Offering Memorandum 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue Table of Contents
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OFFERING MEMORANDUM 10-UNIT MULTIFAMILY OPPORTUNITY | 100% OCCUPIED | ENGLISH AVENUE TABLE OF CONTENTS MarMarcco Wo Welchelch PROPERTY INFORMATION 3 VV.P.P.. The ApartmenApartment Grt Groupoup MarMarcco@[email protected] EXECUTIVE SUMMARY 4 404-876-1640 x137 INVESTMENT HIGHLIGHTS 5 PROPERTY INFORMATION 6 ScScottott K. SpaldingSpalding, CCIM, CCIM 7 PrPresidenesident,t, The ApartmenApartment Grt Groupoup RECENT RENOVATIONS Spalding@[email protected] UNIT MIX SUMMARY 8 404-876-1640 x156 PHOTOS 9 Marina Janjic AREA OVERVIEW 11 VV.P.P.. The ApartmenApartment Grt Groupoup 12 Marina@[email protected] LOCATION MAP 404-876-1640 x157 AREA MAP 13 AREA DEVELOPMENT 19 Bull RBull Realtyealty, Inc., Inc. IN THE AREA 21 50 Glenlak50 Glenlake Pe Parkwarkwaayy, Suit, Suite 600e 600 DEMOGRAPHIC OVERVIEW 22 AAtlantlantta, GA 30328a, 30328 BullRBullRealtyealty.c.comom ABOUT THE AREA 23 FINANCIALS 26 PROFORMA 27 SALE COMPS 28 RENT COMPS 29 CONTACT INFORMATION 31 BROKER PROFILES 32 DISCLAIMER 33 CONFIDENTIALITY AGREEMENT 34 Exclusively listed by Bull Realty, Inc. 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 2 of 34 PRPROPEROPERTY INFTY INFORMAORMATIONTION 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue|Page3 of3 of3434 EXECUTIVE SUMMARY PRPROPEROPERTY OTY OVERVERVIEWVIEW Bull Realty is pleased to present this fully renovated apartment complex located in English Avenue just south of West Midtown and Georgia Tech and on the outskirts of Vine City. The property consists of 10 units with (8) 1 BR / 1 BA and (2) 2 BR / 1 BA. With a strong 100% occupancy rate, the property offers affordable rent in a rapidly-growing area. The property was recently renovated and includes a new roof, fresh paint, new windows, heat pumps, new cabinets, new doors, low flow toilets and luxury vinyl tile flooring. The community is just a 5-minute drive to I-85, Georgia Tech, Mercedes-Benz Stadium and many other Atlanta attractions. West Midtown is an evolving neighborhood that is only a short drive to Downtown Atlanta, Midtown, Atlantic Station and Buckhead. New developments are also flooding the area including the recently Microsoft-acquired Quarry Yards (located less than a mile away), the new Westside Park (300 acres), the Westside Atlanta BeltLine Trail and Rodney Cooke Sr. Park. Price | $1,345,000 Units | 10 Units 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 4 of 34 INVESTMENT HIGHLIGHTS THE PRTHE PROPEROPERTYTY • 10-unit multifamily complex in English Avenue, just south of West Midtown and Georgia Tech • (8) 1 BR / 1 BA and (2) 2 BR / 1 BA • Recently renovated in 2019 • Interior renovations include: new cabinets, new doors, low flow toilets and luxury vinyl tile flooring • Exterior renovations include: new roof, fresh paint, new windows, heat pumps • All units are fully electric and separately metered • Strong 100% occupancy rate PRIME LPRIME LOCAOCATIONTION • Excellent, prime location just on the outskirts of popular Vine City • Walking distance to the highly anticipated Rodney Cooke Sr. Park • Located less than 2 miles away from Quarry Yards, a new mixed-use project and park planned for the area • Close proximity to Westside Atlanta Beltline Connector Trail • Located less than 2 miles from the North Avenue Marta Station and Downtown Atlanta and 3 miles from Midtown and Atlantic Station • Only a 5-minute drive to Georgia Tech, Mercedes-Benz Stadium, Coca-Cola Headquarters, State Farm Arena, Emory University, Centennial Olympic Park, and Georgia State University 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 5 of 34 PROPERTY INFORMATION BUILDINGBUILDING FINANCIALFINANCIAL Property Address: 407 Sunset Avenue, Atlanta, GA 30314 Occupancy: 100% County: Fulton NOI: $90,322 Year Built: 1955 Cap Rate: 6% Year Renovated: 2019 Price/Unit: $134,500 Number of Buildings: 1 Sale Price: $1,345,000 Total Building Size: 5,136 SF Number of Units: 10 (8) 1 BR / 1 BA Unit Mix: (2) 2 BR / 1 BA SITESITE Site Size: 0.26 Acres Parcel ID: 14-0111-0009-060-2 Zoning: R5 CCONSONSTRUCTRUCTIONTION Number of Stories: 2 HVAC: New heat pumps Metered: Individual Utilities: Electric Exterior: Brick 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 6 of 34 RECENT RENOVATIONS INTERIOR RENORENOVVAATIONSTIONS • New luxury vinyl tile • Refinished hardwoods • New ceiling fans • New cabinets • New low flow toilets • New vanities • New doors EXTERIOR RENORENOVVAATIONSTIONS • New windows • New roof • New HVAC with heatpumps • New water heaters 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 7 of 34 UNIT MIX SUMMARY UNIT TYPEUNIT TYPE UNIT CUNIT COUNTOUNT % T% TOOTTALAL UNIT SIZEUNIT SIZERENTRENT/SF/SF MARKET RENT MARKET RENTRENT/SF/SF 1 BR / 1 BA 8 80.0 492 SF $1.73 $950 $1.93 2 BR / 1 BA 2 20.0 600 SF $2.00 $1,250 $2.08 TOTALS/AVERAGES 10 100% 5,136 SF $1.86 $2,200 $1.97 Market Gross Annual Rent = $121,200 Any included income, expenses, cap rates, costs, return estimates, renovations, measurements, square footage, acreage, projections, interest rates, loan terms, property condition, possible uses, zoning and other information herein may have been provided by the seller, landlord or other outside sources and while deemed to be reliable, may be estimated, projected, is subject to change, and/ or may be limited in scope, and therefore shall not be relied upon as accurate. Any such information important to the purchaser, lessee or other parties should be independently confirmed within an applicable due diligence period. Please donot disturb the management, business, tenants or sellers. This offer is subject to prior change or sale without notice. 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 8 of 34 PHOTOS 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 9 of 34 PHOTOS 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 10 of 34 AREAREA OA OVERVERVIEWVIEW 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue|Page11 of11 of3434 LOCATION MAP 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 12 of 34 AREA MAP 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 13 of 34 IN THE AREA 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 14 of 34 IN THE AREA QUARRY YARDS & WESTSIDE PARK AT BELLWOOD QUARRY 1 The development encompasses over 70 acres of land on Donald Lee Hollowell Parkway next to the Bankhead MARTA Station. Microsoft recently purchased the Yards in late 2020, and while plans are still unknown, affordable housing and office space are in talks for the land. Microsoft recently announced they are planing opening an office at the new Atlantic Station building, only three miles away from Quarry Yards. Quarry Yards is located directly adjacent to the new Westside Park at Bellwood Quarry, a 300-acre park. Once completed, the park will be the largest park in Atlanta, and create a tremendous amenity for the city and those who live, work, and play at Quarry Yards. In addition, the new Proctor Creek Greenway runs through the heart of the site and will eventually link the Westside BeltLine trail with the new park. ATLANTA BELTLINE 2 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. THE INTERLOCK 3 The Interlock is an urban mixed-use lifestyle center composed of 90,000 SF retail space, 200,000 loft office space, a 125-room boutique hotel, rooftop entertainment space and 300 housing units. The entire project headlined by developer S.J. Collins Enterprises is projected to cost $450-million and is slated to open Janurary 2021. STAR METALS 4 This $330-million mixed-use development includes 1,550,000 gross SF in its master plan - broken down to include 227,000 SF class A office space, 409 residential units, 60,000 SF retail space and 155 key boutique hotel rooms. Star Metals’ modern conveniences and sustainable design are essential to the offices, residences and retail shops of this innovative project. 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 15 of 34 IN THE AREA OSPREY 5 The Osprey is a cultured yet down-to-earth residence delivering unequaled amenities and striking interiors that are expertly designed to detail. With 319-units and 13,000 SF of retail mixed-used development, the Osprey offers guest a fresh sophisticated style of city living. Units contain stainles steel appliances, brushed nickel and matte black fixtures to make residents feel at ease in a home that keeps them conncted to the center of the city. STOCKYARDS 6 Stockyards is an adaptive re-use of historic buildings dating back to the early 1900s. The property was redeveloped into 143,500 SF of creative office and entertainment space in 2017. Stockyards is one of the last remaining historic properties to be redeveloped and current tenants include The Painted Duck and Donetto. 8WEST 7 Located at the corner of 8th and Howell Mill, 8West is a mixed-use development featuring 175,000 SF office space, 10,000 SF retail space, 264 apartments and a 680-space parking deck for the nine-story development. General partners Gateway and ACP will coordinate development and marketing/leasing services for the $150-million project. ATLANTIC STATION 8 Atlantic Station is 15 million SF of retail, office, residential space and public parks. Open in 2005, Atlantic Station became the nation’s largest urban Brownfield redevelopment at that time. The size of Atlantic Station encouraged the U.S. Postal Service to award the neighborhood with its own zip code: 30363. 10-Unit Multifamily Opportunity | 100% Occupied | English Avenue | Page 16 of 34 IN THE AREA TILFORD YARD 9 Colliers International Atlanta plans to expanse old CDX railroad land in West Midtown that is over 100 acres larger than Piedmont Park.