1890 Adams House
A 328-Unit Multifamily Asset, Atlanta, Georgia | The 1890 House phase consists of 176 on Myrtle Street and the Adams House phase consists of 152 units on Campbellton Road.
Year Built / Renovated: 1969 / N/A
Number of Units: 328 Units
Average Square Feet: 859 SF
Total Square Feet: 281,910 SF
Site Size / Density: 18.0 Acres; 18.3 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Frost-free Refrigerator
- Fire Stops on all Vent Hoods
- Separate Dining Area*
- Washer/Dryer Connections*
- Faux Wood Vinyl Flooring
- Spacious Closet(s)
- Ceiling Fan(s)*
- Window Blinds
- (* In select units)
- Leasing Office
- Laundry Centers (3 at each phase; 6 total)
- Fenced Community Green Area
- Mature Landscaping
- Mail Kiosks
- Bus Stop at Entrance
- Immediately Adjoins YMCA
- Faces Public Golf Course, Library, and Adams Park (pool, tennis, baseball, etc.)
- 1890 Adams House is a desirably-sized property consisting of 328 units, which provides economies of scale for operations.
- The subject consists of two phases. The 1890 House phase consists of 176 on Myrtle Street and the Adams House phase consists of 152 units on Campbellton Road.
- The all-brick garden-style asset features pitched roofs and six distinct one- and two-bedroom floorplans.
- Highly sought-after asset consistently occupied at 99%, with the opportunity to raise rents.
- Significant loss to lease upside can yield an additional $200,000+ in revenue by rolling through the rent roll at today’s rental rates.
- A new owner has the opportunity to implement an interior value add renovation. Nearby rent comparables prove the ability to increase rents $250+.
- As of Q2 2021, the South Atlanta submarket enjoyed 8.8% annual rent growth and 9.7% annual revenue growth according to RealPage.
- Within a 3-mile radius of the property, the average household income is nearly $60,000 and the median income is over $41,500.
- Close to new Tyler Perry Studios, Fort McPherson redevelopment site, MARTA rail line, and Smart Transit Corridor.
- Convenient access to industrial space and business parks located south of the subject. Tenants include Home Depot, Amazon, Clorox, Procter & Gamble, and Chick-fil-A headquarters.
- Quick access to the I-75/I-85 Connector, Hartsfield Airport, the downtown business district, Georgia State University, and the Atlanta University Center.