FOR SALE PRIME SANDY SPRINGS CORNER SITE Corner of Roswell Rd and Mount Paran Road +/- 4.75 acres
Table of Contents Executive Summary Property Description Existing Improvement Photos Survey and Zoning Maps Location Maps Potential Development Ideas O & I Zoning Description About the Area Demographics Traffic Count Broker Profile 3 4 5 6 8 10 12 14 16 18 19 For additional information, please contact: Andy Lundsberg V.P. The Apartment Group 404-876-1640 x 107 ALundsberg@BullRealty.com www.bullrealty.com P. 2 of 19
Executive Summary Prime +/ 4.75 Acre Corner Site in Sandy Springs, Inside I 285 Rare opportunity to acquire this prime 4.75 acre site on Roswell Road inside I 285 in Sandy Springs. This high profile corner site has a traffic signal with exposure to over 32,000 vehicles per day with 363 feet of frontage on Roswell Road and 534 feet of frontage on Mount Paran Road. The site neighbors some of Atlanta s (Sandy Spring s) best housing, restaurants and retail with high income demographics unmatched in the south. This corner is only 3 miles from the prestigious Buckhead area & 1.5 miles from Northside, Saint Joseph s and Children s Healthcare of Atlanta Hospitals, some of the top medical facilities in the nation. The flexible O & I zoning along the front with R3 zoned in the rear allows for a variety of options including office, medical office, church, residential or simply acquire for the investment opportunity. Subject to rezoning, a mixed use development including neighborhood retail along Roswell Road with office or condos above and townhouses in the rear is possible. The site is currently improved with 6 buildings; 4 office buildings totally approximately 18,909 sq ft of office and 2 residential homes. All 6 buildings are currently semi occupied with month to month tenants with a gross annual rental income of approximately $169,200. At 100% occupancy, annual gross income potential is closer to $300,000. Property is offered for sale at $6,900,000. P. 3 of 19
Property Description Property Highlights Six parcels totaling approximately 4.75 acres Signalized corner of Roswell Road & Mount Paran Road Prestigious Sandy Springs Location inside I-285 Existing rental income with month-to-month tenants Excellent demographics/high income area Address Site Size Annual Rental Income 2012 Taxes Current Zoning Improvement 5188 Roswell Rd. 1.46 $54,000 $27,724.15 O I Conditional 12,836 sf office building 5208 Roswell Rd. 0.5 $24,000 $15,385.23 O I Conditional 2,079 sf converted office 171 Mount Paran Rd. 0.23 $24,000 $10,675.05 O I Conditional 2,196 sf converted office 161 Mount Paran Rd. 0.23 $21,600 $5,347.72 O I Conditional 1,798 sf converted office 151 Mount Paran Rd. 0.5 $21,600 $4,632.70 R3 1,439 sf house 141 Mount Paran Rd. 1.78 $24,000 $6,989.83 R3 1,960 sf house Total 4.75 $169,200 $69,678.08 18,909 sf Address: Tax and Parcel ID: Site: Improvements: City of Sandy Springs Zoning: 5188 & 5208 Roswell Road, 141,151,161 & 171 Mount Paran Road 17 0092 0001 035, 17 0092 0001 036, 17 0092 0001 040, 17 0092 0001 026, 17 0092 0001 019, 17 0092 0001 020 4.75 +/ Acres 18,909 +/ Sq Ft Office Space in 4 buildings plus 2 Residential Houses O+I & R3 2012 Taxes: $9,700.07 City of Sandy Springs and $59,978.01 Fulton County Frontage: Potential Uses: 363+/ Ft on Roswell Road and 534 +/ Ft on Mount Paran Road Neighborhood Retail, Office, Healthcare, Multi family, Mixed use, Church Price: $6,900,000 P. 4 of 19
Existing Improvement Photos +/ 12,836 Sq Ft 2 story Office Building +/ 2,079 Sq ft converted Office Building +/ 2,196 Sq ft converted Medical Office +/ 1,798 Sq ft converted Office Building +/ 1,960 Sq ft Residential House +/ 1,439 Sq ft Residential House P. 5 of 19
Survey P. 6 of 19
Zoning Map Mount Paran Road Roswell Road Subject Property O&I R 3 P. 7 of 19
Location Aerial and Map P. 8 of 19
Location Maps DUNWOODY SANDY SPRINGS BROOKHAVEN NORTH BUCKHEAD BUCKHEAD P. 9 of 19
Potential Development Ideas Office/Medical Office Complex Mixed-Use: Ground Level Retail with Office above Mixed-Use: Ground level Retail with Residential Condos above P. 10 of 19
Potential Development Ideas Mixed-Use Developments in Nearby Brookhaven P. 11 of 19
ARTICLE VIII SECTION 8.1 O I OFFICE INSTITUTIONAL DISTRICT Zoning Ordinance 8.1.1. O I DISTRICT SCOPE AND INTENT. Regulations in this section are the O I district regulations. Article XIX should be consulted to determine uses and minimum standards for uses allowed by administrative permit or use permit. The O I district is intended to provide land areas for office and institutional uses where proximity to residential, public, commercial and other land uses, and existing and projected traffic patterns make it desirable to locate office and institutional uses. 8.1.2. USE REGULATIONS. Within the O I district, land and structures shall be used in accordance with standards herein. Any use not specifically designated as a permitted use in this section or as a use allowed by administrative permit or use permit shall be prohibited. Permitted Uses. A building or land may be used for the following purposes: 1. Single family dwelling unit 2. Two (2) family dwelling units 3. Rooming house and boarding house 4. Art gallery 5. Assembly hall 6. Church, temple or other place of worship 7. Clinics 8. Community center building 9. Nursing home/hospice 10. Dancing school 11. Day care facility 12. Financial establishment/institution 13. Funeral home 14. Group residence/shelter 15. Gymnasium 16. Health club/spa 17. Hospital 18. Hotel/motel 19. Institution of higher learning, business college, music conservatory, and similar institutions 20. Library 21. Museum 22. Office 23. Parking garage/deck 24. Parking lot 25. Personal care home/assisted living 26. Recording studio 27. Research laboratory 28. Stadium Accessory Uses. A building or land may be used for uses customarily incidental to any permitted use and the principal dwelling unit may be used for a home occupation. No more than twenty five percent (25%) of the total floor area of a building may be devoted to storage. 1. Accessory retail and service uses shall be located within a building with a majority of the floor area designed for office uses. Accessory uses shall be located wholly within the principal building with no outdoor advertising; provided, however, that a car wash, detail shop or service station may be located inside a parking garage as long as such uses are not visible from the exterior of the parking garage. 2. Retail and service commercial uses permitted shall be limited to employee convenience, business oriented retail, and service establishments such as computer hardware and software companies, commercial art, drafting, travel agencies, office equipment and supply stores, reproduction services, stenographic services, typing services, messenger services, delivery services, telecommunications sales and teleconferencing centers, personnel services and training centers, florists, gift shops, tailor shops, radio and television repair shops, shoe repair shops and barber or beauty shops. Restaurants are accessory whenever office and institutional floor area is at least one hundred thousand (100,000) square feet. Fast food restaurants shall be limited to no more than ten percent (10%) of the total floor area devoted to retail and service commercial uses, and shall not occupy more than ten percent (10%) of any floor in a building. A drug store is accessory, provided only drugs, prescription medicines, medicinal supplies and pharmaceutical products shall be sold. P. 12 of 19
Zoning Ordinance Additional Uses. Additional uses may be allowed by administrative or use permit, pursuant to Article XIX of this Ordinance. 8.1.3. DEVELOPMENT STANDARDS. Height Regulations : A building shall be no higher than sixty (60) feet or four (4) stories, whichever is higher, except when a use permit to exceed the maximum height is approved. Minimum Front Yard Forty (40) feet Minimum Side Yard Twenty (20) feet adjacent to interior lot line Forty (40) feet adjacent to street Minimum Rear Yard Twenty five (25) feet Minimum Lot Area Per Dwelling Single family dwelling unit Eighteen thousand (18,000) square feet Two (2) family dwelling units Eighteen thousand (18,000) square feet Minimum Lot Width One hundred (100) feet for residential use only Minimum Lot Frontage One hundred (100) feet adjoining a street Thirty five (35) feet adjoining a street for residential use Minimum Heated Floor Area Single family dwelling unit One thousand one hundred (1,100) square feet Two (2) family dwelling units Eight hundred (800) square feet Minimum Accessory Structure Requirements Single family and two (2) family uses Accessory structures may be located in the rear or side yards only but shall not be located within a minimum yard. Multifamily use Accessory structures shall not be located in the minimum front yard. Maximum Lot Coverage The area of the footprint of all buildings and parking shall not exceed seventy percent (70%) of the total land area 8.1.4. OTHER REGULATIONS. The headings below contain provisions applicable to the O I district: A. Development Regulations, Chapter 103, Code B. Exceptions, Section 4.3., Zoning Ordinance C. Floodplain Management, Chapter 109, Article II, Code D. Off Street Parking and Loading, Article XVIII, Zoning Ordinance E. Outside Storage, Section 4.2., Zoning Ordinance F. Tree Conservation Ordinance, Administrative Standards and Best Management Practices, Section 4.23., Zoning Ordinance G. River Protection, Metropolitan River Protection Act H. Signs, Article XXXIII, Zoning Ordinance P. 13 of 19
About the Area Atlanta Atlanta is an exciting destination with world class restaurants, a festive nightlife, several major league sports teams and an abundance of cultural attractions. Atlanta's arts and culture scene is complemented by in town neighborhoods that give the city even more depth. These locations are in the neighborhoods of Midtown, Virginia Highland, Little Five Points and Inman Park a short cab ride away. Home to the busiest and most efficient airport in the world, Hartsfield Jackson Atlanta International Airport, and the Maynard H. Jackson International Terminal, getting to Atlanta is easy. With a variety of transportation options throughout the city, our guides, maps, shuttles, tours and Atlanta Ambassadors make getting around Atlanta easy too. Encompassing $304 billion, the Atlanta metropolitan area is the eighth largest economy in the country and 17th largest in the world. Corporate operations comprise a large portion of the Atlanta s economy, with the city serving as the regional, national, or global headquarters for many corporations. Atlanta contains the country s third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as The Coca Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, UPS, and Newell Rubbermaid. Over 75 percent of Fortune 1000 companies conduct business operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational corporations. Many corporations are drawn to Atlanta on account of the city s educated workforce; as of 2010, nearly 43% of adults in the city of Atlanta have college degrees, compared to 27% in the nation. P. 14 of 19
About the Area Sandy Springs Georgia s sixth largest city, is located just north of the thriving metropolis of Atlanta. This bustling city offers residents and guests both immediate access to big city excitement and traditional Southern charm. Sandy Springs is rich in a variety of unique delights: more than 20 miles of glorious shoreline along the Chattahoochee River, 11 parks city wide, a dynamic economy and a sense of community that sustains and welcomes all. The City of Sandy Springs is home to more than 3,700 businesses resulting in almost 57,000 private sector jobs within the city. Sandy Springs also has the largest concentration of major healthcare facilities in Metro Atlanta, consisting of three hospitals: Northside Hospital, Saint Joseph s Hospital, and Children s Healthcare of Atlanta. Sandy Springs and nearby Attractions Oglethorpe University Museum of Art Atlanta History Center Morgan Falls Park Atlanta Country Club High Museum of Art Margaret Mitchell House & Museum P. 15 of 19
Demographics Roswell Road and Mount Paran Road Rings: 1, 3, 5 mile radii Latitude: 33.897073 Longitude: -84.381979 Population 1 mile 3 miles 5 miles 2000 Population 13,663 56,361 191,610 2010 Population 14,786 63,625 219,316 2012 Population 15,721 66,056 225,409 2017 Population 17,781 72,140 240,142 2000-2010 Annual Rate 0.79% 1.22% 1.36% 2010-2012 Annual Rate 2.76% 1.68% 1.23% 2012-2017 Annual Rate 2.49% 1.78% 1.27% 2012 Male Population 50.3% 48.7% 49.2% 2012 Female Population 49.7% 51.3% 50.8% 2012 Median Age 31.3 37.6 35.0 In the identified area, the current year population is 225,409. In 2010, the Census count in the area was 219,316. The rate of change since 2010 was 1.23% annually. The five-year projection for the population in the area is 240,142 representing a change of 1.27% annually from 2012 to 2017. Currently, the population is 49.2% male and 50.8% female. Median Age The median age in this area is 35.0, compared to U.S. median age of 37.3. Race and Ethnicity 2012 White Alone 61.5% 77.5% 70.6% 2012 Black Alone 15.1% 9.5% 12.3% 2012 American Indian/Alaska Native Alone 0.4% 0.3% 0.3% 2012 Asian Alone 3.5% 3.8% 7.1% 2012 Pacific Islander Alone 0.1% 0.1% 0.1% 2012 Other Race 16.2% 6.6% 6.8% 2012 Two or More Races 3.2% 2.2% 2.8% 2012 Hispanic Origin (Any Race) 31.6% 14.5% 14.3% Persons of Hispanic origin represent 14.3% of the population in the identified area compared to 16.9% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 60.8 in the identified area, compared to 61.4 for the U.S. as a whole. Households 2000 Households 6,215 24,660 87,404 2010 Households 6,486 27,299 101,504 2012 Total Households 6,827 28,038 103,439 2017 Total Households 7,799 30,891 111,440 2000-2010 Annual Rate 0.43% 1.02% 1.51% 2010-2012 Annual Rate 2.30% 1.19% 0.84% 2012-2017 Annual Rate 2.70% 1.96% 1.50% 2012 Average Household Size 2.30 2.34 2.16 The household count in this area has changed from 101,504 in 2010 to 103,439 in the current year, a change of 0.84% annually. The five-year projection of households is 111,440, a change of 1.50% annually from the current year total. Average household size is currently 2.16, compared to 2.15 in the year 2010. The number of families in the current year is 50,226 in the specified area. May Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Esri converted Census 2000 data into 2010 geography P. 16 of 19
Demographics Roswell Road and Mount Paran Road Rings: 1, 3, 5 mile radii Latitude: 33.897073 Longitude: -84.381979 Median Household Income 1 mile 3 miles 5 miles 2012 Median Household Income $60,146 $88,634 $73,904 2017 Median Household Income $77,313 $102,758 $87,974 2012-2017 Annual Rate 5.15% 3.00% 3.55% Average Household Income 2012 Average Household Income $87,915 $114,846 $102,023 2017 Average Household Income $106,443 $138,021 $121,951 2012-2017 Annual Rate 3.90% 3.74% 3.63% Per Capita Income 2012 Per Capita Income $36,851 $49,629 $47,053 2017 Per Capita Income $44,971 $60,124 $56,819 2012-2017 Annual Rate 4.06% 3.91% 3.84% Households by Income Current median household income is $73,904 in the area, compared to $50,157 for all U.S. households. Median household income is projected to be $87,974 in five years, compared to $56,895 for all U.S. households Current average household income is $102,023 in this area, compared to $68,162 for all U.S households. Average household income is projected to be $121,951 in five years, compared to $77,137 for all U.S. households Current per capita income is $47,053 in the area, compared to the U.S. per capita income of $26,409. The per capita income is projected to be $56,819 in five years, compared to $29,882 for all U.S. households Housing 2000 Total Housing Units 7,079 26,860 95,091 2000 Owner Occupied Housing Units 2,323 15,205 43,649 2000 Owner Occupied Housing Units 3,892 9,455 43,755 2000 Vacant Housing Units 864 2,200 7,687 2010 Total Housing Units 7,349 30,097 112,939 2010 Owner Occupied Housing Units 2,495 16,978 51,423 2010 Renter Occupied Housing Units 3,991 10,321 50,081 2010 Vacant Housing Units 863 2,798 11,435 2012 Total Housing Units 7,678 30,892 114,796 2012 Owner Occupied Housing Units 2,549 17,068 51,018 2012 Renter Occupied Housing Units 4,279 10,971 52,421 2012 Vacant Housing Units 851 2,854 11,357 2017 Total Housing Units 8,752 33,962 123,069 2017 Owner Occupied Housing Units 2,991 18,952 55,585 2017 Renter Occupied Housing Units 4,808 11,939 55,855 2017 Vacant Housing Units 953 3,071 11,629 Currently, 44.4% of the 114,796 housing units in the area are owner occupied; 45.7%, renter occupied; and 9.9% are vacant. Currently, in the U.S., 56.5% of the housing units in the area are owner occupied; 32.1% are renter occupied; and 11.4% are vacant. In 2010, there were 112,939 housing units in the area - 45.5% owner occupied, 44.3% renter occupied, and 10.1% vacant. The annual rate of change in housing units since 2010 is 0.73%. Median home value in the area is $327,226, compared to a median home value of $167,749 for the U.S. In five years, median value is projected to change by -0.17% annually to $324,402. Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Esri converted Census 2000 data into 2010 geography P. 17 of 19
Traffic Count P. 18 of 19
Broker Profile ANDY LUNDSBERG Andy Lundsberg Vice President The Apartment Group (404) 876 1640 x 107 ALundsberg@BullRealty.com Bull Realty, Inc. 1801 Piedmont Avenue Atlanta, GA 30324 Andy Lundsberg joined Bull Realty with over 10 years of sales, marketing and real estate experience. Within Bull Realty, he specializes in office and multifamily properties doing both leasing and sales. Andy is one of the top agents at Bull Realty and has consistently achieved the Commercial Board of Realtors Million Dollar Club designation. 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 onsite 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 at 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 Georgia Atlanta Commercial Board of Realtors Young Council of Realtors (YCR) Million Dollar Club Bull Realty is a U. S. commercial real estate brokerage firm with three offices, headquartered in Atlanta, Georgia. The firm is best known for it s successful national marketing platform. Specific broker teams specialize in either retail, office, industrial, multi family, land, medical, automotive, net lease, hospitality or special asset services. Bull Realty provides marketing and special asset services for over 100 lenders. Bull Realty marketing services includes video, social media and radio for appropriate properties. The firm sponsors and hosts the Commercial Real Estate Show, a national talk radio show about commercial real estate which airs on ten radio stations throughout the nation, and is available on itunes and the show website www.creshow.com. P. 19 of 19