588 NE Parkway Dr Immeuble residentiel 4 lots 774 093 € (193 523 €/Lot) Atlanta, GA 30308

588 Parkway Drive NE presents a compelling value-add multifamily opportunity in Atlanta's highly desirable Old Fourth Ward. The approximately 2,980 SF quadruplex consists of four one-bedroom/one-bath units on a 7,501 SF RG-4-zoned parcel, approximately 0.4 mile from Ponce City Market and the Atlanta BeltLine Eastside Trail. Three of the four units are currently occupied, with one vacant unit providing a new owner an immediate opportunity to renovate and establish a new market rent.
Held by the same ownership since 1990, the property has historically been operated with an emphasis on occupancy rather than maximizing rents. Current occupied units generate rents of $1,350 to $1,425 per month, providing an opportunity for a new owner to improve income over time through unit upgrades and mark-to-market leasing as existing leases expire.
Ownership has already addressed several major capital items. The roof was replaced in 2018, HVAC was replaced in 2019, and kitchen and flooring improvements have been completed. The property also offers private unit entrances and rear off-street parking.
The location is a significant component of the investment opportunity. The property sits directly across from The Darwin boutique hotel, one block from Central Park, and approximately a nine-minute walk from Ponce City Market and the BeltLine. Midtown, Downtown, Georgia Tech and Georgia State are all within approximately two miles, while substantial new residential investment continues throughout the surrounding Old Fourth Ward neighborhood.
Beyond the existing income stream, the deep RG-4-zoned lot includes substantial unbuilt area at the rear that may offer longer-term expansion or redevelopment potential, subject to zoning, permitting and other governmental requirements. The immediately adjacent 590 Parkway Drive duplex is also available separately, providing an opportunity to acquire both parcels for a combined approximately 15,102 SF of contiguous RG-4 land.
Offered at $899,000, 588 Parkway provides investors the opportunity to acquire a four-unit asset in one of Atlanta's strongest intown rental locations, capture meaningful rent upside, and retain longer-term optionality through its underutilized land and adjacent-property offering.
ADDITIONAL ACQUISITION OPPORTUNITY
The adjacent 590 Parkway Drive NE duplex is also available for purchase separately. Together, 588 and 590 Parkway comprise approximately 15,102 SF (0.35 acres) of contiguous RG-4-zoned land under common ownership, offering a unique opportunity to acquire six existing residential units with additional long-term redevelopment or expansion potential. Properties may be purchased individually or together.