JeffCroweCRE
Multifamily

2612 Steele Avenue SW

Atlanta, GA 30315

Location

2612 Steele Avenue SW, Atlanta GA 30315

Interactive map

Loads on click

Open in Google Maps
List Price$5,900,000
44 Units$134,091 per unit
Published yieldsYields UnpublishedRent coverage 5% — yields unpublished
IncompleteListing evidence · class C
Rents2 / 44 units
Who paysWater unknown · 42 units unknown
OccupancyNot in remarks
FinancialsMLS GI/NOI empty · Tax $25,274 (2025)

Not enough FMLS financials to publish cap, cash-on-cash, or DSCR in the hero. Use the calculator as a modeled scenario and request the rent roll / T-12.

Property Financials

Request the rent roll and full expenses on this property

Get the current rent roll, T-12, and full operating expense details for this property.

No obligation. Just the property financials.

Data last updated: October 5, 2026 at 4:01 PM EST
ACTIVE
FMLS #7847983
Listing Provided By Compass · 404-668-6621
Description

Property Description

Rare opportunity to acquire a 44-unit garden-style multifamily community in Atlanta’s South Atlanta/Airport Corridor. Park South Apartments, located at 2612 Steele Avenue SW, offers investors an attractive value-add opportunity with significant capital improvements already completed and additional upside through continued renovations, lease-up, and operational stabilization. The two-story community features 37 one-bedroom/one-bath and 7 two-bedroom/one-bath residences with surface parking and controlled access. 17 units have been renovated, providing a strong foundation for the next owner to complete the remaining renovation program and continue repositioning the asset. Recent capital improvements include roof replacements, exterior paint, landscaping, paving and striping, HVAC and water heater upgrades, and additional site improvements. The property has 70 parking spaces. The property is 100% electric with central HVAC and individually metered electricity. Community amenities include gated access, ample on-site parking, and two laundry facilities. The property is also Section 8 approved, providing additional flexibility within Atlanta’s strong workforce-housing market. Strategically located minutes from Hartsfield-Jackson Atlanta International Airport with convenient access to I-75, I-85 and I-285, Park South benefits from proximity to major employment centers, Downtown Atlanta, Camp Creek Marketplace and the broader Airport/Aerotropolis corridor. Property is being sold as-is. Please contact the listing broker for Offering Memorandum, rent roll, financial information and additional due diligence materials. Please do not disturb tenants.
Listing facts

From this record

  • Incomplete — 2 of 44 unit rents
  • Mix from remarks: 37× 1bd + 7× 2bd

44 doors on the listing. Generic market notes are below the fold.

Unit Mix & Available Rent Roll

Breakdown based on data provided in the FMLS listing· HUD Small Area FMR (ZIP 30315, FY2027)shown for comparison

UnitBedsBathsMonthly RentHUD SAFMRElecGasWaterGarbMaint
Unit 11—$1,200$1,100-$100NNNYY
Unit 21—$1,200$1,100-$100NNNYY
Unit 3remarks mix1——$1,100—————
Unit 4remarks mix1——$1,100—————
Unit 5remarks mix1——$1,100—————
Unit 6remarks mix1——$1,100—————
Unit 7remarks mix1——$1,100—————
Unit 8remarks mix1——$1,100—————
Unit 9remarks mix1——$1,100—————
Unit 10remarks mix1——$1,100—————
Unit 11remarks mix1——$1,100—————
Unit 12remarks mix1——$1,100—————
Unit 13remarks mix1——$1,100—————
Unit 14remarks mix1——$1,100—————
Unit 15remarks mix1——$1,100—————
Unit 16remarks mix1——$1,100—————
Unit 17remarks mix1——$1,100—————
Unit 18remarks mix1——$1,100—————
Unit 19remarks mix1——$1,100—————
Unit 20remarks mix1——$1,100—————
Unit 21remarks mix1——$1,100—————
Unit 22remarks mix1——$1,100—————
Unit 23remarks mix1——$1,100—————
Unit 24remarks mix1——$1,100—————
Unit 25remarks mix1——$1,100—————
Unit 26remarks mix1——$1,100—————
Unit 27remarks mix1——$1,100—————
Unit 28remarks mix1——$1,100—————
Unit 29remarks mix1——$1,100—————
Unit 30remarks mix1——$1,100—————
Unit 31remarks mix1——$1,100—————
Unit 32remarks mix1——$1,100—————
Unit 33remarks mix1——$1,100—————
Unit 34remarks mix1——$1,100—————
Unit 35remarks mix1——$1,100—————
Unit 36remarks mix1——$1,100—————
Unit 37remarks mix1——$1,100—————
Unit 38remarks mix2——$1,200—————
Unit 39remarks mix2——$1,200—————
Unit 40remarks mix2——$1,200—————
Unit 41remarks mix2——$1,200—————
Unit 42remarks mix2——$1,200—————
Unit 43remarks mix2——$1,200—————
Unit 44remarks mix2——$1,200—————
Total2 of 44 units with rent$2,400Y = owner-paid · — = unknown

Full detailed rent roll, tenant leases, and actual income/expense data not included in listing.

* Rent roll information is taken from the available FMLS listing data. Many multifamily listings do not include complete or verified tenant financials. Always verify actual rents, leases, and operating expenses during due diligence. HUD Small Area Fair Market Rents (ZIP-level payment standards) are published by the U.S. Department of Housing and Urban Development and are shown for comparison only.

Scenario

Investment Calculator

Scenario only. 2 of 44 rents in FMLS — GPI blank. Do not treat the results as in-place. Override any value.

Property & Income
$
$
$
%
Operating Expenses (Annual)
$
$
%
$
$
$
$

Repairs, pest, landscaping, cleaning, admin. Water and trash are separate lines. Electric/gas off when tenant-paid.

Financing

Conventional = fully amortizing. Commercial = shorter call + balloon. Seller finance = below-market note. Cash = no loan.

%
%
yrs
Income
Gross Potential Income—
Effective Gross Income—
Expenses
Taxes—
Insurance—
Management—
Water—
Trash—
Electric—
R&M—
Total Operating Expenses—
Expense Ratio—
Scenario returns — not in-place
Net Operating Income—
Cap Rate—
Price / Unit—
Financing & Cash Flow
Annual Debt Service—
Year 1 Cash Flow—
Cash-on-Cash—
DSCR—

Scenario only. Yields unpublished — thin roll. Results are not in-place.

Coverage rules
  • GPI pre-fills only from MLS GI, a building-total UnitTypes row, or a rent roll covering ≥ 80% of doors.
  • A single sample rent is not averaged across the building.
  • Vacancy floor is max(5%, 100 − present occupancy in remarks).
  • Mgmt 8% at 8+ units, else 10%. Insurance $800/door. R&M $800/door.
  • Utility allowances turn on only when the who-pays grid or remarks say owner-paid.
  • SAFMR push is mix-weighted and hidden when the sample is extrapolated from thin coverage.
  • Commercial = 30% / 7% / 25-yr amort. Conventional = 25% / 7% / 30-yr. Cash = 100% equity, no debt service. CoC = NOI ÷ price.
Incomplete

Jeff’s Investment Take

Market data · October 2026

Working thesis

Rent coverage or MLS financials are too thin to publish yields. Request the roll and T-12 before treating this as a screen.

  • Incomplete — 2 of 44 unit rents
  • Mix from remarks: 37× 1bd + 7× 2bd
Same thesis · below the tapeFulton County

This ask is priced under what has been clearing here. List $134,091/door vs closed median $192,625 (30% below). Expired asks in this county sat at $212,500/door (44 buildings) — this list is under that failure tape too. Not a buy call. Confirm the roll, condition, and why the discount exists.

Open the market report →
Local market contextFulton County
Med. close $/door$192,62592 closed · 12 mo
Med. asking rent$1,642
Months of supply10.4Active ÷ (12-mo closed ÷ 12)
County sold gross9.0%Rent ÷ close · T12 sold tape
County asking gross9.0%Rent ÷ list · live asks
County sold NOI cap6.0%Calculator stack on closes
View all Fulton multifamily →View all Atlanta multifamily →Full Georgia multifamily market report →Voucher Spread™ report →

Modeled from available FMLS data, unit mix, and operating assumptions and Fulton County benchmarks. DSCR and cash-on-cash use commercial terms (30% down / 7% / 25-yr amort) for 5+ units. Always verify with current rent roll and expenses.

FMLS IDX Logo

Listings identified with the FMLS IDX logo come from FMLS and are held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work please click here to review our DMCA policy and learn how to submit a takedown request. ©2026 First Multiple Listing Service, Inc.

Disclaimer

Important Investment Information

Median estimated cap, cash-on-cash, and DSCR require MLS gross income or NOI, a dated broker package, a listing building total, or a unit rent roll covering at least 80% of doors. Thin records stay Incomplete — those yields are not printed in the hero or on cards. The calculator is a labeled scenario, not in-place income.

When a line is missing we use disclosed defaults only inside the calculator: vacancy floor of max(5%, 100 − present occupancy in remarks); management 8% of EGI at 8+ units otherwise 10%; insurance $800 per door; R&M $800 per door. Utility allowances turn on only if the who-pays grid or remarks say owner-paid (water $900–1,800 per door until a T-12). A single who-pays row does not set the building. We do not use an all-in “other” of $1,100 per door, and we do not average one sample rent across the building.

Rent coverage 5% — yields unpublished

Any estimated or modeled figures represent the independent analysis of Jeff Crowe / Century 21 The Avenues and are not supplied by FMLS or the listing broker.

This website and its content are for informational and educational purposes only. Nothing on this site constitutes financial, investment, tax, or real estate advice. All information is deemed reliable but not guaranteed. You should always conduct your own thorough due diligence, verify all data independently, review the physical condition of the property, and consult with your own qualified attorney, accountant, and investment advisor before making any purchase decision.