Brannon Hill Condominiums Clarkston, Georgia, 30021

brannon hills

Brannon Hill Condominiums is a residential community on approximately 30 acres near the intersection of Memorial Drive and Memorial College Avenue in Clarkston, Georgia. The condos were originally constructed in 1973 and included a total of thirty-one building and 296 units. Five of the buildings were destroyed by fire. As of current date twenty-six building, 246 units remaining. Through the years, there have been a series of fires causing major damage to six buildings. Five of the buildings have been completely torn down, while the sixth one was not totally damaged and half of the building is still standing and usable. The buildings were constructed in the basic floor plans with each containing one bedroom size. Over the last few years, the residence has changed from all owners to mostly renters at this time.

 

SUMMARY FOR BRANNON HILL CONDOMINIUMS

Price: $5,975,000
No. Unites: 246
Price/Unit: $24,288
Property type: Condominiums Property
Sub-type: Garden/Low-Rise Property
Use Type: Investment
No. Stories: 2
Year Built: 1973
Lot Size: 30 Acres
Condition: Stressed

 

Highlights

•    $600/Month Average Rent way below average rent in good condition
•    Possible to raise rents in the future
•    Desirable location
•    Tenants pay their own gas and electric!!!
•    Available for the first time in 40 years as a package!

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Exterior Doors and Windows

brannon hills 2

Each building has a front and rear entrance which opens to a common hallway. The one and two bedroom buildings have four entrances per building while the three bedroom building have two entrances.

 

Common Hallways

brannon hill common hallways

The entrance to each condo is located in an interior hallway.

 

Unit Interiors
A majority of the condo interiors inspected, need remodeling to the kitchens, bathrooms, lighting, flooring, etc. The interior conditions ranged from uninhabitable to very nice. As to be expected, the conditions seemed to be dependent upon whether a unit was owner- occupied or renter-occupied.

 

Heating and Cooling
All units have central heating and air conditioning. A natural gas forced-air furnace heats the majority of the condos. A few systems have been converted to an electric furnace. Each condo is equipped with its own domestic water heater. Most models are natural gas-fired, but some have been converted to electric.

 

Clubhouse
This could be a big revenue generator when it is repaired. There is a big demand for it. The exterior and interior of the clubhouse / office is in need of renovations. There is an area for resident functions. The bathrooms need to be remodeled and the heating and cooling systems need to be replaced before it is usable again.

 

Summary
This is a great investment property in a very desirable location. The community is located walking distance from Georgia Perimeter Collage. The college has acquired about the community so they can add it to their compass. Property is distressed as most owner did not take care of their rental units and the HOA financially have not been strong enough to enforce the roles and most of that had to do with the foreclosures that took place. The community is being rented for way below market prices due to the condition. Once it is brought back to good condition, it can generate great revenue. The property can be sold as separate units and it is deeded separately right now, or can be converted to a nice apartment complex.

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