LOG CABIN COURTS 4053 Log Cabin Drive Macon, GA 31204 CONTENTS

OFFERING MEMORANDUM LOG CABIN COURTS 4053 Log Cabin Drive Macon, GA 31204 CONTENTS

04 |PROPERTY OVERVIEW

06 |AREA OVERVIEW

08 |FINANCIAL OVERVIEW

EXCLUSIVELY LISTED BY

CONNOR KERNS ASSOCIATE - MULTIFAMILY

Direct +1.404.445.1090 Mobile +1.419.733.5906 [email protected] License No. SL3417384 (FL)

AUSTIN GRAHAM ASSOCIATE - MULTIFAMILY

Direct +1.404.445.1091 Mobile +1.407.463.9752 [email protected] License No. SL3421373 (FL)

DAVID HARRINGTON EVP & MANAGING DIRECTOR

Direct +1.310.295.1170 Mobile +1.310.497.5590 [email protected] License No. 01320460 (CA)

PB MATTHEWS REAL ESTATE INVESTMENT SERVICES™ 2 MATTHEWS REAL ESTATE INVESTMENTMACON, SERVICES™ GA 2 MACON, GA 3 PB MATTHEWS REAL ESTATE INVESTMENT SERVICES™ 2 MATTHEWS REAL ESTATE INVESTMENTMACON, SERVICES™ GA 2 MACON, GA 3 PROPERTY OPPORTUNITY Matthews Real Estate Investment Services™ is proud to offer 4053 Log Cabin Drive in Macon, Georgia. This 20-unit apartment building is an opportunity for an investor to purchase an asset in one of the top emerging submarkets in the United States. Tenants appreciate and enjoy the quiet residential neighborhood while still being conveniently located minutes away from Macon Memorial Park, The Macon Mall, Mercer University, and a short drive to the Downtown Macon area.

The property consists of a desirable and unique unit mix of (20) Two Bedroom/One Bathroom Units. This offering presents the opportunity for an investor to own an asset in a high demand rental market that still has tremendous growth potential, while also having the opportunity to capitalize on the rental upside.

4 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 5 PROPERTY DESCRIPTION

• 20 Units, Built in 1973 • Gross Building Square Footage of 18,000. • Consists of (20) Two Bedroom/One Bathroom Units. • Lot Size: 3 Acres • Wood Frame Construction • Individually Metered 20 1973 773 SF • Garden Style UNITS YEAR BUILT UNIT SIZE • 20 Free Surface Spaces Available

4 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 5 6 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 7 6 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 7 MACON, GA

Known as the “Heart of Georgia” for its central location in the state, Macon is the 4th largest city in the state of Georgia. It is the seat of Bibb County and is home to over 150,000 people. Macon is the principal city of the Macon Metropolitan Area and the largest city in the Macon-Warner Robins Combined Statistical Area. Conveniently located at the intersections of Interstates 16, 75, and 475, Macon has easy access to other large cities in the Southeast. The area is served by the Middle Georgia Regional Airport and the Herbert Smart Downtown Airport. A city rich with history and culture, Macon is home to a great deal of both African American and Music history. Attractions include the Tubman Museum, Georgia Sports Hall of Fame, Douglass Theatre (built by Charles Douglass and where Macon’s Otis Redding was discovered,) and the Washington Memorial Library. The city hosts many cultural events each year, such as the Pan African American Festival, the International Cherry Blossom Festival, and Macon Film Festival. Many famous singers have called Macon home, such as Otis Redding, the Allman Brothers, Little Richard, Jason Aldean, and Chuck Leavell. Macon’s economy is heavily influenced by insurance, defense, and agriculture. The Gross Metro Product is over $11.7B. The Robbins Air Force Base has an economic impact of over $2.75B annually and Demographics employs 21,864 civilians, contractors, and military members. The announcement of a new 1,000,000 square-foot Amazon fulfillment POPULATION 1 - MILE 3 - MILE 5 - MILE center will create 500 jobs directly and many more indirectly. Across 2020 Estimate 5,932 44,651 100,203 the street from the new fulfillment center, Tyson Foods is expanding

HOUSEHOLDS 1 - MILE 3 - MILE 5 - MILE its distribution center, and Irving Consumer Products is building an 800,000 square-foot manufacturing facility. 2020 Estimate 2,216 17,317 38,480

INCOME 1 - MILE 3 - MILE 5 - MILE

2020 Est. Average $37,399 $52,445 $54,283 Household Income

8 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 9 Economy

MERCER UNIVERSITY WESLEYAN COLLEGE Mercer is the oldest private university in Georgia. Each year, it enrolls more than Founded in 1836, Wesleyan College was the first college in the world chartered to 8,600 students in 12 colleges and schools. US News has ranked Mercer as the grant degrees to women. It is a private, women’s liberal arts college. Wesleyan has second highest private University in Georgia for the past 25 years. The Princeton an undergraduate enrollment of over 700 and sits on a beautiful 200-acre campus. Review consistently ranks Mercer in the top 10 percent of colleges and universities It was named the 4th most diverse college in Georgia and is known for having a very in America each year. selective admissions process.

MIDDLE GEORGIA STATE UNIVERSITY CENTRAL GEORGIA TECHNICAL COLLEGE Middle Georgia State University is a public, four-year institution. Founded in 1884 as Central Georgia Technical College is a unit of the Technical College System of Georgia. New Ebenezer College and renamed through consolidation in 2015, MGSU has an This two-year public commuter college serves the needs of Baldwin, Bibb, Crawford, undergraduate enrollment of over 7,800 students and over 650 administrative staff. Dooly, Houston, Jones, Monroe, Peach, Pulaski, Putnam, and Twiggs Counties. CGTC The university was named the #12 Top Public School in US News’ 2019 rankings. has a student population of over 6,300.

8 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 9 FINANCIAL OVERVIEW

INVESTMENT SUMMARY 4053 Log Cabin Drive Property: Gross Sq. Ft.: 19,000 Macon, GA 31204 Number of Units: 20 Average S.F. Per Unit: 950 Year Built: 1973 Lot Size (Acres): 1.12 APN: M073-0190 Density: 18

CURRENT MARKET Price Price/Unit Price/Foot Cap Rate GRM Cap Rate GRM $800,000 $40,000 $42.11 7.00% 6.54 9.30% 5.38

UNIT MIX Avg. Rent Current Current Market Market Market Total Units Unit Mix Unit Mix % Avg SF P.S.F Avg Rent Monthly Rent Rent Rent P.S.F. Monthly Rent 20 2+1 100% 950 $0.54 $510 $10,194 $620 $0.65 $12,400 Scheduled Monthly $10,194 $12,400 Rent: Scheduled Yearly Rent: $122,328 $148,800

ANNUALIZED OPERATING DATA Current Market Scheduled Gross Income: $122,328 $148,800 22% Upside Less Bad Debt: $0 $0 Less Vacancy Reserve: $6,116 5.0% $7,440 5.0% Other Income (Reimbursements): $0 $0 Gross Operating Income: $116,212 $141,360 Expenses: $60,218 49.2% $66,933 44.98% * Net Operating Income: $55,994 $74,427 Loan Payments: $32,413 $32,413 Pre-Tax Cash Flow: $23,581 9.8% $42,015 17.43% ** Plus Principal Reduction: $9,674 $9,674 Total Return Before Taxes: $33,255 13.80% $51,689 21.45% ** * As a percent of Scheduled Gross Income ** As a percent of Down Payment

10 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 11 PRO FORMA ANNUAL OPERATING EXPENSES

Pro Forma Estimates Current Per Unit % of SGI Market Per Unit % of SGI Property Taxes 3.997% x Sale Price x 40% 4.73% $5,500 $275 $10,790 $539 7.3% Off-Site Management 7.5% x GOI 0.00% $0 $0 $8,716 $436 5.9% Insurance $350 x units 3.21% $3,725 $186 $7,000 $350 4.7% Reserves $150 x Units 0.00% $0 $0 $3,000 $150 2.0% Repairs & Maintenance $500 x Units 22.60% $26,266 $1,313 $10,000 $500 6.7% Turnover/cleaning $150 x Units 0.26% $300 $15 $3,000 $150 2.0% Utilities Actual 2019 7.14% $8,301 $415 $8,301 $415 5.6% Other Expenses (Water&Sewer) Actual 2019 8.24% $9,575 $479 $9,575 $479 6.4% Legal & Professional / General Admin $200 x Units 5.64% $6,551 $328 $6,551 $328 4.4% Total Expenses 51.82% $60,218 $3,011 $66,933 $3,347 45.0% Current Per Unit % of SGI Non-controllable expenses: Taxes, Ins., Reserves: $9,225 $461 7.5% Total Expense with out Taxes $54,718 $2,736 44.73%

RENT ROLL # Unit Mix Rent S.F Rent/S.F. Market Rent 1 A1 2+1 $495 950 $0.52 $620 2 A2 2+1 $495 950 $0.52 $620 3 A3 2+1 $495 950 $0.52 $620 4 A4 2+1 $495 950 $0.52 $620 5 A5 2+1 $545 950 $0.57 $620 6 A6 2+1 $523 950 $0.55 $620 7 A7 2+1 $495 950 $0.52 $620 8 A8 2+1 $545 950 $0.57 $620 9 A9 2+1 $495 950 $0.52 $620 10 A10 2+1 $523 950 $0.55 $620 11 B1 2+1 $495 950 $0.52 $620 Please contact a Barrington Capital 12 B2 2+1 $495 950 $0.52 $620 agent for financing options: 13 B3 2+1 $523 950 $0.55 $620 14 B4 2+1 $525 950 $0.55 $620 NIKO BUNTICH 15 B5 2+1 $495 950 $0.52 $620 (714) 656-7500 16 B6 2+1 $495 950 $0.52 $620 [email protected] 17 B7 2+1 $495 950 $0.52 $620 18 B8 2+1 $495 950 $0.52 $620 19 B9 2+1 $523 950 $0.55 $620 20 B10 2+1 $550 950 $0.58 $620 Totals $10,194 $12,400 20 Averages $510 $620

10 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 11 RENT COMPS Building Size ADDRESS Year Built Units Unit Mix Montly Rent Sq ft Rent / Sq Ft (SF) Log Cabin Courts S 4053 Log Cabin Dr 1973 20 19,000 2+1 $510 950 $0.54 Macon, GA 31204

Summit on Edne Place 1 1187 Edne Pl 1970 120 156,182 2+2 $660 1,000 $0.66 Macon, GA 31204

Westminster Apartments 2 1655 N Atwood Dr 1972 40 44,400 2+1.5 $635 1,015 $0.63 Macon, GA 31204

Creekwside Vistas 3 4690 Log Cabin Dr 1973 100 79,060 2+1.5 $675 1,015 $0.67 Macon, GA 31204

Windy Hill Manor Apartments 4 4151 Log Cabin Dr 1972 94 53,540 2+1.5 $750 910 $0.82 Macon, GA 31204

Westgate Arms Apartments 5 1436 Berkshire Dr 1964 24 23,026 2+1 $622 950 $0.65 Macon, GA 31206

AVERAGE $668 $0.69

12 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 13 1

12 MATTHEWS REAL ESTATE INVESTMENT SERVICES™ MACON, GA 13 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs ofLog Cabin located at 4053 Log Cabin Dr, Macon, GA 31204 (“Property”). The Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material and information in the Offering Memorandum is unverified. Matthews Real Estate Investment Services has not made any investigation, and makes no warranty or representation, with respect to square footage, income and expenses, the future financial performance of the property, future rent, and real estate value market conditions, the condition or financial prospects of any tenant, or the tenants’ plans or intentions to continue to occupy space at the property. All prospective purchasers should conduct their own thorough due diligence investigation of each of these areas with the assistance of their accounting, construction, and legal professionals, and seek expert opinions regarding volatile market conditions given the unpredictable changes resulting from the continuing COVID-19 pandemic. The information is based in part upon information supplied by the Owner and in part upon financial information obtained from sources the Owner deems reliable. Owner, nor their officers, employees, or real estate agents make any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum, or any of its content, and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential;

2. You will hold it and treat it in the strictest of confidence; and

3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Matthews Real Estate Investment Services is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee in the Offering Memorandum. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Matthews Real Estate Investment Services.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. EXCLUSIVELY LISTED BY