AWESOME investment opportunity! Both 720 and 728 Formwalt are being sold together. These are 1950's brick buildings needing full renovation. Opportunity to earn $1300 - $1400 monthly/unit in rents! There are a total of 16 units with both buildings just waiting on the savvy investor to snag them up. Both communities are on a little over half an acre. Renovate and collect rent for years to come or assemble the lots for a larger project. Zoning is SPI-18 SA4 and other apartment buildings in the area are listed around $120k/unit. Close to GA State and a resurgent downtown.
1960Year Built
0.5 acresLot Size
1 spaceParking
Listed by MARC TAKACS• Keller Wms Re Atl Midtown
Bought with Alan Corey• Compass
Source:FMLS #6118889
Redfin Estimate
$866,031
$16K since sold in May 2019
Recently sold homes
Estimate history
Homes for sale
This home's estimate is 139.2% higher than the average sale price ($362K) of 6 comparable homes.
AWESOME investment opportunity! Both 720 and 728 Formwalt are being sold together. These are 1950's brick buildings needing full renovation. Opportunity to earn $1300 - $1400 monthly/unit in rents! There are a total of 16 units with both buildings just waiting on the savvy investor to snag them up. Both communities are on a little over half an acre. Renovate and collect rent for years to come or assemble the lots for a larger project. Zoning is SPI-18 SA4 and other apartment buildings in the area are listed around $120k/unit. Close to GA State and a resurgent downtown.
FMLS #3730575
Jun 10, 2010
Listing Removed
—
Apr 16, 2010
Pending
—
Apr 15, 2010
Sold
$50,000
Apr 5, 2010
Price Changed
$50,000
Mar 31, 2010
Price Changed
$60,000
Mar 22, 2010
Price Changed
$70,000
Mar 20, 2010
Price Changed
$80,000
Mar 20, 2010
Relisted
—
Mar 11, 2010
Pending
—
Mar 2, 2010
Price Changed
$99,900
Feb 27, 2010
Price Changed
$110,000
Feb 18, 2010
Price Changed
$115,000
Feb 18, 2010
Relisted
—
Feb 9, 2010
Listing Removed
—
Jan 28, 2010
Price Changed
$125,000
INVESTOR SPECIAL!! REDUCED REDUCED!! MUST SELL ASAP!! THIS PROPERTY WILL BE SOLD AS IS. SHORTSALE
Public Records
Apr 20, 2010
Sold
$50,000
GAMLS #1
Apr 1, 2010
Price Changed
$60,000
Mar 23, 2010
Price Changed
$70,000
Mar 21, 2010
Price Changed
$80,000
Feb 28, 2010
Price Changed
$110,000
Feb 19, 2010
Price Changed
$115,000
Jan 29, 2010
Price Changed
$125,000
Public Records
May 22, 2000
Sold
$190,000
Public Records
May 31, 1994
Sold
$80,000
Public Records
Oct 6, 1992
Sold
$113,000
Year
Property tax
Land + Additions
Assessment*
2025
$5,225 (+325.4%)
$60,000 + $67,720
$127,720
2024
$1,228
$60,000 + $75,680
$135,680
2023
$1,229 (+1.2%)
$20,000 + $10,000
$30,000
2022
$1,214 (−1.2%)
$20,000 + $10,000
$30,000
2020
$1,229 (−0.3%)
$20,000 + $10,000
$30,000
2019
$1,233 (−0.8%)
$20,000 + $10,000
$30,000
2018
$1,242 (−4.1%)
$20,000 + $10,000
$30,000
2017
$1,296 (+49.6%)
$20,000 + $10,000
$30,000
2016
$866 (−0.2%)
$20,000 + $10,000
$30,000
2015
$868 (−4.2%)
$10,000 + $10,000
$20,000
2014
$906 (+2.0%)
$10,000 + $10,000
$20,000
2012
$889
$10,000 + $10,000
$20,000
2011
$889 (−86.1%)
$10,000 + $10,000
$20,000
2010
$6,390
$60,000 + $84,680
$144,680
2009
$6,390
$60,000 + $84,680
$144,680
2008
$6,390
$60,000 + $84,680
$144,680
Tax history for 720 Formwalt St SW
Year
Property tax
Land + Additions
Assessment*
2025
$5,225 (+325.4%)
$60,000 + $67,720
$127,720
2024
$1,228
$60,000 + $75,680
$135,680
2023
$1,229 (+1.2%)
$20,000 + $10,000
$30,000
2022
$1,214 (−1.2%)
$20,000 + $10,000
$30,000
2020
$1,229 (−0.3%)
$20,000 + $10,000
$30,000
2019
$1,233 (−0.8%)
$20,000 + $10,000
$30,000
2018
$1,242 (−4.1%)
$20,000 + $10,000
$30,000
2017
$1,296 (+49.6%)
$20,000 + $10,000
$30,000
2016
$866 (−0.2%)
$20,000 + $10,000
$30,000
2015
$868 (−4.2%)
$10,000 + $10,000
$20,000
2014
$906 (+2.0%)
$10,000 + $10,000
$20,000
2012
$889
$10,000 + $10,000
$20,000
2011
$889 (−86.1%)
$10,000 + $10,000
$20,000
2010
$6,390
$60,000 + $84,680
$144,680
2009
$6,390
$60,000 + $84,680
$144,680
2008
$6,390
$60,000 + $84,680
$144,680
*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.
Public record
Public record
Zoning
Beds
2
Baths
1
Stories
—
Lot width
—
Lot depth
—
Lot size
0.33 Acres
Year renovated
1960
Sq. Ft.
5,106
Year built
1960
Style
Multi-Family (5+ Unit)
County
Fulton County
APN
14 007500050287
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 16, 2026.
SPI-18 SA4
Mechanicsville Neighborhood Special Public Interest District - Subarea 4: Multi-Family
The intent of the council in establishing SPI-18 Mechanicsville Neighborhood Special Public Interest District as a zoning district is as follows: Create a diversified city where people across the spectrum of age, income, ethnicity, and culture can live, work, shop, meet, and play; Improve the aesthetics of streets and the built environment; Ensure through the administration of specific standards and criteria that new housing achieve architectural, site and street design consistent with the existing historic built environment. Protect the historic character of the single-family residential areas; Facilitate safe, pleasant, and convenient sidewalk-level pedestrian circulation that minimizes impediments by vehicles; Promote public safety through the provision of pedestrian-oriented street-level uses, sufficient sidewalk widths, adequate visibility from adjacent buildings and primary pedestrian access from buildings to adjacent sidewalks; Ensure pedestrian-oriented building forms which are compatible with the scale, character and needs of the neighborhood; Encourage a grid of connected streets to improve access and reduce congestion: Facilitate safe and convenient bicycle usage; Encourage a compatible mixture of residential, commercial, cultural and recreational uses; Promote an appropriate balance and scale of commercial uses which meet the needs of nearby residents; Encourage infill and rehabilitation development within traditionally commercial areas that include proportionately significant residential uses; Place reasonable controls on the development of larger scale highway-oriented retail, service, office and dining uses which are intended to serve larger areas of the city than a single neighborhood or a small group of neighborhoods; Encourage owner occupancy and retention of single-family residential structures compatible with the character of the Mechanicsville residential neighborhood while permitting two-family and multi-family housing in appropriate locations; Provide a range of housing types and prices to meet different housing needs; Prevent encroachment of incompatible commercial uses and minimize commercial parking in residential subareas; Provide accessible and sufficient parking in an unobtrusive manner; Reduce parking requirements by encouraging shared parking and alternative modes of transportation; Provide sufficient, safe and accessible parks, plazas and greenways for active and passive enjoyment; and Improve the quality of air and water through provisions for the planting of trees, bicycle parking and an urban form that reduces the need to drive.
Permitted uses
Include but are not limited to:
Housing-Single unit
Housing-Multiple units
Housing-Other
Infrastructure
Educational/school
Park & open space
Property details
Parking
Parking Information
# of Total Parking: 1
Parking Features: Varies by Unit
Interior
Virtual Tour
Multi-Family Information
# Of Units Total: 16
Exterior
Property Information
Construction Materials: Brick 4 Sides
Roof: Composition
Property Condition: Fixer
Lot Information
Waterfrontage Length: 0
Financial
Financial Information
Buyer Financing: Other
Utilities
Utility Information
Heating: Natural Gas
Water Source: Public
Sewer: Public Sewer
Location
School Information
Elementary School: Paul L. Dunbar
Middle Or Junior School: Martin L. King Jr.
High School: Maynard Jackson
Location Information
Directions: 75/85 SOUTH EXIT FULTON ST. RIGHT OFF EXIT AND LEFT ON FORMWALT. BUILDINGS ARE ON LEFT 6 BLOCKS DOWN.
Fulton
Community Information
Community Features: Street Lights
Public facts
Beds: 2
Baths: 1.0
Sq. Ft.: 5,106
Stories: —
Lot Size: 0.33 acres
Style: Multi-Family (5+ Unit)
Year Built: 1960
Year Renovated: 1960
County: Fulton County
APN: 14 007500050287
Home facts updated by county records on Jul 15, 2026
Around this home
Schools
Dunbar Elementary School
Public PreK-5 • Assigned • 0.5mi
4/10
King Middle School
Public 6-8 • Assigned • 0.9mi
5/10
Maynard H. Jackson- Jr. High School
Public 9-12 • Assigned • 2.0mi
6/10
Provided by GreatSchools
Lifestyle
Provided by Walk Score and Local Logic
Historical weather
Atlanta, GA • 30315
Average low and high temperatures (°F)
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49
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39
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Sun exposure
In this area, properties receive around 9.4 hours in
June and 5 hours in December, which is comparable to the
U.S. average for solar exposure.