Offering Memorandum Street Retail/Office Building Old Fourth Ward | 3,653 Sf Table of Contents
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OFFERING MEMORANDUM STREET RETAIL/OFFICE BUILDING OLD FOURTH WARD | 3,653 SF TABLE OF CONTENTS Michael Wess, CCIM PROPERTY INFORMATION 3 Partner, Bull Realty 4 [email protected] EXECUTIVE SUMMARY 404-876-1640 x150 PROPERTY INFORMATION 5 PHOTOS 6 Andy Lundsberg FLOOR PLANS 9 Partner, Bull Realty PROPOSED TWO-UNIT RECONFIGURATION 11 [email protected] 404-876-1640 x107 AREA OVERVIEW 12 AREA MAP 13 Bull Realty, Inc. IN THE AREA 14 50 Glenlake Parkway, Suite 600 ABOUT THE AREA 15 Atlanta, GA 30328 ATLANTA 16 BullRealty.com ATLANTA TOP EMPLOYERS 17 CONTACT INFORMATION 18 BROKER PROFILE 19 CONFIDENTIALITY AGREEMENT 20 DISCLAIMER 21 Exclusively listed by Bull Realty, Inc. Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 2 of 22 PROPERTY INFORMATION Street Retail/Office Building in Old Fourth Ward | 3,653 SF|Page3 of 22 EXECUTIVE SUMMARY LOW-COST OPPORTUNITY TO RENOVATE • Retail / Office / Live-work building in Old Fourth Ward available for sale • 3,653 SF structure with back patio space provides new owner low-cost opportunity to renovate and reconfigure perfectly to their needs • Exterior fenced on side and rear of building • Currently used as a doggy-daycare but was formerly outfit sa Davita Dialysis POTENTIAL TWO-UNIT RECONFIGURATION • Two addresses (446-448 Ralph McGill), and two curb-cuts allow this asset to easily be reconfigured into a two-tenant structure • Plans available for two-tenant configuration (Page 10-11) PLENTIFUL PARKING AND FRONTAGE • 5 Parking spaces plus drive-in door for possible interior parking or easy supply drop-off • Adjacent to 30-space parking lot (available for lease) • 57' of frontage on Ralph McGill Blvd NE PRIME LOCATION IN O4W • Directly across from WellStar Atlanta Medical Center • Easy access to Freedom Parkway and I-75/85 • Less than 1.5 miles from Ponce City Market, Historic Fourth Ward Park, Krog Street Market and the Atlanta Eastside BeltLine • C-2 Zoning with BeltLine Overlay: https://bit.ly/33fxXU2 Price | $650,000 3,653 SF Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 4 of 22 PROPERTY INFORMATION BUILDING FINANCIAL Property Address: 446-448 Ralph McGill Blvd NE, Atlanta, GA 30312 Tenant: Month-to-Month Doggy Daycare County: Fulton Price/SF: $177.94 Year Built: 1951 Sale Price: $650,000 Year Renovated: 2003 Building Size: 3,653 SF Signage: Facade Drive-in Bay: 1 Roof Note: Property needs a new roof SITE Site Size: 0.11 Acres Parcel IDs: 14-0047-0008-113 & 14-0047-0008-113-9 Zoning: C-2 (BeltLine Overlay) - https://bit.ly/33fxXU2 Surface Parking Spaces: 5 with additional spaces available for lease Curb Cuts: 2 Billboard Note: Billboards adjacent to the property not included AREA Traffic ountC : 7,198 VPD on Ralph McGill Blvd NE Frontage: 57' of frontage on Ralph McGill Blvd NE Ingress/Egress Points: 2 Neighboring Properties: WellStar Atlanta Medical Center Cross Streets: Parkway Drive NE & Boulevard NE Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 5 of 22 EXTERIOR PHOTOS 3,653 SF structure currently used as a doggy daycare Potential for 2-unit reconfiguration Subject sits on a 0.11-acre site with plentiful surface parking options Across the street from Atlanta Medical Center Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 6 of 22 EXTERIOR PHOTOS Adjacent to 30-space parking lot (available for lease) *Property needs a new roof Back patio space with exterior fencing Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 7 of 22 INTERIOR PHOTOS Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 8 of 22 CURRENT FLOOR PLAN Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 9 of 22 PROPOSED TWO-UNIT FLOOR PLAN Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 10 of 22 PROPOSED TWO-UNIT RECONFIGURATION Current configuration (Before) Proposed two-unit configuration (After) Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 11 of 22 AREA OVERVIEW Street Retail/Office Building in Old Fourth Ward | 3,653 SF|Page12 of 22 AREA MAP Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 13 of 22 IN THE AREA WELLSTAR ATLANTA MEDICAL CENTER Wellstar Atlanta Medical Center is a hospital in Atlanta, Georgia operated by WellStar Health System. It has 460 beds and over 700 physicians. The hospital is a Level I Trauma Center, and an Advanced Primary Stroke Center. PONCE CITY MARKET Formerly a Sears, Roebuck & Co. distribution center and the largest brick building in the Southeastern United States, Ponce City Market is a historic ten story, 2.1 million SF structure. The property has been restored as a mixed-use development housing best-in-class office, retail and residential spaces. ATLANTA BELTLINE The Atlanta BeltLine is a sustainable redevelopment project that provides a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other. HISTORIC FOURTH WARD PARK Atlanta’s Historic Fourth Ward Park starts in Atlanta’s Old Fourth Ward behind Ponce City Market and stretches South to Freedom Parkway and the Carter Center. Historic Fourth Ward Park is one of the first completed urban park elements of the Atlanta BeltLine project. Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 14 of 22 ABOUT THE AREA ATLANTA, GA Old Fourth Ward (O4W) is one of Atlanta’s most visited and sought-after neighborhoods. Home to Ponce City Market, a large portion of the Eastside BeltLine Trail, Martin Luther King Jr.’s birth home and Historic Fourth Ward Park make the area a bustling community rich with old and new culture. Ponce City Market breathed new life into the historic Sears, Roebuck & Co. Building in Atlanta. The classic structure, which is the area’s largest adaptive reuse project, has been reinvented as a vibrant community hub housing dining, retail, multifamily and offices. * Source: https://www.atlanta.net/explore/neighborhoods/eastside/old-fourth-ward/ DEMOGRAPHICS (5-MILE) POPULATION MEDIAN INCOME MEDIAN AGE 335,802 $80,806 33.1 MARTA STATION MED. HOME PRICE Civic Center (1 Mile from Site) $371,142 Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 15 of 22 ATLANTA BUSINESS-FRIENDLY CITY Atlanta, the capital and most populous city in Georgia, is the ninth-largest metro in the United States with over 5.9 million residents. It prides itself on its low business costs, tax-friendly environment, diverse economy and suburb quality of life. Encompassing a GDP over $270 billion, the Atlanta metropolitan area is a true “world city.” HOME TO FORTUNE 500 COMPANIES #1 Most-Traveled Airport in $270 Billion GDP in Atlanta has the third-highest concentration of Fortune 500 headquarters in the U.S., and over 75% of the the World Metro-Atlanta Fortune 1000 conduct business in the Atlanta Metropolitan Area. The city is the global headquarters of corporations such as The Coca-Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, UPS and Newell-Rubbermaid. CONTINUOUS ECONOMIC DEVELOPMENT The city’s continuous growth is expected to continue with recently executed or announced corporate relocations such as UPS, Mercedes-Benz, NCR, Honeywell, and General Electric. Atlanta has also become a mega center for movie production due to tax credits implemented in 2008. 17 Fortune 500 HQ in Top U.S. Metro with #1 Lowest WORLD-CLASS EDUCATION Atlanta Cost of Doing Business Atlanta houses several of the top higher education institutions in the United States including Georgia Institute of Technology, Emory University, Georgia State University and Kennesaw State University. Georgia Tech’s Technology Square is ATTRACTIONS AND TOURISM a R&D incubator for over 100 companies and is “one of the Attractions in Atlanta include the largest aquarium in the western hemisphere, the CNN Center, the Fox incubators changing the world.” Theater, the King Center and the new $1.5 billion home of the Atlanta Falcons football franchise, -Forbes 2010 & 2013 Mercedes-Benz Stadium. Hartsfield-Jackson Atlanta International Airport is the world’s busiest airport, making the city a hub for business and tourism travelers alike. #4 Metro Area for Largest Increase in Population, 2015-2016 -U.S. Census Bureau Population Division Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 16 of 22 ATLANTA TOP EMPLOYERS TOP EMPLOYERS EDUCATION MAJOR ATTRACTIONS Street Retail/Office Building in Old Fourth Ward | 3,653 SF | Page 17 of 22 CONTACT INFORMATION Street Retail/Office Building in Old Fourth Ward | 3,653 SF|Page18 of 22 BROKER PROFILE PROFESSIONAL BACKGROUND Michael Wess’ passion for the consultation and sale of commercial real estate began during his undergraduate studies at the University of Georgia. He earned a 4.0 GPA at the Terry College of Business’s real estate program, consistently ranked in the top five nationally. While there, Michael also received two other degrees in finance and international business and a minor in Spanish while participating on UGA’s rugby team and various philanthropic organizations. Michael joined Bull Realty in 2016 and began building his brokerage practice based on integrity, superior client service, and exceptional results. In 2018 alone, Michael closed 23 transactions valued at over $25,000,000, which landed him #3 of 32 brokers at the firm. In 2019, Michael Wess and Andy Lundsberg teamed up and sold over $65 million through 34 transactions. Michael continuously attends seminars, conferences, and classes to improve his knowledge of real estate, finance, and economics. He is a pinned designee of the prestigious Certified Commercial Investment Member (CCIM) Institute, commercial real estate’s global standard for MICHAEL WESS, CCIM professional achievement and is an active member of the Atlanta Commercial Board of Realtors (ACBR).