28-Unit One-Bedroom Apartment
For Sale
$2,250,000
524 Vine Street, Athens, GA 30601
MULTI_FAMILY - Other - Athens, GA
Property Size14,760 SF
Lot Size1.49 Acres
Price / SF$152.44
Days on Market74
Property Features for 524 Vine Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-2
Zoning description
Multi Family
Bedrooms
28
Bathrooms
28
Full bathrooms
28
Rooms
Bedroom 18, Bathroom 4, Bedroom 24, Bedroom 15, Bedroom 19, Bedroom 11, Bathroom 8, Bathroom 10, Bedroom 9, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 1, Bathroom 14, Bathroom 13, Bathroom 25, Bedroom 10, Bedroom 27, Bathroom 16, Bedroom 14, Bathroom 24, Bedroom 1, Bathroom 9, Bedroom 20, Bathroom 11, Bedroom 3, Bedroom 8, Bedroom 16, Bathroom 7, Bathroom 22, Bathroom 6, Bedroom 4, Bedroom 28, Bedroom 26, Bathroom 5, Bedroom 13, Bathroom 15, Bathroom 28, Bathroom 3, Bathroom 23, Bedroom 25, Bathroom 17, Bathroom 18, Bathroom 21, Bathroom 20, Bathroom 2, Bathroom 26, Bedroom 12, Bedroom 7, Bedroom 23, Bathroom 19, Bathroom 27, Bathroom 12, Bedroom 21, Bedroom 17, Bedroom 22
Appliances
Electric Water Heater
Directions
From the 10 Loop, exit at Peter Street. Take N Peter Street for 0.6 miles. Turn left on Vine Street in 0.3 miles, the property will be on your right.
Standard status
Active
APN
172A4 B002
Size
14,760 SF
Lot size
1.49 Acres
Taxes and HOA fees
Tax Description
5151 316
Legal Description
5151 316
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Electric (Heating)
Cooling system
Electric, Wall Unit(s)
Water source
Public
Building Details
Year built
1985
Floors in Building
2
Building materials
Brick
Roof type
Metal
Architectural style
Other
Listing Agency:
NAI Elrod Group
(706) 553-1000
Listed By:
Brian Elrod · License #251606
(678) 859-6110
Added: May 27
Changed: Jul 7
Last Checked: Aug 8 at 8:06AM
MLS# CL358092
Copyright © 2026 Hive MLS. 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.
524 Vine Street is a 28-unit apartment complex comprising one-bedroom, one-bath units throughout, supporting a consistent, easy-to-manage unit mix. The property includes a 14,760 SF apartment building constructed in 1985 on a 1.49-acre site. In addition to the apartment building, the site contains a 1,500 SF single-family residence that may provide added income potential through renovation and rental, or possible conversion to a duplex, subject to applicable zoning.
The property is located in East Athens and is accessible directly from Vine Street in Athens-Clarke County. It is within a short distance of downtown Athens, the University of Georgia, and Athens Regional Medical Center, aligning the location with year-round rental demand tied to nearby major employers and the university.
The current offering is for a 100% occupied apartment complex, supported by the property’s consistent unit configuration and on-site residence component within the RM-2 zoning district.
The property is located in East Athens and is accessible directly from Vine Street in Athens-Clarke County. It is within a short distance of downtown Athens, the University of Georgia, and Athens Regional Medical Center, aligning the location with year-round rental demand tied to nearby major employers and the university.
The current offering is for a 100% occupied apartment complex, supported by the property’s consistent unit configuration and on-site residence component within the RM-2 zoning district.
Key Highlights
- 28‑unit apartment complex on 1.49 acres in East Athens
- All units are 1‑bedroom, 1‑bath with 100% occupancy and NOI of $160,125
- 14,760 SF apartment building constructed in 1985 with brick construction and a metal roof
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
$165,179
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
7.34%
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%
$3,303,580
$3.3M
Cap Rate 7%
$2,359,700
$2.4M
Cap Rate 9%
$1,835,322
$1.8M
Market Conditions
NOI Build-Up for 14,760 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
$318.8K $21.60/SF
− Vacancy
−$18.5K −$1.25/SF
EGI
$300.3K $20.35/SF
− OpEx
−$135.1K −$9.16/SF
NOI
$165.2K $11.19/SF
Area
Athens, GA
Vacancy
5.80%
Lease Rate
$21.60 /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%
$3,303,580
Cap Rate 7%
$2,359,700
Cap Rate 9%
$1,835,322
Alternative Uses
Best Use
Apartment 5plus
$2.36M
$2.06M – $2.75M
NOI $165,179 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.56M
$3.11M – $4.15M
NOI $249,073 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 30601, GA
25,036
Population
11,634
Households
2.2
Avg Household Size
28
Median Age
37%
College-Educated
84%
High-School Grad
23.4 sq mi
ZIP Area
1,070
Density / Sq Mi
$37,357
Median Household Income
$24,639
Median Earnings
$1,198
Median Rent
$213,300
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?
Apartment building - 28 one-bedroom, one-bath units in a 14,760 SF multifamily building on 1.49 acres, plus an on-site residence.
Where is this apartment building located?
The property is located at 524 Vine Street Athens, GA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 28‑unit apartment complex on 1.49 acres in East Athens; All units are 1‑bedroom, 1‑bath with 100% occupancy and NOI of $160,125; 14,760 SF apartment building constructed in 1985 with brick construction and a metal roof
