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Frank Farkas

frank.farkas2@gmail.com +1(678) 442-1509

$1,499,900

Est. payment - /mo

435 Sqft Lot

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Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Subdivision Hidden Cove

MLS Listing ID 7738614

Construction Status Resale

HOA Y/N No

Year Built 2024

Annual Tax Amount $3,866

Tax Year 2025

Lot Size 435 Sqft

Acres 0.01

Property Sub-Type Other

Source First Multiple Listing Service

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.

Location

State GA

County Hall

Area Hidden Cove

Lake Name Lanier

Interior

Heating Central

Cooling Central Air

Flooring Hardwood

Window Features Double Pane Windows

Exterior

Parking Features Detached, Level Driveway, Parking Lot

Fence None

Community Features Lake, Near Shopping, Near Trails/Greenway

Utilities Available Cable Available, Electricity Available, Phone Available, Sewer Available, Underground Utilities, Water Available

Waterfront Description Lake Front

View Y/N Yes

View Lake

Roof Type Composition

Accessibility None

Handicap Access None

Total Parking Spaces 9

Private Pool false

Building

Lot Description Wooded

Story Three Or More

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Structure Type Cement Siding,Concrete

Construction Status Resale

Schools

Elementary Schools Enota Multiple Intelligences Academy

Middle Schools Gainesville East

High Schools Gainesville

Others

Senior Community no

Tax ID 01097A000026

Acceptable Financing 1031 Exchange, Cash

Listing Terms 1031 Exchange, Cash

Special Circumstances None

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Listed by EXP Realty, LLC.

Nearby School & Business

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Frank Farkas

+1(678) 442-1509

Managing Partner - Realtor License ID: 174175

2451 NW Old Thompson Bridge RD Gainesville, GA 30501

Frank Farkas

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby School & Business

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