Newly Built Duplex with
For Sale
$1,125,000
598 Formwalt St Sw, Atlanta, GA 30312
Two open-concept residences include appliances, distinct primary suites, and flexible furnished rental-use potential.
Property Size4,800 SF
Price / SF$234.38
Days on Market253
Property Features for 598 Formwalt St Sw
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
5
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 4BR/3.5BA, 1 x 4BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,548
Building Details
Buildings
1
Listing Agency:
Noble Realty Partners, LLC
(470) 945-4243
Listed By:
Karimah Noble
(470) 945-4243
Source:
Exprealty
Added: Dec 22, 2025
Changed: Aug 30
Last Checked: Aug 31 at 6:34PM
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 Noble Realty Partners, LLC
Investment Insights
Based on property information with market context.
Completed as a modern duplex, this property contains 4800 square feet of combined living area across two 2400-square-foot residences. Each unit features an open-concept layout and appliances. Unit A offers 4 bedrooms and 3.5 bathrooms, including an upper-level primary suite with an ensuite bath and custom walk-in closet. Unit B includes 4 bedrooms and 2.5 bathrooms, with its primary suite positioned on the main level.
A private driveway accommodates up to 5 cars. Unit B operates as a furnished Airbnb with 5-star reviews and is conveyed with furniture and appliances; Unit A also includes appliances. The property is located on Formwalt Street in Atlanta, near Downtown, the BeltLine, Mercedes-Benz Stadium, State Farm Arena, and GA State Stadium. Access to I-20, I-75, and I-85 is also nearby.
A private driveway accommodates up to 5 cars. Unit B operates as a furnished Airbnb with 5-star reviews and is conveyed with furniture and appliances; Unit A also includes appliances. The property is located on Formwalt Street in Atlanta, near Downtown, the BeltLine, Mercedes-Benz Stadium, State Farm Arena, and GA State Stadium. Access to I-20, I-75, and I-85 is also nearby.
Key Highlights
- Newly constructed duplex with 4800 square feet of combined living space
- Two 2400‑square‑foot units, each with 4 bedrooms
- Unit A includes 3.5 bathrooms and an upper‑level primary suite
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
$57,154
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
5.08%
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%
$1,143,080
$1.1M
Cap Rate 7%
$816,486
$816.5K
Cap Rate 9%
$635,044
$635.0K
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
$86.4K $18.00/SF
− Vacancy
−$4.8K −$0.99/SF
EGI
$81.6K $17.01/SF
− OpEx
−$24.5K −$5.10/SF
NOI
$57.2K $11.91/SF
Area
Atlanta, GA
Vacancy
5.50%
Lease Rate
$18.00 /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%
$1,143,080
Cap Rate 7%
$816,486
Cap Rate 9%
$635,044
Alternative Uses
Best Use
Multifamily LT 5
$816.5K
$714.4K – $952.6K
NOI $57,154 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$756.4K
$661.8K – $882.4K
NOI $52,945 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,925 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
Explore this area
Business Placement
Demographics for 30312, GA
25,435
Population
15,787
Households
1.6
Avg Household Size
34
Median Age
65%
College-Educated
92%
High-School Grad
3.3 sq mi
ZIP Area
7,708
Density / Sq Mi
$75,963
Median Household Income
$70,268
Median Earnings
$1,594
Median Rent
$493,800
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 - Two open-concept residences include appliances, distinct primary suites, and flexible furnished rental-use potential.
Where is this duplex located?
The property is located at 598 Formwalt St Sw Atlanta, GA.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: Newly constructed duplex with 4800 square feet of combined living space; Two 2400‑square‑foot units, each with 4 bedrooms; Unit A includes 3.5 bathrooms and an upper‑level primary suite
