A 92-Unit Multifamily Asset | Stone Mountain, Georgia
Year Built / Renovated: 1984 / N/A
Number of Units: 92 Units
Average Square Feet: 638 SF
Total Square Feet: 58,752 SF
Site Size / Density: 4.3 Acres; 21.2 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Frost-free Refrigerator with Icemaker
- Open Breakfast Bar*
- Built-in Bookshelves*
- Raised Ceiling in Living Room
- Washer/Dryer Connections
- Laundry/Utility Room
- Attic Storage
- Ceiling Fan(s)*
- Window Blinds
- (* In select units)
- Leasing Office
- Mail Kiosk
- Mature Landscaping
- Within Walking Distance of Bus Line
- Well-occupied asset with strong in-place cash flow offering immediate returns. Offered all cash or as an assumption of debt.
- Cardinal-style construction featuring recent capital infusion, excellent exterior condition, and clean interiors.
- Rent comparables support an interior value-add opportunity by upgrading kitchen, flooring, and removing bookshelves.
- Low-cost provider in the market attracts elderly residents with a below-market turnover rate.
- Smaller unit sizes provide efficiencies in expenses and higher rent per square foot.
- Convenient to new Amazon distribution center in Stone Mountain.
- According to RealPage, the Stone Mountain submarket saw an annualized rent change of +11.6% and annualized revenue change of +12.9% in Q1 2021.
- Within a three-mile radius of the property, the median household income is $47,559.
- The subject is located just off Rockbridge Road (16,600 vehicles per day) and close to Memorial Drive (40,800 v.p.d.) providing residents quick access to I-285 (202,000 v.p.d.), which facilitates quick commutes to major metro employers.
- The subject is one mile east of the Clarkston campus of Georgia State University’s Perimeter College, and two miles from the DeKalb County government complex. It is within six miles of major DeKalb employment hubs: Emory University and Hospital, CDC headquarters, Emory Decatur Hospital, and downtown Decatur.
- Convenient to bus lines and rapid rail stations.