Tenant-Occupied Duplex: Income
For Sale
$725,000
Pending
332 Lockwood Terrace, Decatur, GA 30030
MULTI_FAMILY - Decatur, GA
Property Size2,000 SF
Lot Size0.38 Acres
Days on Market152
Property Features for 332 Lockwood Terrace
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
2
Parking features
Driveway
Fencing
Privacy
Elementary school
Glennwood
Middle school
Beacon Hill
High school
Decatur
Directions
Ga-10 E/John Lewis Freedom Pkwy NE, right on Ponce De Leon Ave NE, continue straight to Scott Blvd, right on N Decatur Rd, right on Church St, left on Sycamore Dr, left on Fairview St, right on Lockwood Terrace
Standard status
Pending
APN
18 007 05 137
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3392
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1980
Floors in Building
1
Number of units
2
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Duffy Realty of Atlanta
(678) 318-3613
Listed By:
RHONDA DUFFY · License #177871
(678) 892-1186
Added: Mar 10
Changed: Jul 11
Last Checked: Aug 8 at 11:06PM
MLS# 7732562
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.
Investment Insights
Based on property information with market context.
Located in Decatur, this tenant-occupied duplex at 332 Lockwood Terrace presents an opportunity for investors seeking instant rental income or buyers looking to occupy one unit while renting the other. The property features two units, each with 2 bedrooms and 1.5 baths, encompassing approximately 1,000 square feet. Recent enhancements include new water heaters in both units, fresh exterior paint, refurbishment of Unit B, and updated landscaping. Each unit has a private driveway and a large yard. The 0.38-acre lot offers space and independence for residents. The property benefits from its proximity to Downtown Atlanta and MARTA access. Residents can easily access Downtown Decatur's restaurants, shops, local events, nearby parks, public pools, and a local farmer's market just 2 miles away. With no HOA and no rent restrictions, this property provides flexibility for investors and owner-occupants. The location offers immediate income potential in a convenient area of Decatur.
Key Highlights
- Tenant‑occupied duplex providing instant rental income
- No HOA and no rental restrictions, offering flexibility
- Separate driveways and large, private yards for each unit
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
$29,060
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
4.01%
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%
$581,200
$581.2K
Cap Rate 7%
$415,143
$415.1K
Cap Rate 9%
$322,889
$322.9K
Market Conditions
NOI Build-Up for 2,000 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
$44.4K $22.20/SF
− Vacancy
−$2.9K −$1.44/SF
EGI
$41.5K $20.76/SF
− OpEx
−$12.5K −$6.23/SF
NOI
$29.1K $14.53/SF
Area
DeKalb County, GA
Vacancy
6.50%
Lease Rate
$22.20 /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%
$581,200
Cap Rate 7%
$415,143
Cap Rate 9%
$322,889
Alternative Uses
Best Use
Multifamily LT 5
$415.1K
$363.3K – $484.3K
NOI $29,060 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$383.8K
$335.9K – $447.8K
NOI $26,868 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$559.1K
$489.2K – $652.3K
NOI $39,135 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Explore this area
Business Placement
Demographics for 30030, GA
32,364
Population
14,672
Households
2.2
Avg Household Size
39
Median Age
77%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
4,830
Density / Sq Mi
$127,318
Median Household Income
$81,712
Median Earnings
$1,683
Median Rent
$598,400
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?
Duplex - Decatur duplex with no HOA, rent restrictions, and instant income.
Where is this duplex located?
The property is located at 332 Lockwood Terrace Decatur, GA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Tenant‑occupied duplex providing instant rental income; No HOA and no rental restrictions, offering flexibility; Separate driveways and large, private yards for each unit
