215 Piedmont Ave NE APT 1405, Atlanta, GA 30308

1 bed, 1 bath, 550 sqft
For Sale by Owner
$69,999
Price increase: $2,000
Zestimate®: $68,045
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Calling all investors, and those who wish to own their own condo! This condo is for sale at $69,999. I may consider owner financing with $9,000 down, at a 8 3/4% interest rate for 25 years. The note of $60,999 at 25 years, 8 3/4% would be $501.50 a month. I may consider a longer term at 1/4% higher interest for every extra year of term. At the end of 25 years, you would own this 14th floor condo out right! No mortgage! While having a mortgage your monthly payment to me is $501.50+ $334 paid to the HOA= $835.50 a month. Taxes last year were under $500 for the entire year. You would pay your real estate taxes once a year in the fall.
I may consider an all cash price of $64,000 and split the Attorney closing costs of around $900 (Lawyer,title and Owners title policy)
The attorney and both lender and owner one time title insurance should not be too much more then $900. Price is firm, I will not disturb this great tenant without someone who is fine with the above terms. This is a great 1 bedroom which has new carpet in the bedroom and tile floors in the living room. $334 a month HOA (steady, no increase for 2014) includes all Utilities and cable TV! Move right in! This is a perfect rental for a GA State student! You are allowed to lease here, there are no restrictions! Market rates for 1 bedrooms all inclusive like this lease for $950-1100 a month. Unit does not include a parking space, or rights to rent parking at the building. But since there are so many international students at GSU and Tech, many of whom do not have cars, so this units works very well for them. Like it does for my current tenant.
The Landmark is an older highrise with a large pool that goes to 9ft deep, and a doorman 24 hours a day! The have been no assessments at the building and there are none coming up. This is leased at $882 a month. The current lease runs through end of July 2014. Tenant who is a Tech PHD student has been in the condo over a year and is on his 2nd lease. Tenant is now willing to move out early if someone would like to purchase the unit.
Unit also comes with an Ikea Queen Bed, Dresser and Nightstand, along with a Queen Platform mattress. Furnished housing comes in handy when attracting GSU and Tech students. These furnishings will transfer with the sale and can be written in the contract. Annual taxes on this condo were less then $500 for 2013! Unit does not come with parking rights, but many of the international students (like the current tenant) do not have a car.
At $882-$334 HOA, and about $40 a month in taxes, it is over $6000 of profit a year at current lease rate. That is over 10% return, and that is with the current below market rent!
-The Landmark is an older highrise with a large pool that goes to 9ft deep, and a doorman 24 hours a day!
-The have been no assessments at the building and there are none coming up.
-This is leased at $882 a month. I will only consider selling to investors. The current lease runs through end of July 2014. Tenant who is a Tech PHD student has been in the condo over a year and is on his 2nd lease. $840 deposit will transfer to new owner.
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Facts
  • Condo
  • Built in 1963
  • 84 days on Zillow
  • HOA Fee: $334
  • Cooling: Wall
  • Heating: Heat pump
  • Parking: None
  • Last sold: Aug 2012 for $27,720
  • Price/sqft: $50
Construction
  • Construction quality: 6.0
  • Exterior material: Brick
  • Room count: 3
  • # Stories: 1.0
  • Unit count: 1
Other
  • Floor size: 550 sqft
  • Parcel #: 14 00510013115
  • Zillow Home ID: 35881683
Home Values
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$68,045
+$2,099 Last 30 daysd
$61K
$73K
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$975/mo
+$12 Last 30 daysd
$829
$1.5K
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Neighborhood for 215 Piedmont Avenue Ne APT 1405

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Zillow predicts Downtown home values will rise 5% next year, compared to a 5.5% rise for Atlanta as a whole. Among Downtown homes, this home is 48.2% less expensive than the midpoint (median) home, but is priced 7.6% more per square foot.

Foreclosures will be a factor impacting home values in the next several years. In Downtown, the number of foreclosures waiting to be sold is 31.1% greater than in Atlanta, and 233.3% higher than the national average. This higher local number may prevent Downtown home values from rising as quickly as other regions in Atlanta.

Learn more about forecast calculations or Downtown home values.
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