50 Mt Zion SW Rd Atlanta, GA 30354-2359

Property Details for 50 Mt Zion SW Rd

Year built

1969

Construction

WOOD

Lot size

8.13 lot acres

Property size

62,055 SF

Zone code

RG2

Property type

Garden apartment buildings

APN

14 006700050881

APU

14006700050881

Description

This exceptional 172-unit apartment building in Atlanta, Georgia, presents a compelling value-add investment opportunity. Located at 50 Mount Zion Rd, in Fulton County, zip code 30354, this Class C multifamily property, built in 1971 and renovated in 2005, offers significant potential for investor returns. Currently operating under the Low-Income Housing Tax Credit (LIHTC) program, the property boasts an attractive assumable loan with a high loan-to-value ratio and a 5.77% interest rate, with only two years remaining of interest-only payments. The asking price is $17,200,000, translating to approximately $100,000 per unit. LIHTC rents were increased by 3% in 2024, offering immediate rental upside on new leases and renewals. The property is strategically located near major Atlanta employers, providing strong occupancy potential. Furthermore, a new owner has the option to pursue a Qualified Contract (QC) process to transition the property to market-rate rents, eliminating LIHTC restrictions. Comprehensive due diligence materials, including insurance loss runs showing no recent claims, and documents for the QC process are readily available. This property represents a rare chance to acquire a well-positioned asset with substantial upside potential in a thriving Atlanta market.