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Mixed-Use Investment in the Heart of Midtown | Irreplaceable In-Fill Location

1136 Crescent Avenue
Atlanta, GA 30309
PRICE : $12,500,000
CAP RATE: 5.75%
PROPERTY TYPE: Multifamily
UNITS: 14

Highlights

  • Irreplaceable in-fill location in the heart of Midtown
  • Projected NOI $717,591
  • Mixed Use including both multifamily (14 units) and highly desirable retail space (2 spaces)
  • Corner location with excellent visibility
  • Ideal Airbnb location with successful model in place
  • Recently renovated throughout
  • Street-level ATM provides great passive income
  • Very strong rental demand for both multifamily and retail
  • The property benefits from its access to major thoroughfares including I-75, I-85 and Georgia State Route 400
  • Situated within walking distance to several popular restaurants, nightlife and entertainment including Colony Square, Tiki Tango, Foxtrot, Joy Cafe, STK Steakhouse, South City Kitchen, Lure, Publico, High Museum of Art and more
  • Located on the same block as three 4-star hotels and one 5-star hotel
  • Located within walking distance to many major midtown employers including Google (0.2 miles) King & Spalding (0.2 miles) Frazier & Deeter (0.2 miles) and PWC (0.2 miles)
  • Multiple paid parking lots in the immediate surrounding area
  • Located 1 block from Peachtree Street, 0.4 miles from Piedmont Park, 1.3 miles from The Atlanta BeltLine Eastside Trail

Description

Recently renovated, mixed-use investment property in the heart of Midtown, Atlanta. This unparalleled location offers the best of what Midtown has to offer, surrounded and within walking distance to popular shops, restaurants, museums, parks and nightlife destinations. The building consists of 14 multifamily units on the upper two levels with 2 retail tenants on the ground and basement levels. This prime corner in-fill site is surrounded by several new high-rise developments making this one of the last remaining future potential redevelopment assemblage opportunities around.

The 14 multifamily units were recently renovated throughout and are being rented as a very successful Airbnb operation. The owners have just recently begun converting the units over to fully furnished long term (1 year) rentals at very attractive rents ranging between $1,850-1,950 per unit. The unit mix consists of (8) 1 bedroom/1 bath units and (6) studios. All units are fully furnished with modern style décor and in-unit laundry making them very desirable in this highly sought after intown location.

The two lower-level tenants include Fin & Feathers Restaurant on the ground level and Embr Lounge below it. There is also a street-level ATM machine that provides great passive income. Both tenants just recently renovated their spaces and have 10-year NNN lease structures. This is one of six locations for Fin & Feathers and one of several locations for the operator of EMBR lounge, with both tenants having long term franchise ambitions.

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