Offering Memorandum - LoopNet...Planning Association’s 2016 list of Great Places in America. Cranes are on every corner bringing new and exciting developments to the already popular

Offering Memorandum10 UNIT MULTIFAMILY OPPORTUNITY IN MIDTOWN6% CAP RATE

Exclusively listed by Bull Realty, Inc.

T A B L E O F C O N T E N T S

D I S C L A I M E R & L I M I T I N G C O N D I T I O N S 3

E X E C U T I V E S U M M A R Y 4

P R O P E R T Y O V E R V I E W 5

I N C O M E & E X P E N S E S 6

L O C A T I O N M A P 7

P H O T O S 8

F L O O R P L A N 1 0

S U R V E Y 1 1

T A X P A R C E L 1 2

I N T H E A R E A 1 3

D E M O G R A P H I C S 1 5

A B O U T T H E A R E A 1 6

B R O K E R P R O F I L E 1 7

C O N F I D E N T I A L I T Y A G R E E M E N T 1 8

Andy LundsbergPartner404-876-1640 x [email protected]

50 Glenlake Parkway, Suite 600Atlanta, GA 30328BullRealty.com

D I S C L A I M E R & L I M I T I N G C O N D I T I O N S

Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review independently all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owner/Seller and any conditions to the purchaser’s obligations therein have been satisfied or waived. The Seller reserves the right to move forward with an acceptable offer prior to the call for offers deadline.

This Offering Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Offering Memorandum in its entirety and all documents, disks and other information provided in connection therewith.

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1 0 U N I T M U L T I F A M I L Y O P P O R T U N I T Y I N M I D T O W N | 6 % C A P R A T E

M I D T O W N M U L T I F A M I L Y O P P O R T U N I T Y

E X E C U T I V E S U M M A R Y

OVERVIEW711 Argonne Avenue is a charming 10 unit apartment building that has undergone an exterior renovation with some interior improvements. The property features identical 1 bedroom / 1 bathroom floorplans. It is situated in a highly desirable intown neighborhood within walking distance to Piedmont Park and the popular Midtown restaurant and shopping district.

High barriers to entry and low vacancy have resulted in rising rents making Midtown one of the most sought after neighborhoods in Atlanta.

HIGHLIGHTS• Recent exterior renovation• New individual mini split HVAC systems• Gated off street parking• Exterior patio and grilling area amenities• Onsite laundry• Strong rental history• 100% occupied• Excellent location- walking distance to Piedmont Park and Midtown

retail district• Low market vacancy

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P R I C E | $ 1 , 5 1 5 , 0 0 0

7 1 1 A R G O N N E A V E N U E

Address 711 Argonne Avenue, Atlanta, GA 30308County FultonZoning R5Number of Units 10Unit Mix 1 bd/ 1 baNumber of Stories 2Building Size 6,633 SFSite Acreage 0.21 Acres Year Built 1960Parking Gated off street / On streetHVAC New mini split systemsCurrent Gross Income $130,5002017 Expenses $40,044Cap Rate 6%NOI $90,456Price $1,515,000

P R O P E R T Y O V E R V I E W

R E C E N T U P G R A D E S• New roof• New driveway & paved parking area• New HVAC systems (dual zone ductless mini split)• New stairs• New exterior paint on building and fencing• Onsite W/D • New front gate• 1 completely renovated unit (Unit 3)• Exterior LED lighting • Landscaping & amenity upgrades

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I N C O M E & E X P E N S E S

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 do not disturb the management, business, tenants

or sellers. This offer is subject to prior change or sale without notice.

INCOMEGross Potential RentUtility ReimbursementPet FeeOther IncomeTotal Gross Potential Income

2017 EXPENSESTaxesInsuranceUtilitiesRepairs & MaintenanceTrashManagement FeeLandscape & Contract ServicesSolid WasteReplacement ReservesTotal

NET OPERATING INCOME

ASK PRICECAP RATE

Proposed Agency Debt @ 65% LTV, 30 year AmortPrincipal Paydown Year 1Year 1 Return on Investment (including principal paydown)

PROFORMA

$121,200.00$6,000.00

$3,300.00$130,500.00

$0.00

$6,525.00

$13,981.00$2,535.00$5,906.00$5,650.00$2,220.00

-$61,643.07$15,195.00

8.3%

6.0%

$1,200.00$527.00

$40,044.00

$90,456.00

$1,515,000.00

$1,500.00

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L O C A T I O N M A P

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P H O T O S

N O N - R E N O V A T E D U N I T

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P H O T O SR E N O V A T E D U N I T

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F L O O R P L A N

*Floor plan not to scale / for illustration purposes only

BEDROOM

LIVING ROOM

BATHROOM

CLOSET

KITC

HEN

CLOSET

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S U R V E Y

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T A X P A R C E L

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I N T H E A R E A

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I N T H E A R E A

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PopulationHouseholds

Average Household Income





37,90821,168$90,682

172,54681,817$94,357

371,477169,911$89,731

2017 DEMOGRAPHICS (esri) 1 MILE

3 MILES

5 MILES

D E M O G R A P H I C S

1

3

5

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M I D T O W NMidtown, Atlanta is the second largest business district in the city of Atlanta, situated between the commercial and financial districts of Downtown to the south and Buckhead to the north. Midtown is home to internationally-recognized Fortune 1000 brands, eight of the city’s 10 largest law firms and a growing number of small to mid-size businesses. The district also attracts about 6 million visitors annually.

Midtown is marked by its cultural attractions, institutions of higher education, noteworthy architecture, and urban layout. The district is the center of the city’s arts scene that includes the Fox Theatre, Woodruff Arts Center, the High Museum of Art, the Museum of Design Atlanta, the Atlanta Symphony Orchestra, the Center for Puppetry Arts and the 14th Street Playhouse. Three well known institutions of higher education also reside in the heart of the city: Georgia Institute of Technology, John Marshall Law School, and the Atlanta division of the Savannah College of Art and Design (SCAD). Midtown contains about one-third of the city’s high-rises and some of Atlanta’s most iconic buildings, such as the Bank of America Plaza, AT&T Midtown Center, Atlantic Center and 1180 Peachtree. Midtown has also been a primary area for high density development in the city due to the district’s mass transit options and urban street grid.

Midtown Atlanta is booming with new developments, new business and was recently dubbed a “Great Place to Live” on a national level by America Planning Association’s 2016 list of Great Places in America. Cranes are on every corner bringing new and exciting developments to the already popular neighborhood. 50 projects have been added to Midtown’s ever growing resume or are in the process of being built. For more information on what’s on the rise in Midtown, visit the Midtown Alliance website.

A B O U T T H E A R E A

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ANDY LUNDSBERG TitleAndy Lundsberg joined Bull Realty with over 10 years of sales, marketing and real estate experience. Within Bull Realty, he specializes in the acquisition and disposition of multifamily and boutique retail/office type properties in-town Atlanta. Andy is recognized as the top producer at Bull Realty with over $50 million in sales in 2017, and has consistently achieved the Atlanta Commercial Board of Realtors Million Dollar Club designation year after year.

Prior to his career in commercial real estate, Andy worked for a national diagnostic imaging company as director of sales and marketing, Coca Cola as a business development manager and was head of on site sales and marketing for a condominium project with a large residential real estate firm in Atlanta. With his expertise in the real estate industry and successful sales record, he can help you determine the right investment for you; whether you are looking to buy, lease or sell commercial real estate.

Andy graduated with honors from The Kelley School of Business at Indiana University where he received degrees in Marketing, Management and International Studies. He also studied and lived in Seville, Spain and is conversational in Spanish.

Organizations:National Association of Realtors-GeorgiaAtlanta Commercial Board of RealtorsYoung Council of Realtors (YCR)Million Dollar Club

Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed innine Southeast states. The firm was founded in 1998 with two primary missions: to provide a company ofadvisors known for their integrity and to provide the best disposition marketing in the nation. Client servicesinclude disposition, acquisition, project leasing, tenant representation, asset management and consultingservices. Advisors focus on specific property types including office, retail, industrial, multifamily, land, healthcare,senior housing, self-storage, automotive, hospitality and single tenant net lease properties.

The firm produces America’s Commercial Real Estate Show, a national video show and podcast enjoyed bymillions of people around the country. Industry analysts, leading market participants and the firm’s founderMichael Bull share market intelligence, forecasts and success strategies. The show has aired every week since2010 on iTunes, YouTube and www.CREshow.com. The firm also produces Atlanta’s Commercial Real EstateShow available on AtlCREshow.com

B R O K E R P R O F I L E

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This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of the undersigned party (“Receiving Party”), the owner of the subject property (the “Seller”) and undersigned broker Bull Realty Incor-porated (“Broker”).Now therefore in consideration of the privileges granted to Receiving Party with respect to receiving certain confidential information, and other good and valuable consideration, the Receiving Party hereby agrees to the following:

I. Confidential Information:Receiving Party will receive confidential information regarding property referred to as 711 Argonne Avenue, Atlanta, GA 30308. Prospect agrees to not disclose to any person that the property may be available for sale or lease, or that discussions or negotiations are taking place concerning the property, nor any terms, conditions, or other facts with respect to the property, including but not limited to tenant information, lease rates, lease expirations, income and expenses, and any such possible purchase, including the status thereof. The term “per-son” used in this agreement shall be interpreted broadly and shall include, without limitation, any corporation, company, partnership or individual other than parties to which Broker approves in writing. Receiving Party may share information with directors, officers, employees, agents, affiliates, counsel, lending sources, accountants or representatives of Receiving Party that Receiving Party notifies of the requirements of this Agreement. Re-

ceiving Party agrees to not contact the property owner, the management, the tenants, the lender, the vendors, the insurers, the employees or the customers of any business at the site.

II. Acting as a Principal:Receiving Party hereby warrants that it is acting as a principal only, and not as a broker, regarding this contem-plated transaction. Receiving Party acknowledges that Broker is working an agency capacity as representing the Seller only in this transaction and is the only Broker involved in this potential transaction. Receiving Party agrees to not be involved in any arrangement to lease or purchase the property, in whole or in part, as a lender, partner, buyer of the note, buy in foreclosure, buy from bankruptcy court, or in any other manner acquire an investment in, joint venture or control of the property, unless Bull Realty, Incorporated is paid a commission at closing as per separate agreement with Seller. This agreement will expire two years from the date hereof.

III. Governing LawThis Agreement shall be governed and construed in accordance with the laws of the State of Georgia.

Accepted and agreed to this _______ day_______________ of , 20____.

Receiving Party ______________________________________________

Signature ___________________________________________________

Printed Name _______________________________________________

Title________________________________________________________

Company Name _____________________________________________

Address ____________________________________________________

Email ______________________________________________________

Phone ______________________________________________________

Andy Lundsberg404-876-1640 x [email protected]: 404-876-7073

50 Glenlake ParkwaySuite 600Atlanta, GA 30328

C O N F I D E N T I A L I T Y A G R E E M E N T

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Documents

Offering Memorandum - LoopNet...Planning Association’s 2016 list of Great Places in America. Cranes are on every corner bringing new and exciting developments to the already popular