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Patricia Gaskins

patricia.gaskins@exprealty.com +1(404) 229-8948

$ 799,000

Est. payment -/mo

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Price Dropped by $16K

585 Warwick ST SE Atlanta, GA 30316

6,098 Sqft Lot

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Ormewood Park

MLS Listing ID 10819471

HOA Y/N No

Year Built 1940

Annual Tax Amount $6,600

Tax Year 2025

Lot Size 6,098 Sqft

Acres 0.14

Lot Dimensions 6098.4

Property Sub-Type Multi Family

Source Georgia MLS 2

Property Description

Fully Leased, Cash-Flowing Investment in One of Atlanta's Most Desirable Intown Neighborhoods Offered at $815,000, the property presents a rare opportunity to acquire a stabilized, cash-flowing asset in one of Atlanta's most supply-constrained and rapidly appreciating BeltLine neighborhoods. Fully leased with immediate cash flow, this turnkey investment opportunity in Ormewood Park offers stable in-place income in one of Atlanta's strongest long-term growth corridors. Located just 0.4 miles from the newly paved Atlanta BeltLine Southside Trail and within 0.5 miles of Glenwood Park's restaurants, coffee shops, breweries, fitness studios, and neighborhood retail, the property combines dependable current returns with exceptional long-term upside. A corporate-backed tenant has occupied the property continuously for the past three years and has historically renewed each term. Their continued interest in the home offers the next owner the potential for immediate, reliable income with limited vacancy exposure. Ormewood Park has consistently ranked among Atlanta's strongest appreciating intown neighborhoods, fueled by BeltLine expansion, continued redevelopment, and increasing demand from both homeowners and renters seeking walkable, amenity-rich communities. With the BeltLine now paved and easily accessible just minutes away, the property's location is well positioned to continue benefiting from one of Atlanta's most significant infrastructure investments. Current Lease Highlights Current Rent: $4,575/month ($54,900 annual gross rent) Lease Term: July 14, 2026 - July 13, 2027 Occupancy: Fully leased to four tenants under a single lease with joint and several liability. Tenant Responsibilities: Tenants pay all utilities and are responsible for routine interior upkeep and damages beyond normal wear and tear. Landlord Responsibilities: Professional landscaping, routine pest control, and major property maintenance. Financials are underwritten with actual property taxes, estimated insurance, landscaping, and pest control, along with conservative replacement reserves and maintenance allowances. The property is currently self-managed, resulting in a projected 5.04% cap rate at the asking price. Whether you're completing a 1031 exchange, expanding an Atlanta rental portfolio, or acquiring a low-maintenance investment with proven tenant demand, 585 Warwick offers an increasingly rare combination of stable in-place income, a proven leasing history, and a premier intown location. While the property provides immediate cash flow today, its proximity to the Atlanta BeltLine and Glenwood Park positions investors to benefit from continued rent growth, long-term appreciation, and sustained tenant demand for years to come.

Location

State GA

County Fulton

Rooms

Bedroom Description No

Basement Crawl Space

Interior

Heating Central

Cooling Central Air

Fireplace No

Exterior

Parking Features Detached, Off Street

Garage Spaces 3.0

Community Features None

Utilities Available Electricity Individual Meters, Gas Individual Meters, Sewer Connected, Water Individual Meters

View Y/N No

Total Parking Spaces 3

Garage Yes

Private Pool No

Building

Faces GPS

Foundation Block

Sewer Public Sewer

Water Public

Level or Stories Two

Structure Type Block,Wood Siding

New Construction No

Schools

Elementary Schools Parkside

Middle Schools King

High Schools Mh Jackson Jr

Others

HOA Fee Include None

Tax ID 14 001200100195

Acceptable Financing 1031 Exchange, Cash, Conventional

Listing Terms 1031 Exchange, Cash, Conventional

Special Listing Condition Resale

Nearby Locations

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Patricia Gaskins

+1(404) 229-8948

patricia.gaskins@exprealty.com

Patricia Gaskins

585 Warwick ST SE Atlanta, GA 30316

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

Nearby Locations

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585 Warwick ST SE