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Jaclynn Ferlita

jaclynn@firmfoundationhg.com +1(405) 404-1237

$699,000

Est. payment - /mo

1.75 Acres Lot

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Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Penelope Neighbors

MLS Listing ID 10713139

HOA Y/N No

Year Built 1949

Annual Tax Amount $4,934

Tax Year 2025

Lot Size 1.748 Acres

Acres 1.748

Lot Dimensions 1.748

Property Sub-Type Multi Family

Source Georgia MLS 2

Property Description

Income-producing property in the heart of Atlanta currently operating as a fully functional hostel on 1.75 acres, anchored by a renovated single-family home and a variety of outdoor accommodations and gathering spaces. The business has averaged approximately $150,000 per year in revenue over the past three years (see agent for details). The property is set up for both functionality and expansion, featuring secured gated parking, a gravel parking area accommodating up to 6 vehicles and/or RVs, a detached two-car garage and two access points on Penelope Rd. Outdoor features include a raised mulched terrace, fire pit gathering area, and additional cleared space suitable for adding glamping tents or expanding operations. The seller has completed substantial grading and land improvements, including over $15,000 in plantings, mature pecan and black walnut trees, and well-defined usable outdoor space. The property may also offer subdivision potential (buyer to verify) and is within walking distance to the West Lake MARTA station. The property can be purchased as a fully operational, turnkey business + residential property, or as a single family home. Based on historical performance, the property demonstrates strong double-digit cap rate potential and strong cash flow with the ability to significantly outperform traditional rental properties, while also offering the flexibility to be the ultimate house hack. Seller is open to offering seller financing on the business portion and may also consider financing a portion of a buyer's down payment. Seller financing will require appropriate collateral, either through cross-collateralization or a second lien position if seller is bringing a sizable down payment. The operation is built on a highly automated system designed for remote management, including smart home integration (thermostats, locks, lighting, cameras, doorbells, Google Home), and channel management software connecting Airbnb, VRBO, Booking .com, Hostelworld, Beds24, and additional platforms. Systems include automated guest communication, consolidated messaging, direct booking integration, and a payment platform supporting credit card, cash, digital payments, and cryptocurrency, along with reporting and pricing tools. Seller is willing to provide training post-closing to buyer and is open to extended transition support as a paid consultant if desired. The property includes a substantial inventory of assets used in operations, including a 19-foot Red Sky Shelters yurt, 40-foot high cube shipping container, gazebos, storage structures, smart home systems, automated cleaning systems, Polaris four-wheeler, trailers, and full furnishings for guest accommodations and common areas. The main home was renovated in 2020 and includes hardwood floors, tiled bathrooms, and a renovated kitchen with white cabinetry and granite countertops. The layout includes a primary suite on the main level, along with an unfinished basement with interior and exterior access. Major systems including roof, HVAC, and water heater are approximately 5 years old. There is additional upside through the potential to add an ADU, expand accommodations, or further develop the property. Information deemed reliable but not guaranteed. Buyer to verify all potential uses and information.

Location

State GA

County Fulton

Rooms

Bedroom Description No

Basement Exterior Entry, Interior Entry, Partial, Unfinished

Interior

Heating Central

Cooling Ceiling Fan(s), Central Air

Fireplaces Number 1

Fireplace Yes

Exterior

Parking Features Garage, Storage, Detached, RV Access/Parking, Boat, Over 1 Space per Unit

Garage Spaces 8.0

Community Features Boat/Camper/Van Prkg, Near Public Transport

Utilities Available Sewer Connected

View Y/N No

Total Parking Spaces 8

Garage Yes

Private Pool No

Building

Faces No sign in yard. Once on Anderson Ave, turn left on to Penelope Rd NW Home is on the left just past the speed hump.

Foundation Block

Sewer Public Sewer

Water Public

Structure Type Brick,Stone

New Construction No

Schools

Elementary Schools Other

Middle Schools Other

High Schools Other

Others

HOA Fee Include None

Tax ID 14 017300090243

Acceptable Financing Cash, Conventional, Owner Will Carry, Owner 2nd, Private Financing Available

Listing Terms Cash, Conventional, Owner Will Carry, Owner 2nd, Private Financing Available

Special Listing Condition Resale

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1860 Penelope RD NW Atlanta, GA 30314