54 85 PRYOR RD SW JONESBORO RD SE
OAK SITE KNOLL I & II PARK TURMAN AVE
LAKEWOOD FAIRGROUNDS LAKEWOOD AMPHITHEATER LAKEWOOD STADIUM
LAKEWOOD AVE SE
OFFERING MEMORANDUM South Atlanta Residential Land Development 199 Turman Avenue | Atlanta, Georgia 30315 | Fulton County RESIDENTIAL LAND REDEVELOPMENT OPPORTUNITY
54
SUBJECT PROPERTY
JONESBORO RD SE
OAK KNOLL I & II PARK
TURMAN AVE
An excellent 2.28-acre site primed for LAKEWOOD AVE SE residential redevelopment in South Atlanta, within walking distance to parks and high-density housing.
n Minutes to Lakewood Amphitheater
n Proximity to Oak Knoll parks I and II
n 3 miles to GSU Mixed-Use Development
n 5 miles to Downtown Atlanta's CBD
n 7.5 miles to Atlanta International Airport CONFIDENTIALITY / DISCLAIMER
This Offering Memorandum and any subsequent evaluation material you THE OFFERING MEMORANDUM SHALL NOT BE DEEMED TO REPRESENT may be provided (collectively known as the “Offering Memorandum”) THAT STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN is intended solely for your limited use in considering whether to pursue INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR negotiations to acquire 199 Turman Avenue (the “Property”) located in AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THE Atlanta, Georgia. The Property is being marketed for sale by Ackerman & OFFERING MEMORANDUM. Co. (“Broker”). The information provided in the Offering Memorandum has been gathered The Offering Memorandum contains brief, selected information pertaining from sources that are deemed reliable, but the Broker does not warrant or to the business and affairs of the Property and has been prepared by represent that the information is true or correct. Prospective offerors are Broker. It does not, however, purport to be all-inclusive or to contain all advised to verify information independently. The Offering Memorandum of the information that a prospective purchaser may desire. Broker makes is not to be construed as an offer or as any part of a contract to sell the no representation or warranty, express or implied, as to the accuracy or property. completeness of the Offering Memorandum or any of its contents, and no legal liability is assumed to be implied with respect thereto. Furthermore, the inclusion or exclusion in the Offering Memorandum of information relating to asbestos or any other hazardous, toxic or dangerous By acknowledgment of your receipt of the Offering Memorandum you chemical item, waste or substance (hereinafter collectively referred to as agree that the Offering Memorandum and its contents are confidential, “Waste”) relating to the Property shall in no way be construed as creating that you will hold and treat it in the strictest of confidence, that you will any warranties or representations, expressed or implied by the Broker as not directly or indirectly disclose, or permit anyone else to disclose, the to the existence or nonexistence or nature of Waste in, under or on the Offering Memorandum or its contents to any other person, firm, or entity Property, it may create significant legal and/or economic obligations upon (including, without limitation, any principal for whom you have been the Owner, lessee and/or other holders of interest in the Property or a part engaged), without prior written authorization of Owner or Broker and thereof and you are hereby advised to obtain professional assistance such that you will not use or permit to be used the Offering Memorandum or as from a consultant, engineer and/or attorney prior to taking an interest its contents to be copied or used in any fashion or manner detrimental to in the Property or a part thereof. the interest of Owner. Photocopy or other duplication is strictly prohibited. Property is being sold "as-is." Table of Contents
01 EXECUTIVE SUMMARY 03 MARKET SUMMARY Overview Atlanta, Georgia Development Highlights Demographics
02 PROPERTY OVERVIEW 04 FINANCIAL DETAILS Property Photos Overview Location Maps (State and Local) Developer Incentives Property Details Comparative Land Sales Property Tax Plat Current Zoning Map City of Atlanta Future Land Use Map
For more information, please contact: STEVE LANGFORD Senior Vice President, Investment Sales 770.913.3955 | [email protected]
ACKERMAN & CO. 10 Glenlake Parkway | South Tower, Suite 1000 | Atlanta, GA 30328 770.913.3900 | ackermanco.com 01
EXECUTIVE SUMMARY Overview Development Highlights
199 Turman Avenue | Atlanta, Georgia 30315 | Fulton County 01 Executive Summary 199 Turman Avenue | Atlanta, GA 6
Ackerman & Co. is pleased to exclusively present 2.28 acres of residential land at 199 Turman Avenue in south Atlanta, Fulton County, Georgia (“Property”). The property currently has a church on it, but represents an opportunity to repurpose site for residential development for which it is zoned.
HIGHLIGHTS DOWNTOWN GA STATE GRANT Zoned: PD-H (Planned Housing Development), R4-A (Single-family residential, ATLANTA UNIVERSITY PARK CBD JONESBORO RDMIXED-USE SE minimum lot size 0.17 acres) DEVELOPMENT
500’ of frontage on Turman Avenue CHOSEWOOD PARK Easy access to I-75/85, I-20, and Lakewood Freeway 85 OAK KNOLL I, II Near Lakewood Amphitheater, Lakewood Football Stadium, EUE Screen Gems PARK LAKEWOOD Movie Studio AMPHITHEATER SOUTH 75 LAKEWOOD EUE BEND PARK LAKEWOOD FREEWAY STADIUM Close to numerous parks including: Oak Knoll, South Bend, South Atlanta, 166 SCREENS GEMS Chosewood, and Grant Parks SUBJECT PROPERTY 6-Minutes to GA State University Mixed-Use Development JEFFERSON PARK 5-Minutes to Downtown Atlanta Central Business District (CBD) 15-Minutes to Hartsfield-Jackson Atlanta Int’l Airport 85 ACQUISITION SUMMARY
Sales Price: $2,000,000
Price/AC: $877,193 75
Price/SF: $114.68 HARTSFIELD- JACKSON ATLANTA INTERNATIONAL Debt Structure: Property delivered free and clear AIRPORT 02
PROPERTY OVERVIEW
Property Photos Location Maps Property Details Property Tax Plat Current Zoning Map City of Atlanta Future 199 Turman Avenue | Atlanta, Georgia 30315 | Fulton County Land Use Map 02 Property Overview 199 Turman Avenue | Atlanta, GA 8
PROPERTY PHOTOS 02 Property Overview 199 Turman Avenue | Atlanta, GA 9
STATE MAP
SUBJECT PROPERTY
ATLANTA
AUGUSTA
COLUMBUS
SAVANNAH 02 Property Overview 199 Turman Avenue | Atlanta, GA 10
LOCAL MAP
985 85 400 285
85 20
DOWNTOWN 285 ATLANTA 20
75 SUBJECT PROPERTY 20
285 HARTSFIELD-JACKSON ATLANTA INTERNATIONAL AIRPORT 02 Property Overview 199 Turman Avenue | Atlanta, GA 11
AERIAL MAP
RESIDENTIAL MILTON AVE SE LAKEWOOD AVE SE
RESIDENTIAL
85 PRYOR RD SW
54 OAK KNOLL I & II RESIDENTIAL TURMAN AVENUE JONESBORO RDPARK
199 TURMAN AVENUE
RESIDENTIAL SAWTELL AVE SE CLAIRE DR SW
LAKEWOOD LAKEWOOD AMPHITHEATER LAKEWOOD FAIRGROUNDS STADIUM
LAKEWOOD AVE SE
MACON DR SW
RESIDENTIAL
166 SOUTH BEND PARK 02 Property Overview 199 Turman Avenue | Atlanta, GA 12
PROPERTY DETAILS
Address: 199 Turman Avenue, Atlanta, GA 30315
Land: 2.28 acres SUBJECT PROPERTY
Building: 17,440 SF
Parcel ID: 14-005700190424
County: Fulton
Submarket: South Atlanta
PD-H (Planned Housing Development), R4-A (Single-family Zoning: residential, minimum lot size 0.17 acre)
Lot Dimensions: Rectangular shaped - 500x204.5x300.15x200x190
Frontage: 500 feet on Turman
Typography: Level
Utilities: All available for site 199 Turman Avenue 02 Property Overview 199 Turman Avenue | Atlanta, GA 13
PROPERTY TAX PLAT
Fulton County makes every effort to produce the most accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use or interpretation. The assessment information is from the last certified taxroll. All data is subject to change before the next certified taxroll. Date printed: 10/10/17 : 23:25:08 02 Property Overview 199 Turman Avenue | Atlanta, GA 14
CURRENT ZONING MAP
SUBJECT PROPERTY
R-4A PD-H 02 Property Overview 199 Turman Avenue | Atlanta, GA 15
CITY OF ATLANTA FUTURE LAND USE MAP
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MARKET SUMMARY Atlanta, Georgia Demographics
199 Turman Avenue | Atlanta, Georgia 30315 | Fulton County 03 Market Summary 199 Turman Avenue | Atlanta, GA 17
ATLANTA, GEORGIA
Atlanta is the capital of and the most populous city in the state of Georgia, with population of 472,522. Atlanta is the cultural and economic center of the metropolitan area, home to 5,789,700 people and the ninth largest metropolitan area in the United States.
Atlanta is the primary transportation hub of the Southeastern United States, via highway, railroad, and air, with Hartsfield–Jackson Atlanta International Airport (the world’s busiest since 1998). The city’s transportation infrastructure also comprises The Metropolitan Atlanta Rapid Transit Authority (MARTA), which provides public transportation in the form of buses and heavy rail.
With a gross domestic product of $364 billion, Metro Atlanta has a diverse economy that ranks 40th among world cities and tenth in the nation. The city’s economy is dominated by logistics, professional and business services, media operations, and With a GDP of $364 billion, the Atlanta metropolitan information technology. Revitalization of Atlanta’s neighborhoods, initially spurred by area is the tenth-largest economy in the country and the 1996 Olympics, has intensified in the 21st century, altering the city’s demographics, 40th-largest in the world. politics, and culture. Atlanta contains the country’s third largest concentration of Fortune 500 companies, and the city is the global Due to the more than 30 colleges and universities located in the city, Atlanta is considered headquarters of corporations such as: a center for higher education. Many corporations are drawn to Atlanta on account of The Coca-Cola Company the city’s educated workforce; as of 2010, nearly 43% of adults in the city of Atlanta The Home Depot have college degrees, compared to 27% in the nation as a whole. Delta Air Lines AT&T Mobility UPS Newell-Rubbermaid 03 Market Summary 199 Turman Avenue | Atlanta, GA 18
DEMOGRAPHICS
Boundaries for the South Atlanta market are adopted from those 1 MILE 5 MILES 10 MILES assigned by the City of Atlanta in accordance to its corresponding 2022 Projected Population 10,249 91,713 276,854 neighborhood planning unit (NPU). Information contained here is 2017 Estimated Population 9,948 87,910 264,980 for NPU-T. Specific boundary details are shown below: 2010 Census Population 9,738 82,063 245,867 Growth 2017 - 2022 3.03% 4.33% 4.48% Growth 2010 - 2017 2.16% 7.13% 7.77% 2017 Median Age 30.5 33 33.6 2022 Projected Households 3,420 34,915 111,896 2017 Estimated Households 3,319 33,580 107,233 2010 Census Households 3,339 32,215 101,111 Growth 2017 - 2022 3.04% 3.98% 4.35 Growth 2010 - 2017 -0.06% 4.24% 6.05% 2017 Average Household Income $42,049 $54,238 $61,035 2017 Average Household Size 2.5 2.4 2.1 2017 Housing Units 4,239 41,330 134,298 2017 Owner Occupied Units 32.2% 41.4% 40.2% 2017 Renter Occupied Units 67.8% 58.6% 59.8% 04
FINANCIAL DETAILS
Overview Developer Incentives Comparative Land Sales
199 Turman Avenue | Atlanta, Georgia 30315 | Fulton County 04 Financials Details 199 Turman Avenue | Atlanta, GA 20
OVERVIEW
The metro Atlanta area currenlty suffers from a shortage of available housing to meet the demands of its growing population. The shortage of affordable housing has becomae a national concern. Fortunately, there are developer incentives to aid with mitigating the cost of bringing new units to market.
DEVELOPER INCENTIVES Some significant ones include: TAX EXEMPT BOND FINANCING NEW MARKET TAX CREDITS (NMTC) Below market interest rate mortgage loans to developers from the issue Administered by Invest Atlanta, the program is a tool that provides of tax exempt bonds sold by URFA/ Urban Residential Finance Authority low-interest loans to builders and businesses with large redevelopment (the Housing Finance group of Invest Atlanta). The proceeds, which projects. Projects with total planned capital costs/business investments must go toward permanent financing for the development, are intended of at least $4 million work best for NMTC financing. to encourage affordable housing with a mix of market rate units. HOME INVESTMENT PARTNERSHIPS PROGRAM FINANCING (HIP) TAX ALLOCATION DISTRICT (TAD) FINANCING Assists in the production and preservation of affordable housing for Provides developers a method of paying for public improvements low to moderate-income families and individuals. The program funds within these districts via the increases in tax revenue resulting from the costs associated with new construction, acquisition and rehabilitation of revitalization of this district. Tax allocation bonds are used to finance rental properties. these redevelopment costs within a TAD. ATLANTA NEIGHBORHOOD DEVELOPMENT PARTNERSHIP (ANDP) HOUSING OPPORTUNITY BOND (HOB) FINANCING LOAN FUND Below market rate loans to developers planning mixed-income rental Provides financing to nonprofit and profit housing developers that create housing in the City of Atlanta to finance in part the acquisition, affordable housing, mixed income and mixed use properties. It includes construction or renovation of housing. These funds may be used in loans for predevelopment, construction, bridge land acquisition and conjunction with conventional financing, bond financing or other other loans to spur affordable and mixed-income housing developments. private/public financing to construct and/or rehabilitate residential housing and finance predevelopment and site development costs. 04 Financials Details 199 Turman Avenue | Atlanta, GA 21
COMPARABLE LAND SALES
1 2
105 Georgia Ave 1040 Grant St SE Atlanta, GA 30312 Atlanta, GA 30315 Type Land Type Land Size 0.29 AC Size 1.5 AC Sold 6.23.2016 Sold 1.28.2016 Price $168,000 Price $1,275,000 Price/AC $579,310 Price/AC $850,000
3 4
1110 Metropolitan Pky 271 Milton Ave Atlanta, GA 30310 Atlanta, GA 30315 Type Land Type Land Size 0.14 AC Size 0.90 AC Sold 1.09.2017 Sold 3.14.2017 Price $46,000 Price $125,000 Price/AC $320,557 Price/AC $138,889 FOR MORE INFORMATION OR TO SUBMIT AN OFFER, PLEASE CONTACT: STEVE LANGFORD Senior Vice President, Investment Sales Property shown by appointment only 770.913.3955 | [email protected] ©2017 Ackerman & Co. All rights reserved.