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$395,000

For Sale - Active
655 Mead St SE Unit 51, Atlanta, GA 30312
2 Beds
2 Baths
864 Square Feet
0.00 Acres Lot
Built in 2006
For Sale - Active
1 Units
Checked: 25 minutes ago
Updated: Aug 29, 2025 at 06:30PM

Investment Summary


Monthly Cash Flow
-$866
Cap Rate
3.5%
Cash-on-Cash Return
-11.4%
Debt Coverage Ratio
0.57
Internal Rate of Return (5 years)
-7.1%

Property Description


0.00 Acres Lot
Built in 2006
For Sale - Active
1 Units

Welcome home to this charming 2-bedroom, 2-bath condo/townhome in the sought-after Oldfield at Grant Park community! Perfectly situated just steps from the Atlanta BeltLine-visible right from your private balcony-this home offers the ideal blend of location, comfort, and style. Step inside to discover an inviting open-concept floor plan with brand-new hardwood floors throughout the main level, creating a warm, seamless flow from the living room to the dining area and into the kitchen. The kitchen is equipped with a brand-new dishwasher and sink; cabinets, counters and backsplash new in 10/2024, and two-year-old refrigerator make it perfect for everyday living and entertaining. The spacious owner's suite, located on the main floor, features a walk-in closet and a private ensuite bath for your comfort and convenience. Downstairs, you'll find the second bedroom and full bathroom-ideal for guests, a home office, or a roommate-along with a stackable laundry closet and access to your private one-car garage. HVAC unit replaced in 2018. This home offers comfort, functionality, and unbeatable access to all that Grant Park and the BeltLine have to offer. Don't miss your chance to live in one of Atlanta's most vibrant and connected neighborhoods! Close to Mellow Mushroom, Side Saddle Wine Saloon and Bar, Finca Coffee Shop, The Beacon restaurants and bars, Grant Park and the Atlanta Zoo.

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Location


Property Details


Parking

  • Description: Garage
  • Details: Garage
  • Garage Spaces: 1
  • Spaces Total: 1

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 2
  • Basement Description: None
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Wood
  • Foundation: Slab
  • Roof Material: Composition

HOA

  • Has HOA: Yes
  • HOA Fee: $2,160/annually

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 14002300021638
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Style: Brick Front
  • Year Built: 2006

Tax Information

  • Annual Tax: $2,997

Utilities

  • Water & Sewer: Public
  • Heating: Central, Forced Air
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Fulton

Listing Details


Listed by:
Jessica Frisco
Keller Knapp, Inc
(404) 370-0092

Source:
Georgia MLS
MLS#: 10581313
Georgia MLS

Investment Summary


Monthly Cash Flow
-$866
Cap Rate
3.5%
Cash-on-Cash Return
-11.4%
Debt Coverage Ratio
0.57
Internal Rate of Return (5 years)
-7.1%

Purchase Details

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Purchase price:
$395,000
Amount financed:
-$316,000
Down payment:
$79,000
Closing costs:
$11,850
Rehab costs:
$0
Initial cash invested:
$90,850
Square feet:
864
Cost per square foot:
$457
Monthly rent per square foot:
$2.66

Financing Details

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Loan amount:
$316,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,023
Property tax:
$250
Insurance:
$161
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,434

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,300 $27,600
Vacancy loss: (6%)
6% -$138 -$1,656
Operating income:
$2,162 $25,944

Operating Expenses


% Rent Monthly Yearly
Property taxes: (11%)
11%-$250-$2,997
Insurance: (7%)
7%-$161-$1,932
Property management: (8%)
8%-$184-$2,208
Repairs & maintenance: (5%)
5%-$115-$1,380
Capital expenditures: (5%)
5%-$115-$1,380
HOA fees: (8%)
8%-$180-$2,160
Total operating expenses: (44%)
44%-$1,005-$12,057

Cash Flow


Monthly Yearly
Net operating income:
$1,157 $13,884
Mortgage payments:
-$2,023 -$24,276
Cash flow:
$866 $10,392