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Chase Rylee

choosechase.ga@gmail.com +1(706) 654-6420

$ 699,999

Est. payment | -/mo

1.75 Acres Lot

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$ 699,999

Est. payment | -/mo

Save Virtual Tour

1.75 Acres Lot

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Subdivision Penelope Neighbors

MLS Listing ID 7737473

Construction Status Resale

HOA Y/N No

Year Built 1949

Annual Tax Amount $4,934

Tax Year 2024

Lot Size 1.748 Acres

Acres 1.748

Property Sub-Type Other

Source First Multiple Listing Service

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, 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

Area Penelope Neighbors

Lake Name None

Interior

Heating Central, Natural Gas

Cooling Ceiling Fan(s), Central Air

Flooring Hardwood

Window Features Insulated Windows

Exterior

Parking Features Detached, Driveway, Garage, Level Driveway, Parking Lot, Paved, See Remarks

Fence None

Community Features Near Beltline, Near Public Transport, Near Schools, Near Trails/Greenway, Public Transportation

Utilities Available Cable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Available, Water Available

Waterfront Description None

View Y/N Yes

View City, Other, Trees/Woods

Roof Type Shingle

Accessibility None

Handicap Access None

Total Parking Spaces 8

Private Pool false

Building

Lot Description Cleared, Farm, Level, Open Lot, Private

Story Two

Sewer Public Sewer

Water Public

Level or Stories Two

Structure Type Brick,Stone

Construction Status Resale

Schools

Elementary Schools Fulton - Other

Middle Schools Fulton - Other

High Schools Fulton - Other

Others

Senior Community no

Tax ID 14 017300090243

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Listed by Down Home Properties

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1860 Penelope RD Atlanta, GA 30314