tomo logo

$299,900

Beds
2
sq ft
1,674

602 W Lake Ave NW, Atlanta, GA 30318

602 W Lake Ave NW

Atlanta, GA 30318

  • 1 day on market
Investor Alert! Duplex & ADU Development OPPORTUNITY in Grove Park- Current 2bed 2bath 1,675sqft Property Housing Voucher Approved. Seize this prime investment opportunity in the heart of Atlanta! Sitting on 1/3 acre, the lot provides ample space to build an ADU n accents, a spacious front and backyard, a new HVAC system, and a solid roof which is a strong foundation for any investment strategy. Key investor benefits include: Housing voucher approval for consistent rental income with government-backed tenants, 100% conventional financing with a $10,000 grant available, and a prime location with a MARTA bus stop at your doorstep and Bankhead Station within walking distance. The property is also minutes from major attractions like the Atlanta Beltline, Westside Park, Proctor Greenway, and Maddox Park. Additionally, it is steps away from the brand-new KIPP Woodson Park Academy (K-8), attracting families and long-term tenants. Whether you're looking to rent immediately, develop a high-income duplex and ADU, or capitalize on Atlanta's booming rental market, this property offers exceptional potential. Grove Park is rapidly appreciating don't miss this turnkey or value-add opportunity. Schedule a viewing today and start building your real estate portfolio in one of Atlanta's hottest growth areas.

Details

Property type

Single Family Residence

Est. home value

$297,295

Lot size

0.31 acres

Price per sq ft

$180

Year built

1930

Annual property taxes

$1,229.72

HOA

No

Price History

04/01/2025
GeorgiaMLS

GeorgiaMLS #10490220

Listed
$299,900
-7.72%
03/08/2025
FMLS

FMLS #7520299

Removed
$325,000
02/03/2025
FMLS

FMLS #7520299

Listed
$325,000
+74.73%

Schools & Community

Neighborhood: 

Grove Park

Elementary school: 

Woodson

Middle school: 

J. L. Invictus Academy

High school: 

Douglass

Community features: 

None

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$112,234
Asking price
$299,900
Closing costs (~8% of asking)
-$23,992
Est. remaining loan balance
-$163,674
Cash to seller
$112,234

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Bank Of England

Loan start date

March 2020

Original loan amount

$182,631

Est. remaining balance

$163,674

Interest rate

3.45%

Loan type

FHA, 30 year

Seller

Morgan R Gantt

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Similar Homes Nearby

FMLS
$299,000
2 bd
|
1.5 ba
|
House

550 Paines Ave NW, Atlanta, GA 30318

FMLS
$299,900
2 bd
|
2 ba
|
1,000 sq ft
|
House

395 W Lake Ave NW, Atlanta, GA 30318

New
FMLS
$299,000
2 bd
|
2.5 ba
|
House

1005 Sims Ave NW, Atlanta, GA 30318

Status: Active

Tomo last checked: 04/02/2025 at 11:50 AM

Listing updated: 04/01/2025 at 8:45 AM

Listed by: Asli Ahmed, Indigo Road Realty

MLS: GeorgiaMLS #10490220

GeorgiaMLS logo

Recently listed in Atlanta

$250,000|3 bd|2.5 ba|Townhouse
$900,000|4 bd|3.0 ba|House
$595,000|4 bd|3.0 ba|House
$850,000|2 bd|2.0 ba|House
$915,000|5 bd|5.0 ba|House
$250,000|2 bd|2.5 ba|Townhouse
$225,000|3 bd|1.5 ba|House
$999,500|3 bd|2.0 ba|House