Class A Condominium-Style Multifamily
2486 Hidden Cove Court Gainesville, GA 30501
For Sale
Contact for pricing
A 15-unit Class A condominium portfolio with four fully occupied units and eleven approved for completion under an HOA.
Property Size21,600 SF
Price / SF$270.83
Days on Market186
Property Features for 2486 Hidden Cove Court
General Information
Standard status
Active
Size
21,600 SF
Property subtype
Multifamily
Building Details
Year Built
2023
Listing Agency:
EXP Realty
(678) 650-1425
Listed By:
Cindy LaDuke · License #386153
Source:
Crexi
Added: Jan 23
Changed: Jul 23
Last Checked: Jul 27 at 4:01PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This offering is a 15-unit Class A condominium portfolio presented across 15 separate addresses at 2486 Hidden Cove Court in Gainesville, Georgia. Four units are fully completed, with 100% occupancy and current income production. These stabilized units include contracted rent increases of $800 per unit scheduled for July and August, and are referenced as supporting a 7.49% cap rate when combined with seller-provided income reserves.
The remaining eleven units are approved for completion, with builders, engineers, and permits already in place. Five additional units have basement slabs poured and are described as shovel-ready. Planned configurations include end units built as 4 bedrooms / 3.5 bathrooms and interior units built as 3 bedrooms / 3.5 bathrooms with bonus rooms, with rentable areas described as approximately 2,000 square feet per unit. Six other units are designed as master-on-main homes, configurable between approximately 1,440 and 2,000 square feet per unit, and each is described as featuring Lake Lanier views.
An established HOA is in place, with recently reduced dues noted as improving operating expenses. The portfolio is presented as all Class A construction, with total rentable square feet described as approximately 21,760 upon full build-out.
The remaining eleven units are approved for completion, with builders, engineers, and permits already in place. Five additional units have basement slabs poured and are described as shovel-ready. Planned configurations include end units built as 4 bedrooms / 3.5 bathrooms and interior units built as 3 bedrooms / 3.5 bathrooms with bonus rooms, with rentable areas described as approximately 2,000 square feet per unit. Six other units are designed as master-on-main homes, configurable between approximately 1,440 and 2,000 square feet per unit, and each is described as featuring Lake Lanier views.
An established HOA is in place, with recently reduced dues noted as improving operating expenses. The portfolio is presented as all Class A construction, with total rentable square feet described as approximately 21,760 upon full build-out.
Key Highlights
- 15‑unit Class A condominium portfolio (15 separate addresses) built in 2023 in Gainesville, GA (Lake Lanier–adjacent).
- 4 fully completed units are 100% occupied and producing income, with contracted $800 per unit rent increases scheduled for July and August.
- Stabilized income includes seller‑provided income reserves available for 2 to 3 years to support early cash flow.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $355.1k | $16.44 |
| − Vacancy | −$42.3k | −$1.96 |
| EGI | $312.8k | $14.48 |
| − OpEx | −$140.8k | −$6.52 |
| NOI | $172.1k | $7.97 |
21,600 SF · lease $16.44/SF/yr · vacancy 11.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,066 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.05M
$5.29M – $7.06M
NOI $423,437 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - A 15-unit Class A condominium portfolio with four fully occupied units and eleven approved for completion under an HOA.
Where is this apartment building located?
The property is located at 2486 Hidden Cove Court Gainesville, GA.
What is the asking price?
The asking price for this property is $5,850,000.
What are key features of this property?
This property features: 15‑unit Class A condominium portfolio (15 separate addresses) built in 2023 in Gainesville, GA (Lake Lanier–adjacent).; 4 fully completed units are 100% occupied and producing income, with contracted $800 per unit rent increases scheduled for July and August.; Stabilized income includes seller‑provided income reserves available for 2 to 3 years to support early cash flow.
