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Property profile & analytics
OFF-MARKET
Estimated value
$2,360,000
Garden apartment buildings
600 Pkwy NE Dr, Atlanta, GA 30308-2697
Entity Owned
4-yr Hold
~
Est. High Equity
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
Implied cap rate, NOI & suggested price
Cap 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
Aaa Capital LLC · 4 yrs held
Aaa Capital LLC
since 2022
Last sale
$2.5M
7 recorded transactions
Zoning & alternative use
RG4 · Atlanta, GA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$3.9M
+9.3%
Retail stores
$3.7M
+4.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Atlanta submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Atlanta submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,060,000
6.5%
$2,825,000
7%
$2,620,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,565,000
Current use
OFFICE BUILDING
$3,895,000
Change: +9% · Conversion: Moderate
RETAIL STORES
$3,730,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$2.36M
Range $2.12M – $2.60M · ±10% · vs last sale $2.45M (Dec 19 2025)
Last sale anchor
$2.45M
Dec 19 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$142 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
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
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
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, GA
Zoning RG4 · permitted uses
RG4 · Atlanta, GA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Atlanta. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$3.6M
OFFICE BUILDING
Est. value
$3.9M
RETAIL STORES
Est. value
$3.7M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · 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
Current owner
From public records · entity-resolved
Aaa Capital LLC
Entity
Mailing address
3535 ROSWELL RD STE #63, MARIETTA, GA 30062-8828
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 2, 2022
$3,868,000
Aaa Capital LLC
600 Parkway Purchaser LLC
Warranty Deed
$2,910,000 · Finance Of America Mortgage
Dec 9, 2019
—
600 Parkway Purchaser LLC
600 Parkway LLC
Quit Claim Deed
related
$1,813,000 · Southern First Bk NA
Mar 6, 2015
—
600 Parkway LLC
Wellons,sylvia
Quit Claim Deed
related
—
Mar 6, 2015
$970,000
600 Parkway LLC
Wellons,sylvia
Grant Deed
—
Mar 7, 2011
—
Sylvia Wellons
Farese,josephine
Quit Claim Deed
related
—
Apr 27, 2004
$825,000
Wellons,sylvia
Waugh Real Estate LLC
Warranty Deed
$425,000 · Lasalle Bk
—
—
600 Parkway LLC
—
Loan Modification
related
$745,000 · Resurgens Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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