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Timothy Carithers

t.carithers@fidelishomepartners.com +1(706) 818-0813

$ 2,500,000

Est. payment -/mo

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Price Dropped by $1.0M

2451 NW Old Thompson Bridge RD Gainesville, GA 30501

435 Sqft Lot

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Hidden Cove

MLS Listing ID 10714666

HOA Fees $2,160

HOA Y/N Yes

Year Built 2024

Annual Tax Amount $3,866

Tax Year 2025

Lot Size 435 Sqft

Acres 0.01

Lot Dimensions 435.6

Property Sub-Type Multi Family

Source Georgia MLS 2

Property Description

Exceptional Lake Lanier Class A multifamily and development opportunity in Gainesville, GA combining stabilized income with immediate construction upside. The offering includes 4 fully built, Class A condominium units that are 100% occupied, generating approximately $90,600 in annual gross income ($7,550/month) based on the current rent roll. All units feature modern construction (2023), 3 bedrooms, 3.5 bathrooms, and approximately 1,440 SF each. Current rents range from $1,750 to $2,000/month, with one unit at $1,800, reflecting strong occupancy and consistent tenant demand in the Lake Lanier corridor. The property is ideally located within walking distance to Holly Park and offers lake views from the condominium units, enhancing tenant appeal and long-term rental demand. In addition to the stabilized units, the property includes 5 slab-ready units (basement foundations already in place), offering immediate vertical construction potential. Utilities are stubbed, and the site has been previously permitted, allowing a buyer to move forward with development upon permit renewal. Proposed unit configurations for the remaining build-out include: End Units: 4BR / 3.5BA Interior Units: 3BR / 3.5BA + bonus room (~2,000 SF) Leases indicate potential rent increases of up to 40% upon renewal, supporting a strong value-add strategy and future income growth (subject to market conditions and buyer verification). This is a rare hybrid investment offering: Immediate in-place cash flow Expansion through 5 additional units Strong rental demand driven by proximity to Lake Lanier and outdoor amenities Located minutes from Lake Lanier, Gainesville retail, dining, and major employment corridors, the property is ideally positioned for both rental stability and future development upside. All updated leases, rent roll, and supporting documentation are available and attached for review.

Location

State GA

County Hall

Rooms

Bedroom Description No

Basement Finished

Interior

Heating Central

Cooling Central Air

Fireplace No

Exterior

Parking Features Detached

Garage Spaces 21.0

Community Features Lake, Near Shopping

Utilities Available Underground Utilities

View Y/N No

Total Parking Spaces 21

Garage Yes

Private Pool No

Building

Faces From Downtown Gainesville, take Jesse Jewell Pkwy NW to Thompson Bridge Rd. Turn right onto Thompson Bridge Rd and continue approximately 2.5 miles. Turn left onto Old Thompson Bridge Rd NW. Properties are located at 2451, 2447, 2443, and 2539 NW Old Thompson Bridge Rd.

Sewer Public Sewer

Water Public

Structure Type Concrete

New Construction No

Schools

Elementary Schools Enota

Middle Schools Gainesville East

High Schools Gainesville

Others

HOA Fee Include Insurance,Maintenance Structure,Maintenance Grounds

Tax ID 01097A000026

Acceptable Financing 1031 Exchange, Cash

Listing Terms 1031 Exchange, Cash

Special Listing Condition Resale

Timothy Carithers

Agent | License ID: 404881

+1(706) 818-0813

Timothy Carithers

2451 NW Old Thompson Bridge RD Gainesville, GA 30501

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

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2451 NW Old Thompson Bridge RD