Prime investment at 11% CAP rate and future redevelopment opportunity in Atlanta's historic Vine City. Offered together, 667 and 673 Thurmond Street NW are two side-by-side duplexes featuring a total of four 1-bedroom, 1-bath units with Downtown Atlanta skyline views and an exceptional location near Mercedes-Benz Stadium, Vine City MARTA, nearby HBCUs, and the $60+ million Rodney Cook Sr.
Park. Both buildings have new roofs, and three of the four units have been renovated with improvements including new flooring, countertops, appliances, bath vanities and updates, and mini-split HVAC systems. The remaining unit is occupied by a long-term tenant.
All four units are currently leased, providing immediate income with an approximately 11% cap rate. Investors have multiple paths to consider: continue operating the properties as income-producing, Section 8-approved rentals or explore the site's significant future redevelopment potential.
The properties have already been upzoned to accommodate greater density, creating the possibility of replacing the existing duplexes with a larger, potentially four-story development, subject to applicable zoning, permitting, and approvals. The location puts residents minutes from Castleberry Hill, Centennial Olympic Park, Georgia Aquarium, Georgia
Tech, State Farm Arena, Georgia World Congress Center, Downtown Atlanta, and Mercedes-Benz Stadium, with MARTA access nearby. Vine City and the surrounding area continue to attract substantial public and private investment. Proposed, planned, and ongoing projects in the broader area include a 62-unit townhome development across from Rodney Cook Sr.
Park near Walnut and Thurmond Streets; a 139-unit apartment community near Rodney Cook Sr. Park; and a 106-unit affordable senior housing development nearby. A consortium involved in a major Vine City mixed-use redevelopment has also been exploring additional opportunities in the area, while major property acquisition firms and mixed-income housing developers continue to invest and build throughout the neighborhood.
With four leased units generating income today and zoning that may provide opportunities for greater density tomorrow, 667 & 673 Thurmond Street offer a compelling combination of current cash flow, strategic location, and long-term redevelopment potential in one of Atlanta's most rapidly evolving intown neighborhoods.
