Midtown Condo Near Piedmont
For Sale
$323,500
244 13TH Street NE #116, Atlanta, GA 30309
Updated 2-bedroom condo in vibrant Midtown Atlanta.
Property Size2,230 SF
Lot Size0.03 Acres
Days on Market297
Property Features for 244 13TH Street NE #116
General Information
Standard status
Active
Size
2,230 SF
Lot size
0.03 Acres
Property subtype
Condominium
Amenities
Fireplace
Security System
Central Air
Ceiling Fan(s)
Heat Pump
Central
Electric
Dishwasher
Dryer
Disposal
Electric Cooktop
Electric Range
Electric Water Heater
Refrigerator
Patio, Pool, Porch, Cable Available, Electricity Available, Phone Available, Sewer Available, Water Available, Composition
Building Details
Building Size
2,230 SF
Year Built
1985
Listing Agency:
Atlanta - Intown
(404) 273-9621
Listed By:
Kim Ferguson · License #373505
(404) 273-9621
Source:
Kw
Added: Nov 7, 2025
Changed: Aug 8
Last Checked: Aug 31 at 12:29AM
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 Atlanta - Intown
Investment Insights
Based on property information with market context.
Located in the heart of Midtown, this updated condominium at Colony Park Citihomes is steps from Piedmont Park. The light-filled home features a modern kitchen equipped with stainless steel appliances, granite countertops, and white cabinetry. A convenient in-unit washer and dryer are included. The primary suite offers a generous closet and dual vanities. Fresh interior paint and a gas log fireplace contribute to the welcoming ambiance. Residents can enjoy resort-style amenities such as a pool, fitness center, and club room within the gated community. The assigned parking space includes an electric car charger. The location provides convenient access to the BeltLine Eastside Trail, High Museum, Fox Theatre, galleries, dining, and shopping. Georgia Tech, Georgia State, downtown Atlanta, and the airport are also easily accessible. Monthly HOA fees cover internet, water, and sewer.
Key Highlights
- Prime Midtown Location: Steps from Piedmont Park and minutes from the BeltLine, High Museum, Fox Theatre, dining, and shopping.
- Resort‑Style Amenities: Gated community with pool, fitness center, and club room.
- Updated Interior: Features a modern kitchen with stainless steel appliances, granite countertops, and fresh interior paint.
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
$24,597
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
7.60%
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%
$491,940
$491.9K
Cap Rate 7%
$351,386
$351.4K
Cap Rate 9%
$273,300
$273.3K
Market Conditions
NOI Build-Up for 2,230 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
$46.8K $21.00/SF
− Vacancy
−$2.1K −$0.95/SF
EGI
$44.7K $20.06/SF
− OpEx
−$20.1K −$9.02/SF
NOI
$24.6K $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%
$491,940
Cap Rate 7%
$351,386
Cap Rate 9%
$273,300
Alternative Uses
Best Use
Apartment 5plus
$351.4K
$307.5K – $410.0K
NOI $24,597 @ 7.0% cap · market cap 7.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$623.4K
$545.5K – $727.3K
NOI $43,636 @ 7.0% cap · market cap 13.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,537
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Updated 2-bedroom condo in vibrant Midtown Atlanta.
Where is this apartment building located?
The property is located at 244 13TH Street NE #116 Atlanta, GA.
What is the asking price?
The asking price for this property is $323,500.
What are key features of this property?
This property features: Prime Midtown Location: Steps from Piedmont Park and minutes from the BeltLine, High Museum, Fox Theatre, dining, and shopping.; Resort‑Style Amenities: Gated community with pool, fitness center, and club room.; Updated Interior: Features a modern kitchen with stainless steel appliances, granite countertops, and fresh interior paint.
