2451 Nw Old Thompson Bridge Road, Gainesville, GA 30501
- $1,499,900
- List Price
- $1,499,900
- Price Change
- ▼ $75,000 1787942853
- MLS#
- 7738614
- Status
- ACTIVE
- Type
- Multifamily
- Subtype
- Other
- Lot Size
- 0.01
- Subdivision
- Hidden Cove
Property Description
MAJOR SELLER INCENTIVE: Seller will pay the HOA dues on the 4 completed units for 5 YEARS, subject to final contractual terms. Current HOA dues are approximately $180 per month per completed unit, representing approximately $43,200 in potential HOA savings over five years based on current dues. Exceptional income-producing investment property in the Gainesville, GA / Lake Lanier corridor offering 4 completed, 100% occupied Class A condominium units PLUS 5 additional slab-ready condominium development sites in one complete package. The four completed units were built in 2023 and provide approximately 5,760 total SF, with each residence offering approximately 1,440 SF, 3 bedrooms and 3.5 bathrooms. Current rental income totals approximately $7,550 per month / $90,600 annually based on the existing rent roll. The development portion includes 5 existing basement slabs with utilities in place or stubbed to the sites. Seller represents the development sites as permitted and ready to build, with civil engineering plans and supporting development documentation available for buyer review and verification. This offering provides an opportunity to acquire immediate rental income today with the potential to expand from 4 completed units to 9 total units. The completed units offer lake views and are within walking distance of Holly Park and Lake Lanier access, with convenient access to Downtown Gainesville, shopping, dining, medical facilities and major employment centers. Ideal for multifamily investors, builders, developers, 1031 Exchange buyers, portfolio investors and buy-and-hold investors seeking income-producing real estate with development upside near Lake Lanier. Complete package offered at $1,499,900. Updated leases, rent roll, property-management financials, HOA information, permits, plans and development documentation available upon request. Buyer to independently verify permit status, utilities, governmental approvals, construction requirements and all development information during due diligence.
Additional Information
- Stories
- Three Or More
- Construction
- Cement Siding, Concrete
- Year Built
- 2024
- Neighborhood Amenities
- Lake, Near Shopping, Near Trails/Greenway
- Roof
- Composition
- Lot Dimensions
- 0x0x0
- Parking
- Detached, Level Driveway, Parking Lot
- Lot Desc
- Wooded
- Water
- Public
- Sewer
- Public Sewer
- Elementary School
- Enota Multiple Intelligences Academy
- Middle School
- Gainesville East
- High School
- Gainesville
- Acres
- 0.01
- Dock
- Dock
- Levels
- Three Or More
- Taxes
- $3,866
Listing courtesy of EXP Realty, LLC..
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