1860 S Columbia Place, Decatur, GA 30032
- $3,950,000
- List Price
- $3,950,000
- MLS#
- 7836741
- Status
- ACTIVE
- Type
- Multifamily
- Subtype
- Other
- Lot Size
- 0.15
- Subdivision
- Belvedere
Property Description
21 working-class rental units on 19 parcels, conveniently located in close proximity to each other within the booming 30032 zip code. 100% Occupancy. Current rents average $1,216/month — $25,550/month gross — against a market rate average of $1,582. That gap is intentional. There are many long term tenants and every unit that turns has potential to be a profitable flip, cosmetic renovation and rent bump or just re-lease at the same price. The 30032 zip code sits on I-20 and near I285 with direct access to Downtown Atlanta, East Atlanta Village, and Hartsfield-Jackson. The Avondale MARTA station is nearby. These are practical amenities that keep working-class renters in place. The corridor is moving. Belvedere Plaza at Memorial Drive and Columbia Drive just landed a $24.3 million redevelopment backed by a $3 million Decide DeKalb grant — four national retailers and a full-service grocery anchor coming in 2027. DeKalb County's long-range plan calls for mixed-use and multifamily density along Memorial Drive. That's not speculation. That's a unanimous board vote and a developer writing a real check. Publix is opening a second store on Glenwood close to these properties. The play is straightforward. Collect $25,550/month while you hold. Renovate as units turn. Re-lease at market rate. A fully repositioned portfolio at $1,582/month gross clears over $33,200/month. Or flip individual renovated units as retail sales. Working-class housing. Below-market rents. I-20 access. A corridor with institutional money coming in behind it.
Additional Information
- Stories
- One
- Construction
- Other
- Year Built
- 1950
- Neighborhood Amenities
- None
- Roof
- Composition
- Lot Dimensions
- 50x150
- Parking
- Carport, Driveway
- Lot Desc
- Other
- Water
- Public
- Sewer
- Public Sewer
- Elementary School
- Dekalb - Other
- Middle School
- Dekalb - Other
- High School
- Dekalb - Other
- Acres
- 0.15
- Dock
- None
- Annual Expenses
- 61600
- Levels
- One
- Gross Income
- 306600
- Taxes
- $3,635
Listing courtesy of Keller Williams Realty Metro Atlanta.
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