600 Pkwy NE Dr Atlanta, GA 30308-2697
Entity Owned
4-yr Hold
~
Est. High Equity
Estimated value (blended)
$2.36M
Range $2.12M – $2.60M (±10%)
Implied cap rate
2.60%
In-place · NOI ÷ last sale
Property ID
US22-4017843
Property summary
AI-generated overview
This exceptional 12-unit apartment building, located at 600 Parkway Drive NE in Atlanta, Georgia, presents a compelling investment opportunity. Boasting 16,636 square feet on a 0.34-acre lot, this two-story, 1930-built property underwent renovations just two years ago. Currently generating a NOI of $255,000, representing a 7.00% cap rate, the property offers significant upside potential with a pro-forma NOI of $280,000 and a pro-forma cap rate of 8.00%. All 12 units are currently rented, with 10 having been recently renovated. Unit sizes vary, offering a mix of one to three-bedroom and one to two-bathroom layouts. The property's prime location between Ponce City Market and The Fox Theatre in the desirable intown area provides easy access to MARTA, restaurants, shopping, and Fourth Ward Park. This asset offers significant long-term rental growth potential. Furthermore, the property possesses substantial air rights, allowing for up to 13 floors of potential future development, presenting opportunities for expansion, hotel construction, or a live/work/play concept. The asking price is $3,500,000. This property is ideal for investors seeking a strong cash flow, future development potential, or a combination of both.
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1930
Construction
WOOD
Total area
16,636 SF
Lot
0.34 ac (14,985 SF)
Zoning code
RG4
APN
14 004700020095
UPID
US22-4017843
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.83M
Comparable Approach
Comparable
$1.71M
Blend (final)
Blend
$2.36M
Owner & transaction history
since 2022
Last sale
$2.5M
7 recorded transactions
Zoning & alternative use
RG4 · Atlanta, GA
Top alternative use upside
Office building
$3.9M
+9.3%
Retail stores
$3.7M
+4.7%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 4 comparables with addresses
3 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$2.36M
Value range
$2.12M – $2.60M
±10% around blend
Estimated value / SF
$142 / SF
Confidence
Low
4 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
40
$2.12M
blend $2.36M
$2.60M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
16,636 SF
Lot area
0.34 ac
Year built
1930
Stories
1
APN
14 004700020095
Assessed value
$356,760
Annual tax
$14,770
3
Income approach: direct capitalization
Partial preview
Income approach indication
$2.83M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$3.06M
@ 6.5% CAP return
$2.83M
@ 7% CAP return
$2.62M
4
Sales comparison
Partial preview
Sales approach indication
$7.28M
Weighted, 4 comps · low confidence
Evidence
4 found · 4 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
3.8 mi away · 20,412 SF
10.6 mi away · 19,424 SF
12.2 mi away · 14,850 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$2.36M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 46 sales
$214
-34%
Submarket 493 sales
$795
-82%
County 417 sales
$694
-80%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $142/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Office Building
Gross theoretical uplift
+9%
vs current-use indication
Retail Stores
Apartment House (5+ Units) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
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Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 4 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
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Overview
Implied cap rate
2.60%
Implied, in-place cap rate for this garden apartment buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
NOI (est.)
$172k *
Last sale · Dec 2025
$2.45M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$6.60M
Move the market yield to see immediate price impact.
Value / SF
$396
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
2.10%2.60%3.10%
$154k
$7.35M
$5.94M
$4.98M
$172k
$8.17M
$6.60M
$5.53M
$189k
$8.98M
$7.26M
$6.09M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
4 found
Low confidence · county-verified
Closest comparable
$870k
0.4 mi · Dec 2025 · $69/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$14,770
Tax year 2023
Assessed value
$356,760
Assessed 2023
Previous assessed
$356,760
+0.0% YoY
Effective rate
4.14%
On assessed value
Assessed land
$240,000
Assessed improvement
$116,760
Land market value
$600,000
Improvement market value
$291,900
Total market value
$891,900
Applied tax rate
5.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1930
Construction
WOOD
Heating
YES
Cooling
YES
Stories
1
Units
12
Bathrooms
1
Total area
16,636 SF
Lot
0.34 ac (14,985 SF)
Zoning code
RG4
APN
14 004700020095
UPID
US22-4017843
Jurisdiction
FULTON
Zoning & alternative use
RG4 · Atlanta, GAZoning RG4 · permitted uses
RG4 · Atlanta, GA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1930
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
1
Units
12
Bathrooms
1
Lot
0.34 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
RG4
Jurisdiction
Atlanta, GA
Recorded code
RG4
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for RG4 in Atlanta, GA.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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