6-Bedroom Duplex with In-Law
For Sale
$775,000
3505 Waters Glen Way, Alpharetta, GA 30022
Flexible two-level layout includes an independent terrace suite, updated interiors, and access to swim and tennis amenities.
Property Size4,800 SF
Price / SF$161.46
Days on Market43
Property Features for 3505 Waters Glen Way
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Multi Family,Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,695
Amenities
clubhouse
pickleball
fire pit
Building Details
Year Built
1987
Buildings
1
Listing Agency:
Keller Williams Realty North Atlanta
Listed By:
Capucine Love · License #379833
(470) 549-1200
Source:
Glennda
Added: Aug 13
Changed: Sep 21
Last Checked: Sep 24 at 4:50PM
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 Williams Realty North Atlanta
Investment Insights
Based on property information with market context.
This duplex offers 4,800 total sq ft with six bedrooms and 4.5 bathrooms across a spacious multi-level layout. The main floor includes formal living and dining rooms, an open kitchen with extensive cabinetry, two pantries, an eat-in area, a fireside family room, and a large walk-in laundry room. A primary suite with sitting room and updated ensuite bath joins four additional bedrooms and a renovated hall bath upstairs. The finished terrace level provides a separate entrance to an almost 1,600 sq ft suite with one bedroom, two full bathrooms, an office, den or family room, dining area, and eat-in kitchen. A walkout leads to a flat backyard with a flagstone patio and fire pit, while an oversized deck extends from the family room. Recent work includes a new HVAC system, new lighting, two new sump pumps, refinished hardwood, landscaped steps, and a roof tune-up.
Key Highlights
- 4,800 total sq ft duplex with 6 bedrooms and 4.5 bathrooms
- Almost 1,600 sq ft finished terrace‑level suite with separate entrance
- Terrace suite includes 1 bedroom, 2 full bathrooms, office, den or family room, and kitchen
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
$69,744
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
9.00%
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%
$1,394,880
$1.4M
Cap Rate 7%
$996,343
$996.3K
Cap Rate 9%
$774,933
$774.9K
Market Conditions
NOI Build-Up for 4,800 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
$106.6K $22.20/SF
− Vacancy
−$6.9K −$1.44/SF
EGI
$99.6K $20.76/SF
− OpEx
−$29.9K −$6.23/SF
NOI
$69.7K $14.53/SF
Area
Fulton 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%
$1,394,880
Cap Rate 7%
$996,343
Cap Rate 9%
$774,933
Alternative Uses
Best Use
Multifamily LT 5
$996.3K
$871.8K – $1.16M
NOI $69,744 @ 7.0% cap · market cap 9.00%
Second Best
Apartment 5plus
$921.2K
$806.0K – $1.07M
NOI $64,483 @ 7.0% cap · market cap 8.32%
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,925 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 30022, GA
66,667
Population
24,330
Households
2.7
Avg Household Size
40
Median Age
68%
College-Educated
95%
High-School Grad
23.7 sq mi
ZIP Area
2,813
Density / Sq Mi
$153,022
Median Household Income
$74,500
Median Earnings
$1,966
Median Rent
$589,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Flexible two-level layout includes an independent terrace suite, updated interiors, and access to swim and tennis amenities.
Where is this duplex located?
The property is located at 3505 Waters Glen Way Alpharetta, GA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 4,800 total sq ft duplex with 6 bedrooms and 4.5 bathrooms; Almost 1,600 sq ft finished terrace‑level suite with separate entrance; Terrace suite includes 1 bedroom, 2 full bathrooms, office, den or family room, and kitchen
