griffin street apartments · building name griffin street apartments street address 20 griffin st...

20 Griffin St, Atlanta, GA 30314 Presented by:

GRIFFIN STREET APARTMENTSAdrian Provost Loetta Lewis

Executive Managing Director Investment Sales Advisor678.957.7653 770.315.0522

[email protected] [email protected]

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CONFIDENTIALITY & DISCLAIMERAll materials and information received or derived from LEVEL its directors, officers, agents,advisors, affiliates and/or any third party sources are provided without representation orwarranty as to completeness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developability or suitability,financial performance of the property, projected financial performance of the property forany party’s intended use or any and all other matters.

Neither LEVEL its directors, officers, agents, advisors, or affiliates makes any representationor warranty, express or implied, as to accuracy or completeness of the any materials orinformation provided, derived, or received. Materials and information from any source,whether written or verbal, that may be furnished for review are not a substitute for a party’sactive conduct of its own due diligence to determine these and other matters of significanceto such party. LEVEL will not investigate or verify any such matters or conduct due diligencefor a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. LEVEL makes no warrantiesand/or representations regarding the veracity, completeness, or relevance of any financialdata or assumptions. LEVEL does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, includingthat used for financial modeling purposes, may differ from actual data or performance. Anyestimates of market rents and/or projected rents that may be provided to a party do notnecessarily mean that rents can be established at or increased to that level. Parties mustevaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for theproperty.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questionsshould be discussed by the party with a title officer or attorney. Questions regarding thecondition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects,contractors, other consultants and governmental agencies. All properties and services aremarketed by LEVEL in compliance with all applicable fair housing and equal opportunity laws.

TABLE OF CONTENTS

PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 13

SALE COMPARABLES 16

RENT COMPARABLES 22

CUSTOM SECTION 28

DEMOGRAPHICS 31

ADVISOR BIOS 33

20 Griffin St, Atlanta, GA 30314 2

Table of Contents





PROPERTYINFORMATION1

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PROPERTY OVERVIEWLEVEL is pleased to present to you Griffin Street Apartments, a 13-unit multifamily apartment community locatedin Atlanta's Historic Vine City Community. This property is a value-add opportunity that could be transitioned intoeither Affordable Housing or Student Housing. Griffin Street Apartments is located in one of Georgia's 26opportunity zones and it's less than 1 mile from the new Mercedes Benz Stadium. All apartments are 2 bedroom, 1bath units. This property is stabilized at 100% occupancy and is cash flowing with very low delinquency.

PROPERTY HIGHLIGHTS• Walking Distance to Mercedes Benz Stadium

• Walking Distance to Vine City Marta Station

• Located in a Federal Opportunity Zone

• All units are 2 bedrooms 1 bath

• Property consistently operates at 100% Occupancy

OFFERING SUMMARY

Sale Price: Unpriced- Subject to offers

Building Size: 10,400 SF

Lot Size: 0.47 Acres

NOI: $111,103

Year Built: 1961

Renovated: 2007

Zoning: R5

Market: Atlanta

Submarket: Westside Atlanta / Vine City


Executive Summary

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LOCATION DESCRIPTIONAdjacent to Mercedes Benz Stadium, home to the Atlanta Falcons and Atlanta United,along with various live performances, Vine City is a spacious neighborhood withvarious apartment communities and single-family homes. Known for being the homeof Morris Brown College, Vine City has a college town vibe with its youthful presenceand proximity to other universities like Clark Atlanta University, Morehouse College,and Spelman College.

Though this neighborhood feels suburban with its residential streets, Vine City hasproximity to two major subway stations – Ashby and Vine City. Because of itsproximity to Downtown Atlanta, directly across Northside Drive, residents of Vine Citycan enjoy city favorites such as the Georgia Aquarium, the World of Coca-Cola,Centennial Olympic Park, State Farm Arena, and some amazing restaurants and barslike SkyLounge, offering rooftop views of Atlanta’s skyline. - Apartments.com

Vine City is a mix of residential houses and school campuses, with Atlanta’shistorically black colleges and universities based at the nearby Atlanta UniversityCenter. Spelman College Museum of Fine Art shows work by women of the Africandiaspora. Close by, the 1910 Herndon Home Museum was built by African-Americanmillionaire Alonzo Herndon. Students and young professionals gather at soul-foodinstitution Busy Bee.


Property Description

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LOCATION INFORMATION

Building Name Griffin Street Apartments

Street Address 20 Griffin St

City, State, Zip Atlanta, GA 30314

County Fulton

Market Atlanta

Sub-market Westside Atlanta / Vine City

Cross-Streets Martin Luther King Jr Dr NW / Joseph EBoone Blvd NW

Road Type Paved

Market Type Mega

Nearest Highway I-85 / I-20

Nearest Airport Hartsfield-Jackson International Airport

BUILDING INFORMATION

NOI $111,103.00

Occupancy % 100.0%

Number of Floors 2

Average Floor Size 5,225 SF

Year Built 1961

Year Last Renovated 2007

Gross Leasable Area 10,400 SF

Construction Status Existing

Condition Good

Free Standing No

Number of Buildings 2

PROPERTY HIGHLIGHTS• Walking Distance to Mercedes Benz Stadium

• Walking Distance to Vine City Marta Station

• Located in a Federal Opportunity Zone

• All units are 2 bedrooms 1 baths

• Property consistently operates at 100% Occupancy


Property Highlights

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Additional Photos





LOCATIONINFORMATION2

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Griffin St Apartments Griffin St Apartments


Regional Map

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Location Maps

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Aerial Maps

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Retailer Map





FINANCIAL ANALYSIS3

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INVESTMENT OVERVIEW

Price Unpriced-Subject to Offer

OPERATING DATA

Gross Scheduled Income $148,200

Other Income $10,200

Total Scheduled Income $158,400

Vacancy Cost -$1482

Gross Income $156,918

Operating Expenses $31,000

2019 Taxes $14,815

Net Operating Income $111,103

Pre-Tax Cash Flow $125,918

LOAN ASSUMPTION -OPTIONAL

Interest Rate 5.73%

Debt Service (Part of a Package Loan) $1,395,000

Debt Service Monthly $14,000


Financial Summary

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UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

LEASESTART

LEASEEND

CURRENTRENT

CURRENTRENT (PER SF)

MARKETRENT

MARKETRENT/SF

SECURITYDEPOSIT

1 2 1 800 01/24/2018 08/31/2018 $650 $0.81 $950 $1.19 $0

2 2 1 800 08/14/2019 08/13/2020 $750 $0.94 $950 $1.19 $0

3 2 1 800 02/15/2018 10/31/2020 $700 $0.88 $950 $1.19 $0

4 2 1 800 09/01/2017 10/31/2020 $700 $0.88 $950 $1.19 $0

5 2 1 800 07/13/2018 06/30/2019 $675 $0.84 $950 $1.19 $0

6 2 1 800 08/01/2018 12/31/2020 $700 $0.88 $950 $1.19 $0

7 2 1 800 08/01/2017 08/01/2017 $675 $0.84 $950 $1.19 $0

8 2 1 800 09/11/2019 09/10/2020 $750 $0.94 $950 $1.19 $0

9 2 1 800 01/24/2018 01/24/2018 $600 $0.75 $950 $1.19 $0

10 2 1 800 01/24/2018 10/31/2020 $700 $0.88 $950 $1.19 $0

11 2 1 800 05/01/2018 05/31/2021 $700 $0.88 $950 $1.19 $0

12 2 1 800 08/16/2018 08/15/2020 $750 $0.94 $950 $1.19 $0

13 2 1 800 04/10/2020 12/31/2020 $700 $0.88 $950 $1.19 $0

TOTALS/AVERAGES 10,400 $9,050 $0.87 $12,350 $1.19 $0


Rent Roll





SALE COMPARABLES4

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1ELM STREET379 Elm Street | Atlanta , GA 30314

$1,220,000Sale Price: 95%Occupancy: 11/08/2019Closed:$135,555Price / Unit: 9No. Units: $208.55Price PSF:5,850 SFBuilding SF: 1958Year Built: 0 AcresLot Size:

1

2217-221 N E LAMPKIN217-221 NE Lampkin | Atlanta , GA 30312

$608,000Sale Price: 100%Occupancy: 03/01/2019Closed:$152,000Price / Unit: 4No. Units: $100.60Price PSF:6,044 SFBuilding SF: 1959Year Built: 15,599 SFLot Size:

2

3658 JOHN WESLEY DOBBS658 John Wesley Dobbs | Atlanta , GA 30312

$1,064,000Sale Price: 100%Occupancy: 03/01/2019Closed:$152,000Price / Unit: 7No. Units: $217.85Price PSF:4,884 SFBuilding SF: 1961Year Built: 8,551 SFLot Size:

3


Sale Comps

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4883 MONROE DRIVE883 Monroe Drive | Atlanta , GA 30308

$715,000Sale Price: 100%Occupancy: 09/01/2019Closed:$102,142Price / Unit: 7No. Units: $246.21Price PSF:2,904 SFBuilding SF: 1920Year Built: 7,492 SFLot Size:

4

5CLAY STREET9 Clay Street SE | Atlanta , GA 30317

$1,332,105Sale Price: 100%Occupancy: 01/16/2020Closed:$111,008Price / Unit: 12No. Units: $125.10Price PSF:10,648 SFBuilding SF: 1962Year Built: 7,291 SFLot Size:

5


Sale Comps

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SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT GRM # OF UNITS

Griffin Street Apartments20 Griffin StAtlanta, GA 30314

Unpriced- Subject to offers 10,400 SF - - - 13

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT GRM # OF UNITS CLOSE

1Elm Street379 Elm StreetAtlanta , GA 30314

$1,220,000 5,850 SF $208.55 $135,555 - 9 11/08/2019

2217-221 N E Lampkin217-221 NE LampkinAtlanta , GA 30312

$608,000 6,044 SF $100.60 $152,000 - 4 03/01/2019

3658 John Wesley Dobbs658 John Wesley DobbsAtlanta , GA 30312

$1,064,000 4,884 SF $217.85 $152,000 - 7 03/01/2019

4883 Monroe Drive883 Monroe DriveAtlanta , GA 30308

$715,000 2,904 SF $246.21 $102,142 - 7 09/01/2019

5Clay Street9 Clay Street SEAtlanta , GA 30317

$1,332,105 10,648 SF $125.10 $111,008 - 12 01/16/2020

PRICE BLDG SF PRICE/SF PRICE/UNIT GRM # OF UNITS CLOSE

TOTALS/AVERAGES $987,821 6,066 SF $162.85 $126,643 - 7.8


Sale Comps Summary

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1379 Elm StreetAtlanta , GA 30314

ELM STREET 2217-221 NE LampkinAtlanta , GA 30312

217-221 N E LAMPKIN

3658 John Wesley DobbsAtlanta , GA 30312

658 JOHN WESLEY DOBBS 4883 Monroe DriveAtlanta , GA 30308

883 MONROE DRIVE

20 Griffin St | Atlanta, GA 30314SUBJECT PROPERTY


Sale Comps Map

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59 Clay Street SEAtlanta , GA 30317

CLAY STREET



Sale Comps Map





RENT COMPARABLES5

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1HERNDON HOUSE APARTMENTS587 University Pl NW | Atlanta , GA 30314

1977Year Built: 19,000 SFBldg Size: 0 SFLot Size:16No. Units: 100%Occupancy: 1,062 SFAvg. Size:$1.14Avg. Rent/SF: $1,208Avg. Rent:

1

2379 ELM STREET379 Elm Street | Atlanta , GA 30314

1958Year Built: 5,850 SFBldg Size: 0 SFLot Size:9No. Units: 100%Occupancy: 644 SFAvg. Size:$1.98Avg. Rent/SF: $1,278Avg. Rent:

2

3SELLS AVE APARTMENTS1152 Sells Ave SW | Atlanta, GA 30310

1968Year Built: 8,904 SFBldg Size: 0 AcresLot Size:11No. Units: 100%Occupancy: 868 SFAvg. Size:$1.31Avg. Rent/SF: $1,140Avg. Rent:

3


Rent Comps

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4INTOWN APARTMENTS & LOFTS180 Northside Dr SW | Atlanta , GA 30313

2002Year Built: 28,239 SFBldg Size: 38 SFLot Size:18No. Units: 100%Occupancy: 1,028 SFAvg. Size:$1.38Avg. Rent/SF: $1,423Avg. Rent:

4

5205 TROY STAtlanta , GA 30314

1960Year Built: 6,400 SFBldg Size: 7,871 SFLot Size:8No. Units: 100%Occupancy: 800 SFAvg. Size:$0.88Avg. Rent/SF: $700Avg. Rent:

5


Rent Comps

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SUBJECT PROPERTY RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

Griffin Street Apartments20 Griffin StAtlanta, GA 30314

$0.87 0 SF 10,400 SF 13 100.0%

RENT COMPS RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

1Herndon House Apartments587 University Pl NWAtlanta , GA 30314

$1.14 16,992 SF 19,000 SF 16 100%

2379 Elm Street379 Elm StreetAtlanta , GA 30314

$1.98 5,800 SF 5,850 SF 9 100%

3Sells Ave Apartments1152 Sells Ave SWAtlanta, GA 30310

$1.31 9,555 SF 8,904 SF 11 100%

4Intown Apartments & Lofts180 Northside Dr SWAtlanta , GA 30313

$1.38 18,508 SF 28,239 SF 18 100%

5205 Troy StAtlanta , GA30314

$0.88 6,400 SF 6,400 SF 8 100%

RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

TOTALS/AVERAGES $1.34 11,451 SF 13,679 SF 12.4 100%


Rent Comps Summary

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1 HERNDON HOUSE APARTMENTS587 University Pl NWAtlanta , GA 30314

2 379 ELM STREET379 Elm StreetAtlanta , GA 30314

3 SELLS AVE APARTMENTS1152 Sells Ave SWAtlanta, GA 30310

4 INTOWN APARTMENTS & LOFTS180 Northside Dr SWAtlanta , GA 30313



Rent Comps Map

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5 205 TROY STAtlanta , GA30314



Rent Comps Map





AREA DEVELOPMENTS6

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CENTENNIAL YARDS

Centennial Yards is a $5 billion redevelopment of downtown Atlanta'sGulch. This 50-acre district of sunken rail yards and parking lots will bereplaced with 12 million square feet of residences, retail, offices, andhotels.

The project will provide a major platform for opportunity andgrowth. This project will also maximize the location and connectivity ofdowntown Atlanta in ways not possible for generations.

https://www.centennialyards.com/


New Developments - Centennial Yards

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PROFESSIONAL SPORTS ARENAS

Mercedes Benz Stadium is home to the Atlanta Falcons and the AtlantaUnited FC. The $1.6 billion development opened in 2017 and replacedAtlanta's Georgia Dome. This multi-use facility employs approximately4700 individuals and is a major economic driver in downtown Atlanta.

State Farm Arena is a multi-purpose indoor arena located in Atlanta,Georgia. The arena serves as the home venue for the National BasketballAssociation's Atlanta Hawks.


Mercedes Benz Stadium + State Farm Arena





DEMOGRAPHICS7

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POPULATION 1 MILE 2 MILES 3 MILES

Total Population 20,029 68,564 139,159

Average age 25.3 29.1 31.3

Average age (Male) 26.5 29.8 31.4

Average age (Female) 26.1 29.1 31.6

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES

Total households 6,085 20,613 53,681

# of persons per HH 3.3 3.3 2.6

Average HH income $31,946 $37,259 $52,007

Average house value $187,637 $166,026 $184,354

* Demographic data derived from 2010 US Census


Demographics Map & Report





ADVISOR BIOS8

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ADRIAN PROVOST

[email protected]

Executive Managing Director

GA #341770

LOETTA LEWIS

[email protected]

Investment Sales Advisor

GA #383362


Meet the Team

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GA #383362

LOETTA LEWIS

Investment Sales Advisor

[email protected]: 770.315.0522

PROFESSIONAL BACKGROUNDLoetta Lewis is an Investment Sales Associate with the Investment Advisory Group at LEVEL Real Estate Firm. Loetta started with our firm in 2019 after a 17- year tenure inMulti-family management and operations in Atlanta, Georgia. During her tenure she worked for owners of Multi-family assets valued in the multi-million-dollar range.Throughout Loetta’s career she specialized in transitioning distressed, non-cash flowing communities into assets that were positioned to successfully trade for the highestdollar per door amongst its competitors.

In 2016, Loetta received accolades for ranking #1 amongst her peers due to exceeding budgeted NOI by 1.8 million for the calendar year. In April of 2017 Loetta was featuredin the National Apartment Association’s Units Magazine. It is Loetta’s goal to utilize her platform with LEVEL along with her expertise to build long lasting, lucrative relationshipswith owners. By doing this Loetta will ensure that investments are well positioned to produce an expeditious and efficient sales process while yielding the maximum return.

EDUCATIONTroy University, A.S. Business ManagementGeorgia MLS- GA Real Estate Licensing CourseGrace Hill- Federal Fair Housing CertificationGrace HIll- Annual Bed Bug Certification

LEVEL2221 Peachtree Road Suite X8

Atlanta, GA 30309678.957.7653


Loetta Lewis

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GA #341770

ADRIAN PROVOST

Executive Managing Director

[email protected]: 678.957.7653

PROFESSIONAL BACKGROUNDAdrian Provost is an award-winning real estate investment sales advisor and is currently the Executive Managing Director at LEVEL. Mr. Provost is an expert in the subtletiesthat define elaborate real estate investment sales transactions; leveraging specialized market knowledge, superior technology, proprietary systems, exclusive data, andindustry relationships to help achieve their clients' most opportunistic objectives.

Mr. Provost offers a wide range of advisory and transactional services for private and institutional real estate investors including; Acquisitions, Analysis, Branding, Critical AssetReview, Development Guidance, Dispositions, Feasibility Studies, Lease-Up Assistance, Marketing, Projections, Refurbishment, Renovation, Repositioning, Transactional Sales,and more.

EDUCATIONGeorgia Southern University.Cornell University - SC Johnson School of Business.

MEMBERSHIPSAdrian is a member of the prestigious Forbes Real Estate Council, a contributor for Inman News, a member of National Multifamily Housing Council, a member of theCommercial Council of the Empire Board of Realtists, a founding member of Russell Center for Innovation and Entrepreneurship, a top-producing member of the AtlantaCommercial Board of Realtors, a licensed appraiser, a member of International Real Estate Federation, a member of National Apartment Association, a member of GeorgiaApartment Association, a member of Atlanta Apartment Association, and a Certified Commercial Investment Member amongst other awards, designations, and boardmemberships.

LEVEL2221 Peachtree Road Suite X8

Atlanta, GA 30309678.957.7653


Adrian Provost

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