ATLANTA—
28+ ACRES & OVER 450 MULTI-FAMILY UNITS!
PURCHASE PRICE IS $2,240,000 PLUS 6%
THIS MEGA-MULTI-APARTMENT UNIT PROPERTY IS LOCATED IN ATLANTA, GEORGIA.
IF YOU ARE SEARCHING FOR DISTRESSED, VALUE ADDED, REHAB AND RE-DEVELOPMENT, YOU CAN BUY THIS 8.5 ACRE ASSET AT A SERIOUS DISCOUNT FOR HUGE POTENTIAL PROFITS!
THIS DISTRESSED ASSET IS 152 UNITS PLUS A PAD FOR ANOTHER BUILDING AND IS ONE OF 3 SEPARATE PROPERTIES IN THE SAME AREA (TWO PROPERTIES ON ONE SIDE OF THE STREET AND THIS ONE ON THE OTHER SIDE).
AS THEY STAND THESE ARE C- TO D PROPERTIES. WITH THE POTENTIAL TO BE C+/B- IF REHABBED AND RE-MODELED, B+/A- IF TORN DOWN AND REPLACED.
LESS THAN A QUARTER MILE DOWN THE STREET, A DEVELOPER DID THE SAME THING. EVERYTHING THERE IS EITHER FULLY LEASED OUT OR SOLD. RENT IS GOING FOR IN EXCESS OF $900 PER MONTH.
THOSE TOWN-HOMES ARE A PERFECT COMP AND THAT PROPERTY WAS EXACTLY THE SAME IN TERMS OF CONDITION AND DEMOGRAPHICS AS THE SUBJECT PROPERTY OFFERED HERE.
RENT ROLLS, FLOOR PLANS, A FLYER AND PHOTOS AVAILABILE.
40% OF THIS PROPERTY IS IN LEASE-ABLE CONDITION OR OCCUPIED, WHILE APPROXIMATELY 60% NEEDS AT LEAST SOME REHAB. A NUMBER OF REHAB UNITS NEED MORE THAN OTHERS. THE UNITS IN GREATEST NEED OF REHAB ARE ALREADY BOARDED UP.
THE DISCOUNTED PRICE IS MORE THAN TAKING THESE FACTORS INTO CONSIDERATION.
DIRECT DISCLOSURE FROM THE SELLERS: The sellers have flatly rejected ridiculous low-ball offers, and will not consider offers that don’t reflect a serious consideration of the value of the property and proof of funds and ability to close.
In consideration of the condition of the property, owners are ASKING $2,240,000.
Sits on approximately 8.5 acres!
One, Two, and Three Bedroom units
(1/1; 2/1; 2/2; 3/2; 3/3)
*Most are 2 Bedroom either 2/1 or 2/2
152 total existing units (Approx. 80 are boarded, but 35 or so of these could be brought back to lease-able status for minimal cost).
*Plus Pad for one more building (8 units)
It's under the purview of the City of Atlanta/Fulton County, so purchaser would need their sign off on the purchase and the eventual re-development plans, even though this property is for sale by a private owner.
APPROXIMATELY 8.26 ACRES TOTAL COMBINED LAND INCLUDING 19 BUILDINGS & ONE 8-UNIT PAD.
1 OFFICE CLUBHOUSE BUILDING
1 LAUNDRY BUILDING ATTACHED TO OFFICE CLUBHOUSE BUILDING
1 POOL LOCATED BEHIND OFFICE/CLUBHOUSE
1 MAINTENANCE SHOP LOCATED IN THE OFFICE/CLUBHOUSE
1 PICNIC TABLE/PLAYGROUND AREA LOCATED NEXT TO POOL
2 ENTRANCES
5 BUILDINGS ARE 3-STORY STRUCTURES
(C-H) D,F,G,H BUILDINGS CONTAIN 2 BASEMENT UNITS PER BUILDING
DISCLOSURE: A PRE-DUE DILIGENCE PACKAGE WILL BE SENT TO YOU FOR YOUR IN-DEPTH REVIEW. AS YOU WILL SEE, THIS PACKAGE HAS A TREMENDOUS AMOUNT OF INFORMATION.
THIS IS NOT A DUE DILIGENCE PACKAGE.
ONCE YOU ARE SATISFIED WITH THE PRE-DUE DILIGENCE PACKAGE, PLEASE FOLLOW THE PROTOCOL BELOW FOR THIS OFFERING:
TO MOVE FORWARD, YOU AND YOUR CONSULTANT, ADAM STOHLMAN/PROFITPOINT PROPERTIES, WILL NEED TO SUBMIT AN ASSET-SPECIFIC NCND AND MASTER FEE AGREEMENT, BUYER-SIGNED ASSET-SPECIFIC LETTER OF INTENT (LOI TO INCLUDE FIRM PURCHASE PRICE, DUE DILIGENCE PERIOD, CLOSE OF ESCROW DATE AND EMD INFORMATION). BUYER TO PROVIDE A BUYER'S COMPANY WEBSITE AND INFORMATION OF COMMERCIAL ASSETS THAT THEY OWN IN THEIR PORTFOLIO. BUYER TO PROVIDE A PROOF OF (POF) FUNDS IN THE FORM OF AN OFFICIAL BANK OR FUND STATEMENT. PLEASE NO TRANSACTIONAL FUNDING (END-BUYER'S NAME AND SIGNATURE MUST APPEAR ON THE LOI, THE VERIFIABLE POF-BANK STATEMENT AND THE FORTHCOMING PURCHASE AND SALE AGREEMENT).
Thanks!
