E Atlanta, GA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Prime Midtown location next to Colony Square offering a "grab your keys and go" lifestyle with immediate access to restaurants, salons, gym, theater, and hotel.; All utilities are included in the HOA fee.; Concierge service available.
