Four-story loft on Beltline’s Eastside Trail asks less than $400K. What’s the catch?

Any home spanning four levels on the Eastside Trail, that social utopia of an Atlanta Beltline corridor, has typically come to mean one thing recently: prices in the ballpark of $1 million.

Or least $800,000.

Which makes this Beltline-fronting, four-story loft where Poncey-Highland meets Old Fourth Ward something of a head-scratcher, at least on the surface.

Listed today at $399,900, it does indeed have four levels, topped with a private (if not exactly secluded) rooftop deck that’s sizable enough for a small dinner party. It has 25-foot ceilings. And the $255 monthly HOA dues aren’t obscene.

What’s the catch?

Technically, it’s a one-bedroom unit with one and half bathrooms serving all those layers of living space.

Certainly it’s not as refined as 2017’s “architectural dream” loft spotted in the same complex, but the concrete and cinderblock downstairs offer a spartan sort of charm. And the square footage of 1,115 means space on each floor is limited, to say the least.

It’s part of the Freedom Lofts community that debuted about 17 years ago. In the same building, a loft of equal size closed less than two months ago for $375,000, which lends logic to the pricing.

• 400 Village Parkway Unit 147 [Harry Norman Realtors]