28-Unit Multifamily for Sale in Athens, GA | 524 Vine Street

Most apartment deals at this price point come with some version of a value-add story — vacancy to fill, rent to push, work to do. This one is already performing.

524 Vine Street is a 28-unit complex in East Athens, less than a mile from downtown and the UGA campus, priced at $2,250,000 with a 7.12% cap rate and $160,125 in annual NOI. It’s 100% occupied. For an investor looking for a stabilized multifamily asset in a proven Athens rental submarket, this one is worth a close look.

The Numbers

  • List price: $2,250,000
  • NOI: $160,125
  • Cap rate: 7.12%
  • Occupancy: 100%
  • Units: 28 — all 1BR/1BA
  • Building SF: 14,760 SF
  • Lot size: 1.49 acres
  • Year built: 1985

The Property

524 Vine Street is a 14,760 SF apartment complex on 1.49 acres in the East Athens neighborhood of Athens-Clarke County. All 28 units are one-bedroom, one-bath — a consistent unit mix that’s straightforward to manage and easy to underwrite.

The site also includes a 1,500 SF single-family residence that adds optionality for a buyer. That structure could be renovated and rented for additional income, or potentially converted to a duplex, subject to applicable zoning.

100% occupancy with a clean unit mix and an on-site bonus structure — it’s a simple story.

The Location

East Athens has a rental market that doesn’t need much explaining. The property sits less than a mile from downtown Athens and approximately 1.5 miles from the University of Georgia campus. Athens Regional Medical Center is close by. Loop 10 is accessible within about 1.4 miles.

The tenant base in this submarket draws from UGA students, university staff, and healthcare workers — demand drivers that produce consistent year-round occupancy. As UGA’s footprint has expanded and demand for workforce housing near campus has grown, East Athens has continued to attract investment at this price point.

Aerial map showing 524 Vine Street in East Athens Georgia, 1.2 miles from downtown Athens and 1.5 miles from the University of Georgia campus

Who This Is For

This works for an investor looking for a stabilized, income-producing multifamily asset in one of Athens’s most consistently occupied rental neighborhoods — without the risk of a lease-up or repositioning play. The 7.12% cap rate, 100% occupancy, and simple unit mix make for a clean underwriting story.

The on-site residence adds a second angle: additional income potential for a buyer willing to put some work into it.

At $2,250,000 with $160,125 in NOI, the return conversation is straightforward. Reach out, and Brian can walk through the details with qualified buyers.

Next Steps

Brian Elrod, CCIM | O: 706-553-1000 | C: 678-859-6110 | brian@naielrod.com

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Listing broker: NAI Elrod Group