507 Greenwood Ave NE Atlanta, GA 30308

Listing agency PalmerHouse Properties b***@billforrest.com Show Phone

Listed by Bill Forrest · License #GA 166737

Source Crexi

Added: Apr 11 Updated: Jul 22 at 7:02PM Checked: Jul 22 at 7:02PM

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Investment Insights

Based on property information with market context.

This Midtown 5-unit multifamily building (constructed in 1925 and converted to rental units around 2000) is arranged as three 2/1 units, one 2/2 unit, and one 1/1 unit. The property has newer building systems, updated kitchens, newer windows, and a newer roof. Bathrooms are described as fully functional but not renovated, with a mid-century look. The building is owner-managed and the current tenants are long-term holdovers on month-to-month leases.

The building is located at the corner of Greenwood and Monroe, about three blocks to the BeltLine and Piedmont Park and roughly two blocks south of Midtown Promenade. The current gross rental income is $83,820 annually, and the remarks indicate a history without rental increases for several years. A market analysis of nearby comparable rents is cited in the offering materials as suggesting gross income could be just over $100k with an NOI of 97K.

Key Highlights

• 5‑unit multifamily building zoned R5, built in 1925 and converted to rental units around 2000
• Unit mix: three 2/1 units, one 2/2 unit, and one 1/1 unit
• Current gross rental income of $83,820 annually

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FAQs

What type of property is this?

Apartment building - Five-unit rental building with newer roof, windows, and updated kitchens, plus multiple unit configurations.

Where is this apartment building located?

The property is located at 507 Greenwood Ave NE Atlanta, GA.

What are key features of this property?

This property features: 5‑unit multifamily building zoned R5, built in 1925 and converted to rental units around 2000; Unit mix: three 2/1 units, one 2/2 unit, and one 1/1 unit; Current gross rental income of $83,820 annually