Offering Memorandum 34 UNIT MULTIFAMILY OPPORTUNITY 8% CAP RATE
TABLE OF CONTENTS DISCLAIMER & LIMITING CONDITIONS 3 EXECUTIVE SUMMARY 4 PROPERTY OVERVIEW 5 ADDITIONAL PHOTOS 6 AERIAL PARCEL MAP 8 SURVEY 9 LOCATION MAPS 10 Johnathon Kendrick V.P. The Apartment Group JKendrick@BullRealty.com 4048761640 x145 50 Glenlake Parkway, Suite 600 Atlanta, GA 30328 BullRealty.com IN THE AREA 11 SALE COMPS 12 DEMOGRAPHICS MAP 15 ABOUT THE AREA 16 BROKER PROFILE 17 TEAM PROFILE 18 Exclusively listed by Bull Realty, Inc. Page 2 of 18
DISCLAIMER & LIMITING CONDITIONS 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. Page 3 of 18
EXECUTIVE SUMMARY PROPERTY OVERVIEW Quail Ridge Townhouses is a charming 34-unit complex that has undergone an exterior renovation with some interior improvements. The property features a mix of townhouse, garden and duplex floor plans. The 14.62 total acreage combines two parcels offering the option to add additional units and amenities to the property site. The property is situated in a highly desirable location near East Georgia State College and 45 minutes from both Dublin and Statesboro, GA. PROPERTY HIGHLIGHTS 8% cap rate Recent exterior renovation including new roofs and fresh paint on all buildings 12 units updated with additional unit updates as turned Replaced all front wood porches and access steps for buildings All units include washer and dryer Landscaping & amenity upgrades Strong rental history Property site location excludes city taxes Excellent location on Ga. Hwy 56 / U.S. Hwy 1 intersection with walking distance to Georgia Sports Arena PRICE $1,400,000 Page 4 of 18
PROPERTY OVERVIEW Address: 1064 GA Hwy 56 S, Swainsboro, GA 30401 County: Emanuel Zoning: C4 & R-4 Site Size: 14.62 Acres Assessor's Parcel ID: 058 039 (Zoned C-4) & 058 087 (Zoned R-4) Number of Units: 34 Unit Mix: 16 x 2 BR / 1.5 BA Townhouse units 12 x 2 BR / 1 BA Garden units 6 x 3 BR / 2 BA Garden units Year Built: 1986 Occupancy: 100% Cap Rate: 8% Sale Price: $1,400,000 Page 5 of 18
ADDITIONAL PHOTOS Page 6 of 18
ADDITIONAL PHOTOS Page 7 of 18
AERIAL PARCEL MAP Page 8 of 18
SURVEY Page 9 of 18
LOCATION MAPS Page 10 of 18
IN THE AREA Page 11 of 18
SALE COMPS MAP SUBJECT PROPERTY Address City Sale Price Building Size # Units Price PSF Price/Unit Sold Date 1064 GA Hwy 56 S Swainsboro $1,400,000 34,764 SF 34 $40.27 $41,176 - SALES COMPS Address City Sale Price Building Size Price PSF Price/Unit Sold Date 1 220 Lanier Dr Statesboro $2,861,196 56,880 SF 50 $50.30 $57,224 10/18/2017 2 1699 Statesboro Place Cir Statesboro $11,000,000 248,586 SF 132 $44.25 $83,333 07/13/2017 3 1003 Claxton Dairy Rd Dublin $2,887,000 158,190 SF 136 $18.25 $21,228 01/26/2016 Page 12 of 18
SALE COMPS SUMMARY SUBJECT PROPERTY 1064 GA Hwy 56 S Swainsboro, GA 30401 Sale Price: $1,400,000 Year Built: 1986 Building SF: 34,764 SF Price PSF: $40.27 Site Size: 14.62 AC No. Units: 34 1 BERKSHIRE VILLAGE 220 Lanier Dr Statesboro, GA 30458 Sale Price: $2,861,196 Year Built: 1992 Building SF: 56,880 SF Price PSF: $50.30 Closed: No. Units: 10/18/2017 50 Site Size: 4.45 AC 1 2 THE VAULT AT STATESBORO 1699 Statesboro Place Cir Statesboro, GA 30458 Sale Price: $11,000,000 Year Built: 1999 Building SF: 248,586 SF Price PSF: $44.25 Closed: No. Units: 07/13/2017 132 Site Size: 18.79 AC 2 Page 13 of 18
SALE COMPS SUMMARY 3 CLAXTON POINT NORTH 1003 Claxton Dairy Rd Dublin, GA 31021 Sale Price: $2,887,000 Year Built: 1992 Building SF: 158,190 SF Price PSF: $18.25 Closed: No. Units: 01/26/2016 136 Site Size: 14.3 AC 3 Page 14 of 18
DEMOGRAPHICS MAP 1 Mile 3 Miles 5 Miles Total Population 694 7,653 10,525 Population Density 221 271 134 Median Age 33.4 33.4 33.5 Median Age (Male) 32.1 32.1 32.2 Median Age (Female) 38.3 37.9 37.6 Total Households 289 2,839 3,938 # of Persons Per HH 2.9 2.8 2.8 Average HH Income $51,297 $44,399 $46,187 Average House Value $104,421 $99,567 $99,590 * Demographic data derived from 2010 US Census Page 15 of 18
ABOUT THE AREA SWAINSBORO, GA Located in Emanuel County, GA the City of Swainsboro is rich in history and geological beauty. Its gorgeous landscape of lush fields and heavy woods are inhabited by deer, rabbits, alligators and turtles. The Ohoopee, Ogeechee, and Canoochee rivers flowing through the county, account for the many recreation and fishing areas like George L. Smith State Park, which offer a 412-acre cypress pond with a 19th-century gristmill for residents and visitors to enjoy. Georgraphically, Swainsboro is located where two of the most historically relevant cross-country routes in America intersect: U.S. Route 80 and U.S. Route 1. in the heart of Downtown, making Swainsboro the only place in America where these two U.S. Highways meet. As the main intersection of the historical North/South and East/ West corridors, Swainsboro has also been the intersection of millions of travelers since 1926 and has been referred to as the "Crossroads of the Great South." Today, ±7,486 residents call Swainsboro home (according to U.S. Census Bureau). The city has a very active and thriving community of artists and art galleries and scenic place to call home. Page 16 of 18
BROKER PROFILE JOHNATHON KENDRICK V.P. The Apartment Group Professional Background Johnathon Kendrick joined Bull Realty with over 15 years of real estate experience. As Vice President of The Apartment Group, Mr. Kendrick specializes in the acquisition and disposition of core, core plus and value-add apartment properties as well as manufactured home communities and student housing in Metro Atlanta and throughout the Southeast. With his passion for real estate, Mr. Kendrick utilizes latest technology and digital resources to provide the highest levels of professionalism and integrity to all his clients. Prior to entering the real estate arena, Mr. Kendrick practiced in the legal field earning a diligent work ethic and attention to detail. His contract experience and strong negotiation skills deliver value with his clients needs. Mr. Kendrick is from East Tennessee where he graduated from the University of Tennessee. He and his wife live with their family in Brookhaven, Georgia. They enjoy spending time traveling and exploring the outdoors and they welcome any opportunity for time at the lake paddle boarding or the beach surfing and playing sand volleyball. Bull Realty Inc. 50 Glenlake Parkway, Suite 600 Atlanta, GA 30328 4048761640 x145 JKendrick@BullRealty.com Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed in nine Southeast states. The firm was founded in 1998 with two primary missions: to provide a company of advisors known for their integrity and to provide the best disposition marketing in the nation. Client services include disposition, acquisition, project leasing, tenant representation, asset management and consulting services. 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 by millions of people around the country. Industry analysts, leading market participants and the firm's founder Michael Bull share market intelligence, forecasts and success strategies. The show has aired every week since 2010 on itunes, YouTube and www.creshow.com. The firm also produces Atlanta's Commercial Real Estate Show available on AtlCREshow.com Page 17 of 18
TEAM PROFILE Michael Bull Broker Carine Davis Marketing Guy Minick Marketing Johnathon Kendrick V.P. The Apartment Group JKendrick@BullRealty.com +14048761640 x145 Scott Jackson Scott Jackson Analyst Page 18 of 18