Fix&Hold (Development): 23 Townhomes, Covington Hwy, Decatur, GA 30035 + $3,250,000
- Promise Land Realty
- Aug 4
- 4 min read
Multi Family Investment Opportunity
Price
$3,250,000
🏢 OFF MARKET — THE LANDINGS
5567 Covington Hwy, Decatur, GA 30035
23 TOWNHOMES + GROUND-FLOOR RETAIL + DEVELOPMENT LAND
$3,250,000
Appraised as-is at $4,000,000. You're in $750,000 under appraisal the day you close.
That's not my projection — that's a USPAP appraisal, fee simple. Sales comparison came in at $3.9M, income capitalization at $4.0M. Both approaches landed in the same place.
WHAT YOU'RE BUYING
Five three-story buildings. 80,652 SF of net rentable area.
23 townhome units — 15 at 3BR/3.5BA and 8 at 5BR/4.5BA. These are not garden apartments. Original finishes include coffered ceilings, hardwood floors, granite counters, jetted tubs. Photos in the package.
Underneath three of those buildings, 14,490 SF of ground-floor retail in shell condition, ready to demise into 1,000–2,000 SF bays.
All of it on 10.15 acres. Fee simple. The land conveys — no ground lease. Zoned MU-4, Mixed-Use High Density, DeKalb County. Flood Zone X. Frontage on Covington Highway (US 278), about 4 miles outside the Perimeter and a straight run to Hartsfield.
Built 2014.
FINANCIALS
THE NUMBERS
Purchase | $3,250,000 |
Renovation remaining | $2,500,000 – $3,000,000 |
All in | $5.75M – $6.25M |
Stabilized value | $8,730,000 (appraised, as complete) |
Spread | $2.5M – $3M |
Straight talk on that renovation number. The appraisal carries the full original scope at $3.5M. Work has since commenced, so the remaining cost is lower — the range above reflects that. Verify the completed scope yourself during diligence and price it accordingly. I'd rather you check my math than take my word.
THE PART THAT ISN'T IN THAT NUMBER
The plat already carves out separate tax parcels for a future mid-rise — the survey shows a 26,000 SF pad — plus additional retail and a clubhouse.
Under MU-4 high-density zoning. On land that conveys with the deal.
That's entitled development ground riding along inside a purchase you're already making below appraised value. It is not priced into the $8.73M.
CONDITION — NO SURPRISES
The property is vacant and in poor condition. Units were vandalized during the vacancy.
In November 2019 there was a roof fire in Building A. It started in the attic space, was contained to that building, and left one unit unsafe to reenter. Two adjacent units in the same building took no significant damage. The building was vacant and boarded at the time. No injuries, no casualties. The full DeKalb County fire report is in the due diligence package — read it before you offer.
This is a construction deal. It needs a buyer with a real crew and committed capital.
That is exactly why an $8.73M asset is trading at $3.25M. Anybody can close on stabilized product. This one pays the person who can actually run the job.
THE PLAY
Finish the renovation. Lease 23 large-format units in a corridor DeKalb County is actively redeveloping. Demise and lease the retail underneath them. Then refinance and hold, or sell it to the buyer who wanted it finished and never had the appetite for the work.
The development parcels are your second bite.
DUE DILIGENCE PACKAGE
Full USPAP appraisal · Survey · Legal description · Fire report · Original renovation plans · Unit photos · Unit matrix
Everything. Including the parts that aren't pretty.
Proof of funds required with all offers.
Off market. Not on the MLS. Not getting syndicated.
Property Map
TEAM PROMISELAND DISCLAIMER: No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of accepted offer. All closings are facilitated through a licensed title company or closing attorney.
Realtors & Brokers: You are welcome to bring a buyer — please add your fee on top of our asking price.
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PROMISELAND DISCLAIMER:
Promiseland Realty LLC is a nationwide real estate consulting firm specializing in off-market investment opportunities, strategic acquisitions, and real estate advisory services.
No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of an accepted offer. All closings are facilitated through a licensed title company or closing attorney.
Realtors and Brokers: You are welcome to bring a buyer — please add your fee on top of our asking price.
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