The Massee Apartments 347 College Street, Macon, Georgia
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100% LEASED Designed by famed architect, Neel Reed and located in the heart of Law School Campus HISTORIC APARTMENT BUILDING FOR SALE Macon, Georgia The Massee Apartments 347 College Street, Macon, Georgia Brannen Goddard Commercial Real Estate Services, Worldwide. 404 812 4000 | F 404 816 3939 | www.naibg.com BRAD COOPER TODD ELLIS Suite 1100 | 5555 Glenridge Connector | Atlanta GA 30342 404 812 4042 404 812 4009 Information is deemed from reliable sources. No warranty is made as to its accuracy. [email protected] [email protected] TABLE OF CONTENTS Section One | Executive Summary Two | Property Overview Three | Location Summary Four | Appendix - Property Photos - Neel Reed, Architect - Demographics The information contained herein was obtained from sources we believe to be reliable. However, neither Broker nor Owner has verified all of the information and makes no representation, warranty or guarantee of its accuracy Brannen Goddard or completeness. This Offering Memorandum is provided subject to the possibility of errors, omissions, change of Commercial Real Estate Services, Worldwide. price, prior sale or withdrawal from sale without notice. EXECUTIVE SUMMARY We are pleased to submit our offering memorandum for The Massee Apartments in Historic Downtown Macon, Georgia. We share with you the following information to highlight key points of this great opportunity. Conveniently located in Macon’s downtown historical district, The Massee offers a unique way of life for the resident who appreciates character and charm. This 78-year-old building is a tribute to the skills of Neel Reid, the region’s foremost architect of the 1920’s who designed the building to be beautiful as well as functional. Like other Reid designs, The Massee is an architecture landmark – the handsome ornamental work surrounding the doorway; wide terra cotta rile terrace and wrought iron railings, door grilles and torches complete the stage for its dramatic entrance. The building is eight-stories high with 74 units that consist of one and two bedroom apartments and efficiencies and studios. Each apartment has its own character and charm. The Massee’s main entrance The Massee houses a diversified group of residents including senior residents, graduate students and young professionals and is currently 100% leased with below market rents. The Massee is only one block from the prestigious Mercer Law School and less than one mile from Mercer University. Potential Uses & Value-Add Opportunities for The Massee: • Fully furnished student housing units to serve Mercer University and Mercer Law students thus increasing rental rates • 9% tax credit funded acquisition/rehab opportunity-senior • 4% tax credit funded acquisition/rehab opportunity-senior • Rehab using historic tax credits • Reposition rents by upgrading the current electrical to allow for washer and dryer units and upgraded HVAC systems in each unit • Conversion to a hotel The Massee’s lobby • Acquisition with a condo sale exit strategy in the future Brannen Goddard Commercial Real Estate Services, Worldwide. PROPERTY OVERVIEW Physical Address 347 College Street, Macon, Bibb County, Georgia 31201 Location Corner of College Street & Second Avenue Number of Units 74 Square Feet 54,304 Acreage 1.03 acre Parcel Number Q073-0089 The Massee’s street access Municipality City of Macon Frontage 113.56' on College Street 111.78' on Madison Street 448.64' on Second Avenue Zoning HR-3 Utilities All available and on site Price $2,400,000 / $32,432.43 per unit Brannen Goddard Commercial Real Estate Services, Worldwide. PROPERTY OVERVIEW Apartment Specs Unit Type # of Units Monthly Total Studio Rent 255 SF Studio 23 $330 $7,590 Efficiency 8 $425 $3,400 Small 1 BDR 8 $450 $3,600 Large 1 BDR 18 $525 $9,450 Small 2 BDR 8 $595 $4,760 Efficiency 420 SF Large 2 BDR 4 $625 $2,500 Large 2 BDR / 2 BTH 1 $625 $625 Extra Large 2 BDR / 2 BTH 1 $875 $875 3 BDR 1 $755 $755 3 BDR / 2 BTH 1 $755 $755 Penthouse 1 $900 $900 Rental Rates 1 BDR / 1 BTH 610 SF Studio $330± (includes mini-refrigerator & A/C unit) Efficiency $425± (includes full-size kitchen & balcony) 1 BDR / 1 BTH (small) $450-$495 (small) / $495-$525 (large) 2 BDR / 1 BTH $595± (small) / $650± (large) 3 BDR / 1 BTH $755± 1 BDR / 1 BTH 740 SF Executive Penthouse $895± Criteria Applicant(s) household monthly income must exceed 3-times the apartment rent • Stable history of employment • Positive and verifiable rental history • Credit and background checks are performed for all prospective residents • Application fee of $30 for each applicant over the age of 18 2 BDR / 1 BTH 840 SF Deposits A security deposit will be required. Deposits range from $150 to $450. 2 BDR / 2 BTH 1,050 SF Heat Charge A heat charge will apply during the winter months, from November through March. Brannen Goddard Commercial Real Estate Services, Worldwide. PROPERTY OVERVIEW Site Plan Brannen Goddard Commercial Real Estate Services, Worldwide. PROPERTY OVERVIEW Property Aerial Jefferson Terrace Madison Street 2nd Avenue College Street Stewarts Lane Brannen Goddard Commercial Real Estate Services, Worldwide. PROPERTY OVERVIEW Macon Historic District SITE Brannen Goddard Commercial Real Estate Services, Worldwide. PROPERTY OVERVIEW EXECUTIVE SUMMARY Location Maps SITE Mercer Law School Mercer University micro map SITE macro map Brannen Goddard Commercial Real Estate Services, Worldwide. PROPERTY OVERVIEW Competitive Properties Competitive SITE Apartments: 1. Ashley Towers 1 BDR – $595 2 BDR – $725 #4 2 BDR / 2 BTH – $995 Studio w/Kitchen – $495 #1 2. The Terrace Studio w/Kitchen – $450 1 BDR – $550-$675 2 BDR - $885-$975 3. Broadway 2 BDR / 2 BTH – $850 4. Katherine Court 2 BDR / 1 BTH – $775 #2 #3 Brannen Goddard Commercial Real Estate Services, Worldwide. LOCATION SUMMARY SITE The Massee is located in the “Heart of Georgia” in Macon, Bibb County, Georgia, which is central Georgia’s largest city as well as its anchor. This unique, historical property resides in Macon’s Historical District, which contains a significant and varied collection of residential buildings that range from landmark mansions to small worker homes. This distinctive building is only one block from the prominent Mercer Law School and less than one mile from Mercer University. Brannen Goddard Commercial Real Estate Services, Worldwide. LOCATION SUMMARY Macon, Georgia Macon is a city located in central Georgia and is the county seat of Bibb County. Macon is the biggest city in central Georgia and lies near the geographic center of Georgia, approximately 85 miles south of Atlanta, hence the city’s nickname as the “Heart of Georgia.” Its population is the seventh- largest city in Georgia (just after Sandy Springs, Georgia). Macon has 12 National Register Historic Districts and two national Historic Landmarks as well as a national monument. Macon’s city auditorium has the largest covered copper dome in the world and the Hay House, built in the 1850s, is a historic museum. The Bibb County courthouse was constructed in 1924 and remodeled in 1940. The courthouse is listed within the National Register of Historic Places. The city has several institutions of higher education, as well as numerous museums and tourism sites. Macon is home to Wesleyan College, founded in 1836 as the Georgia Female College, the first college in the world chartered to grant degrees to women. Mercer University and Georgia College are also Georgia Music Hall of Fame located in Macon. Macon is also home to the Georgia Music Hall of Fame and the Georgia Sports Hall of Fame. These two facilities play an integral role in the ongoing revitalization of downtown Macon. Georgia’s largest African American museum, Tubman African American Museum, offers fourteen exhibition galleries, a resource center and a 63” mural depicting African-American art, history and culture. Permanent collections are accompanied by touring national and international exhibitions by well-known African American artists. The Douglas Theatre, built in 1921 by black entrepreneur Charles Douglass, is a restored historic theatre that has hosted greats like Ma Rainey, Bessie Smith, Ida Cox and Cab Calloway. The Douglass Theatre now pays tribute to the Afri- can American influence on film and theatre. The most popular event in the county is the Macon International Cherry ride at the Georgia State Fair Blossom Festival held in March. The city has more Yoshino cherry trees than anywhere else in the world, and people come to the annual festival to see the trees. Other festivals include the annual First Night Macon, Tubman Museum Pan African Festival in May and the Georgia State Fair. Brannen Goddard Commercial Real Estate Services, Worldwide. LOCATION SUMMARY Historic Macon Macon boasts 12 historic districts containing over 5,500 historic buildings, all listed on the National Register of Historic Places. Macon has more listed historic districts than any other city in Georgia. The Macon Historic District is the historic commercial, residential and insti- tutional development that grew out of Macon’s original town plan and forms the city’s historic core. The district’s development began in 1823 when the town plan was first laid out and continued into the 1940’s. The district is significant in the areas of architecture, commerce, community planning and development, politics/government, landscape architecture, education and transportation. The historic Terminal Station is an exceptional example of monumental architecture in downtown Macon. The former railroad station was designed in the Beaux Arts style and with Beaux Arts planning principles. historic home near the property Historic community institutional buildings are another group of prominent freestanding buildings located throughout the district. Christ Church, Mulberry Street United Methodist Church and First Presbyterian Church are all over 175 years old. They are examples of Gothic Revival, Richardson Romanesque and High Victorian Gothic. The majority of Mercer University’s buildings are variations of the Academic Gothic Revival style and Victorian Gothic and Neoclassical Revival.