Atlanta, GA 30328 UPCOMING DEVELOPMENTS 16 Bullrealty.Com OPPORTUNITY ZONE 17 ATLANTA 18 ATLANTA TOP EMPLOYERS 19 CONTACT INFORMATION 20
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OFFERING MEMORANDUM TURNKEY EDGEWOOD AVE RESTAURANT & BAR AVAILABLE FOR SALE OR LEASE TABLE OF CONTENTS Andy Lundsberg PROPERTY INFORMATION 3 Partner, Bull Realty 4 [email protected] EXECUTIVE SUMMARY 404-876-1640 x107 INVESTMENT HIGHLIGHTS 5 PROPERTY INFORMATION 6 Michael Wess, CCIM PHOTOS 7 Partner, Bull Realty SALE COMPS 9 [email protected] 404-876-1640 x150 AREA OVERVIEW 10 AREA MAPS 11 Bull Realty, Inc. IN THE AREA 14 50 Glenlake Parkway, Suite 600 ABOUT THE AREA 15 Atlanta, GA 30328 UPCOMING DEVELOPMENTS 16 BullRealty.com OPPORTUNITY ZONE 17 ATLANTA 18 ATLANTA TOP EMPLOYERS 19 CONTACT INFORMATION 20 BROKER PROFILES 21 DISCLAIMER 22 Exclusively listed by Bull Realty, Inc. Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 2 of 23 PROPERTY INFORMATION Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease|Page3 of 23 EXECUTIVE SUMMARY LIMITED-SUPPLY EDGEWOOD AVE RESTAURANT 330 Edgewood Ave SE provides restaurateurs the opportunity to enter the limited-supply Edgewood Avenue restaurant and bar district, located just minutes from Downtown Atlanta, Georgia State University and the Eastside BeltLine Trail. This 6,300 SF former church underwent an extensive 3-year renovation (completed in 2019) into a turn-key restaurant and bar that integrates well into the Edgewood Ave restaurant and bar district. The property has a massive outdoor patio plus good off-street parking and an unloading area. Located in Atlanta’s Sweet Auburn district on Edgewood Avenue, the building is ideal for one looking to take advantage of the visibility and foot traffic of one of Atlanta’s most essential nightlife destinations. Marked by iconic bars and inspired art, Edgewood Avenue has become one of the most trendsetting corners in Atlanta. Sale Price | $2,350,000 Lease Rate | $13,000/Month NNN Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 4 of 23 INVESTMENT HIGHLIGHTS THE ASSET • 6,300 SF turn-key restaurant • Massive patio plus gated off-street parking and supply drop-off area • Former church recently renovated (2019) into full-service restaurant and bar on Edgewood Avenue’s retail district • Parking Spaces: ~17 PRIME INTOWN LOCATION • Corner parcel with excellent visibility and exposure • Minutes from Downtown Atlanta, Georgia State University and the East-side BeltLine Trail • Easy access to I-85 & I-20 • Located on the Atlanta MARTA trolley line • Frontage: 127’ on Edgewood Ave and 89’ on Hilliard St NE DEVELOPING AREA • Located within a Qualified Opportunity Zone • $70 million mixed-use community, “Waldo’s Old Fourth Ward,” will include residences, retail, office space and 125-key hotel nearby • Neighborhood is demonstrating 2.31% annual growth rate within 1-mile of subject property • The Atlanta Streetcar - one of MARTA's newest transportation developments has a stop right next to 330 Edgewood and connects the Martin Luther King Jr. National Historic Site to the east and the Centennial Olympic Park area to the west, with 10 other stops in between Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 5 of 23 PROPERTY INFORMATION PROPERTY Property Address: 330 Edgewood Avenue, Atlanta, GA 30312 County: Fulton Building Size: 6,300 SF Site Size: 0.24 Acres Zoning: HC-20C-SA4 (MLK Jr. Landmark District) Year Built: 1978 Year Renovated: 2019 Lease Rate: $13,000/Month NNN Sale Price: $2,350,000 Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 6 of 23 INTERIOR PHOTOS Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 7 of 23 EXTERIOR PHOTOS Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 8 of 23 SALE COMPS Subject Property SUBJECT PROPERTY ADDRESS CITY ASKING PRICE BUILDING SIZE PRICE/SF SITE SIZE SOLD DATE NOTE 330 Edgewood Avenue Atlanta $2,350,000 6,300 SF $373 0.24 AC - - SALES COMPS ADDRESS CITY SALE PRICE BUILDING SIZE PRICE PSF SITE SIZE SOLD DATE NOTE 1 488 Edgewood Avenue Atlanta $1,525,000 3,500 SF $435 0.11 AC 06/17/2020 Office/retail 2 479 Edgewood Avenue Atlanta $1,100,000 - - 0.13 AC 08/13/2019 Land sale 3 467 Edgewood Avenue Atlanta $1,295,000 3,800 SF $340 0.03 AC 06/04/2018 Bar + office upstairs 4 489 Edgewood Avenue Atlanta Under Contract 3,375 SF >$440 0.05 AC Pending Retail Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 9 of 23 ABOUT THE AREA Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease|Page10 of 23 AREA MAPS Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 11 of 23 AREA MAPS Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 12 of 23 AREA MAPS Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 13 of 23 IN THE AREA PONCE CITY MARKET PIEDMONT PARK 1 4 Ponce City Market is a mixed-use development Piedmont Park is a 211-acre park located in located in a historic building in Atlanta, with Midtown. It draws more than 3 million annual national and local retail anchors, restaurants, a visitors who enjoy the park’s many amenities food hall, boutiques and offices, and residential including fitness areas, walking trails, dog park, units. It is located where the BeltLine crosses Ponce farmer’s market and green space. The park also de Leon Avenue in the Old Fourth Ward where that hosts many annual events and music festivals neighborhood touches the Virginia Highland, that bring visitors from all over the country. Poncey Highland and Midtown neighborhoods. KROG STREET MARKET MERCEDES-BENZ STADIUM 2 5 Krog Street Market is a 9-acre mixed-use Mercedes-Benz Stadium serves as the home of the development located along the Atlanta BeltLine in Atlanta Falcons (NFL) and Atlanta United (MLS). Inman Park. The complex is a 12,000 SF west-coast Along with concerts previously held at the Georgia style marketplace complete with restaurants and Dome, new marquee events that could be hosted 300 apartments. here in the future. Mercedes-Benz stadium has a capacity of 71,000 seats and the total cost is estimated at $1.4 billion. ATLANTA BELTLINE SUMMERHILL DEVELOPMENT 3 6 The Atlanta BeltLine is a sustainable One of Atlanta’s oldest neighborhoods covering 19 redevelopment project that provides a network of blocks between Grant Park, I-20 and 75/85, public parks, multi-use trails and transit along a Summerhill's current redevelopment will preserve historic 22-mile railroad corridor circling downtown Atlanta’s collective past and reconnect adjacent and connecting many neighborhoods directly to historic neighborhoods. Proposals include student each other. housing and local businesses, designed to be walkable/bikeable, as well as combine and enhance business with community. Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 14 of 23 ABOUT THE AREA SWEET AUBURN DISTRICT AREA HIGHLIGHTS Located just east of Downtown Atlanta, the Sweet Auburn district is steeped in history. Famously the birthplace of civil rights pioneer Dr. Martin Luther King Jr., Sweet Auburn is the best place on Earth to • Dr. Martin Luther King's birth home connect with his enduring legacy. Not only does the Martin Luther King Jr. National Historic Site engage • Edgewood's Avenue's hip bar and nightlife visitors with an interactive center that explores King’s extensive legacy, in Sweet Auburn, you can even tour scene King’s birth home, as well as Ebenezer Baptist Church; the burial sites of King and his wife, Coretta Scott King; and the International Walk of Fame - an interactive memorial made of shoe prints from influential • The Atlanta Streetcar runs through the area civil rights activists. • The entire area is a national historic landmark with many museums and churches NATIONAL HISTORIC LANDMARK • Krog Street Market is minutes away Designated a National Historic Landmark in 1976, Sweet Auburn is experiencing a major upswing, investing in connectivity-boosting initiatives like the Atlanta Streetcar, which runs from the King Center to downtown’s Centennial Olympic Park. The annual Sweet Auburn Festival celebrates the past and the future of this neighborhood, attracting thousands of visitors annually. Sweet Auburn Curb Market has become a fun anchor for the neighborhood, providing a bustling and varied lunch option for nearby workers. Originally opened in 1918 and filled with a rich history of its own, the market has something for every palate, offering fresh produce, meats and dairy from local and organic farms, as well as the wares of artisan shops and eateries. * Source: http://www.atlanta.net/explore/neighborhoods/eastside/sweet-auburn/ Turnkey Edgewood Ave Restaurant & Bar | For Sale or For Lease | Page 15 of 23 UPCOMING DEVELOPMENTS HOTEL DEVELOPMENT In the coming months, a high-end hotel is slated to ascend just feet away from Edgewood Avenue’s bustling bar scene. At the corner of Edgewood and Boulevard, a small mixed-use community called Waldo’s Old Fourth Ward is projected to bring 200,000 SF of new development to the high-traffic neighborhood. Developer Lucror Resources and investor Sixty West Funds recently announced the project will include the United States’ first Motto by Hilton hotel, which would be comprised of 125 rooms just down the street from Martin Luther King Jr.’s birth home. The $80 million complex, designed by Atlanta-based architecture firm tvsdesign, is also expected to host townhomes, about 10,000 SF of restaurants and retail, and a “heavy timber construction” office building. Waldo's Old Fourth Ward Rendering EXPANDING RETAIL The past decade has seen Edgewood Avenue morph from a sleepier east-west corridor dotted with vacancies to a bona fide nightlife destination, home to establishments such as Joystick, Cafe Circa, the original Church Bar, Georgia Beer Garden, and Noni’s, with its popular DJ nights and mean lasagna bolognese.