28-Unit Apartment
524 Vine Street Athens, GA 30601
524 Vine Street, Athens, GA, 30601
$2,250,000
For Sale
$2,250,000
Fully occupied one-bedroom units with consistent unit mix and on-site residence add flexibility for income and future redevelopment.
Property Size14,760 SF
Lot Size1.49 Acres
Price / SF$152.44
Days on Market58
Property Features for 524 Vine Street
General Information
- Standard status
- Active
- Size
- 14,760 SF
- Lot size
- 1.49 Acres
- Property subtype
- General Commercial
Building Details
- Year Built
- 1985
Listing Agency
NAI Elrod Group
(678) 859-6110
Listed by
Brian Elrod · License ##251606
(678) 859-6110
Source
Xome
Added: May 21 Checked: Jul 16 at 6:51 am
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 NAI Elrod Group
Investment Insights
Based on property information with market context.
524 Vine Street is a 28-unit apartment complex with a consistent, easy-to-manage layout: all units are one-bedroom, one-bath. The 14,760 SF apartment building was constructed in 1985 and sits on a 1.49-acre site. The property is currently 100% occupied, and it is generating an NOI of $160,125. The site also includes a 1,500 SF single-family residence, which may provide additional income through renovation and rental, or possibly be converted to a duplex, subject to applicable zoning.
Located in the East Athens neighborhood, the property is directly accessible from Vine Street in Athens-Clarke County. It is less than a mile from downtown and within close proximity to the University of Georgia and Athens Regional Medical Center. This positioning supports a rental market anchored by major employers and the university, with demand that aligns with the area’s year-round tenant base.
For investors and owner-operators, the property’s uniform unit mix can simplify leasing and turnover while maintaining a straightforward operational profile across 28 one-bedroom homes. The included single-family residence offers an additional path to enhance the site depending on renovation goals, with options also subject to zoning. Overall, the asset is designed for income-focused buyers seeking a well-maintained multifamily configuration near core East Athens employment and education drivers.
Located in the East Athens neighborhood, the property is directly accessible from Vine Street in Athens-Clarke County. It is less than a mile from downtown and within close proximity to the University of Georgia and Athens Regional Medical Center. This positioning supports a rental market anchored by major employers and the university, with demand that aligns with the area’s year-round tenant base.
For investors and owner-operators, the property’s uniform unit mix can simplify leasing and turnover while maintaining a straightforward operational profile across 28 one-bedroom homes. The included single-family residence offers an additional path to enhance the site depending on renovation goals, with options also subject to zoning. Overall, the asset is designed for income-focused buyers seeking a well-maintained multifamily configuration near core East Athens employment and education drivers.
Key Highlights
- 28‑unit apartment complex in East Athens on 1.49 acres, with all units as 1‑bedroom, 1‑bath for a consistent unit mix
- Currently 100% occupied with NOI of $160,125
- 14,760 SF building constructed in 1985
Local 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 | $318.8k | $21.60 |
| − Vacancy | −$18.5k | −$1.25 |
| EGI | $300.3k | $20.35 |
| − OpEx | −$135.1k | −$9.16 |
| NOI | $165.2k | $11.19 |
14,760 SF · lease $21.60/SF/yr · vacancy 5.80% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Fully occupied one-bedroom units with consistent unit mix and on-site residence add flexibility for income and future redevelopment.
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 in East Athens on 1.49 acres, with all units as 1‑bedroom, 1‑bath for a consistent unit mix; Currently 100% occupied with NOI of $160,125; 14,760 SF building constructed in 1985
