Multifamily
Dream Court Apartments
2410 Benjamin E Mays Dr SW, Atlanta, GA 30311
Listing Price: $3,200,000
Investment Overview
Marcus & Millichap is pleased to present for sale Dream Court Apartments, a 32-unit brick garden community at 2410 Benjamin E. Mays Drive SW in Southwest Atlanta, offered at $3,200,000 ($100,000 per unit).
Ownership has renovated 20 of the 32 units with updated kitchens and baths, new flooring, and in some units dishwashers and washer/dryer hookups, with additional units currently being renovated. A buyer comes in with income rising and three ways to grow NOI: rent increases, reduced expenses through more efficient operations, and finishing the remaining units. At the asking price, the property shows an 8.0% Year 1 cap rate and a 15.1% levered IRR.
Dream Court Apartments
Investment Highlights
- 20 units renovated with kitchen and bath upgrades, many with new flooring and some with dishwashers and washer/dryer hookups
- Value-add upside from finishing the remaining units to the same standard
- Rents below nearby comps, on some of the largest floor plans in the area
- Room to lower operating costs
- 8.0% Year 1 cap rate, 9.0% cash-on-cash, 15.1% levered IRR
Exclusively Listed By
Listing Price: $3,200,000
Investment Highlights
- 20 units renovated with kitchen and bath upgrades, many with new flooring and some with dishwashers and washer/dryer hookups
- Value-add upside from finishing the remaining units to the same standard
- Rents below nearby comps, on some of the largest floor plans in the area
- Room to lower operating costs
- 8.0% Year 1 cap rate, 9.0% cash-on-cash, 15.1% levered IRR
Investment Overview
Marcus & Millichap is pleased to present for sale Dream Court Apartments, a 32-unit brick garden community at 2410 Benjamin E. Mays Drive SW in Southwest Atlanta, offered at $3,200,000 ($100,000 per unit). Ownership has renovated 20 of the 32 units with updated kitchens and baths, new flooring, and in some units dishwashers and washer/dryer hookups, with additional units currently being renovated. A buyer comes in with income rising and three ways to grow NOI: rent increases, reduced expenses through more efficient operations, and finishing the remaining units. At the asking price, the property shows an 8.0% Year 1 cap rate and a 15.1% levered IRR.
Exclusively Listed By
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