2148 Meador Avenue SE

Description

Incredible investment opportunity in Historic Lakewood Heights featuring a rare grandfathered duplex with triplex potential in one of Atlanta's fastest-growing redevelopment corridors. This solid four-sided brick property includes two fully renovated main-level units, each configured as a 1-bedroom, 1-bath residence. Unit A offers approximately 600 square feet and has rental income potential of $1,500 per month or more, while Unit B is also a 1-bedroom, 1-bath unit with similar income potential of approximately $1,500 per month or more. The unfinished basement presents significant value-add potential with space suitable for conversion into a third studio apartment, with an estimated renovation cost of approximately $35,000 according to the seller's contractor bid. Once completed, the property could generate approximately $4,500 per month in gross rental income across three units. This setup also presents an attractive house-hacking opportunity for an owner-occupant utilizing FHA 203(k) financing, allowing a buyer to live in one unit while renting the others to offset the mortgage. The property offers ample storage space along with a basement area ideal for a home gym, workshop, or additional living space. Ideally located just minutes from East Atlanta Village, Summerhill, Grant Park, Lakewood Amphitheater, Lakewood Stadium, parks, dining, and shopping, the home also offers convenient access to I-75 and I-20, Mercedes-Benz Stadium, Downtown Atlanta, and Hartsfield-Jackson International Airport. South Bend Park and the scenic Southtowne Trail are only minutes away, offering miles of walking trails, access to the Swann Nature Preserve, and beautiful views along the South River. Positioned in the heart of a rapidly developing area surrounded by new construction and revitalization, this property represents a rare opportunity to secure a flexible income-producing asset with strong rental potential and long-term appreciation, all within easy reach of intown Atlanta amenities.