UPDATED:
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
The four completed condominium units provide approximately 5,760 total square feet, with each residence offering approximately 1,440 square feet, 3 bedrooms and 3.5 bathrooms. Current gross rental income is approximately $90,600 annually, based on the existing rent roll.
NEW SELLER INCENTIVE: Seller will pay 100% of the HOA dues on the four completed condominium units for five years, subject to the final purchase agreement. Current HOA dues are approximately $180 per month per completed unit, representing approximately $43,200 in potential HOA value over five years based on current dues.
The development component includes five existing basement slabs, utilities in place, permits for development, and civil engineering plans, providing a buyer with the opportunity to complete five additional condominium units and potentially expand the existing rental portfolio from four units to nine total units.
Located in the Gainesville, GA / Lake Lanier corridor, the completed units offer lake views and are within walking distance of Holly Park, with convenient access to Lake Lanier, downtown Gainesville, shopping, dining, medical facilities, and major employment centers.
This property may appeal to investors searching for a multifamily investment in Gainesville GA, Lake Lanier income-producing property, 1031 exchange opportunity, buy-and-hold investment, or Gainesville development opportunity.
Complete package: $1,499,900. Seller is motivated and reviewing qualified offers.
Updated leases, rent roll, property-management financials, HOA information, permits, civil plans, and development documentation are available upon request. Buyer to independently verify permit status, utilities, 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
NEARBY SCHOOL & BUSINESS
2801 Washington Rd., Ste. 188, Augusta, Ga 30909, United States