metro atlanta schoolnumber of school buildings 3 total building improvements 68,721 sq ft price...

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L ENDER ORDERED SALE

Metro Atlanta School Approximately 62,891 sq ft 1312 Knotts Avenue | East Point, GA 30344

BULL R

EALT

Y, IN

C.

Andy Lundsberg

404.876.1640 x 107

[email protected]

Bull Realty, Inc.

1801 Piedmont Avenue

Atlanta, GA 30324

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Table of Contents

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.

Index Page

Executive Summary 3

Property Photos 5‐6

Building Plan 7

Aerial Image 8

Location Maps 9

Area Information 10‐11

Demographics 12‐14

Broker Profile 15

Property Details 4

Cameron Academy 1312 Knotts Avenue East Point, GA 30344

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Executive Summary

Great opportunity to purchase an approx. 63,000 sq ft former Fulton County School, currently known as Cameron Academy at well below 2010 appraised value of $4,000,000. Located in East Point, GA, just off Langford Pkwy with easy access to I‐85/I‐75/I‐20 and downtown, the school is walking distance from Fort McPherson and the Fort McPherson MARTA train station. The school has recently undergone some remodeling with improvements to electrical, plumbing, HVAC and the bathrooms. The sale includes sixteen (16) properties on fourteen (14) tax parcels. The main building of approx. 41,360 sq ft consists of a church/auditorium with a large attached classroom building. The next largest building is a two‐story approximately 21,152 sq ft gymnasium building with classrooms. Next to the gym is a parking lot. At list price, there is an additional 1.7 acres that is currently used for parking and playground space. Finally, there are four (4) single family homes and one duplex across the street from the school that are also included. The property is currently generating $6,300 in monthly rental income from the after hour rental of the gym, auditorium and the rental homes. The recent appraised value of the property, as of April 8, 2010, is $4,000,000 “As Is.” The appraised value of $5,000,000 was estimated after an additional $553,000 of improvements to be done by the Seller, of which have been partially completed.

Asking Price: $3,300,000. *Lender may consider special financing for qualified purchasers with adequate down payment.

Cafeteria Typical Classroom

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County Fulton

Property Type (current) School or Church Facility

Improvement Size (School) Approximately 62,891 sq ft

Zoning Mixed: R1a (Residential); CR (Commercial Redevelopment); PAR (Parks & Recreation

Parking Spaces Separate parking lot

Total Land Area 4.19 Acres

Number of School Buildings 3

Total Building Improvements 68,721 sq ft

Price $3,300,000

Price per sq ft $48.00/sq ft

Property Details

Address Type Land Size

1312 Knotts Avenue School/Church .4617

1290 Knotts Avenue Gym .7654

1290 Knotts Avenue Vacant House 35 on Gym parcel .0000

Knotts Avenue Vacant Commercial lot .6694

1312 Knotts Avenue Duplex .0000

1307 Knotts Avenue House #1 .1563

2110 Newman Avenue House #2 .1162

2125 Newman Avenue Vacant House #3 .1722

1351 Hawthorne Way Vacant Residential Lot .1835



Hawthorne Way Vacant Residential Lot .1722

Hawthorne Way Vacant Residential Lot .1722

Hawthorne Way rear Vacant Residential Lot .6313

2115 Newman Avenue Vacant Residential Lot .1768

2134 Newman Avenue Vacant Residential Lot .1722

Building Size

41.360

21,531

1,255

0

1,056

1,198

934.75

1,386

0

0

0

0

0

0

0

0

Total Land Area AC 4.1938

Total Land Area Sq Ft 182,681

Total Building Sq Ft 68,721

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Exterior Photos

Front Entrance to Church/Auditorium

Side View of School Front Entrance to School

Side Entrance Church/Auditorium

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Interior Photos

Gymnasium

Auditorium Cafeteria

Front Lobby

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Building Plan

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Aerial Image

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Location Maps & Directions

Fort McPherson

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Area Information

Fort McPherson Redevelopment Plan

On September 9, 2009 Governor Sonny Perdue signed an executive order establishing the McPherson Implementing Local Redevelopment Authority. Eleven individuals were appointed to serve for a four‐year term and an additional nine officials will serve on the Board ex‐officio. Governor Perdue selected Mr. Felker Ward, Jr. to serve as chairman. The MILRA is a political subdivision of the State of Georgia and a public corporation. The powers of the MILRA are described in the legislation (H.B. 817) and include the power to purchase, lease, dispose, acquire, hold and otherwise control land acquired from the federal government and to contruct, improve, maintain, lease and perform all other development activities on the property; to borrow money, accept grants, make loans, issue revenue bonds, encourage and facilitate job training and housing rehabilitation programs for surrounding residents and do all things necessary or convenient to carry out the powers expressly given in the Act. The Reuse Plan has been completed and submitted to the proper authorities and the MPLRA is finishing up its work with the completion of a Business Plan and other documents. The plan calls for the creation of a Bio‐Science Park that will serve as an anchor for the economic development of the 487‐acre facility. The Bio‐Science Park would focus on the next generation of vaccines and serve as the hub of research and development with spokes to public and private research universities and their extraordinary scientific talent. In order to be successful, the Park will require multi‐million dollar commitments in researchers, technology, training and facilities over the next ten years. Tax Allocation District (TAD) funding is essential to finance infrastructure. The strategy for the creation of the Park requires the submission of an Economic Development Conveyance (EDC) application for the transfer of the 165‐acre Park parcel to the MILRA. Final transfer, around 2012, will call for a master plan of the Park and an agreement to orchestrate the disposition of identified parcels to the MILRA, establish development agreements for public sale to private developers, provide for value enhancements and homeless accommodation, phasing, environmental cleanup and developer selection. The MILRA is currently preparing the necessary applications and documents and is taking preliminary steps to address re‐zoning of the propertyIts own water reservoir (Sweet Water Creek)

No impact fees on new development

A 100% property tax exemption on all three classes of manufacturer’s inventory (firm’s location must be within city limits).

Approximately 2.3 million square feet of of‐fice/warehouse/distribution space within the City’s com‐mercial/industrial areas.

Designated as a Main Street City.

10 minute drive from the heart of downtown Atlanta.

7 minutes from Hartsfield International Airport

Its own water reservoir (Sweet Water Creek)

Service of its own transit station (Metropolitan Atlanta Rapid Transit Authority ‐ MARTA)

An award winning hospital (South Fulton Medical Center ‐ Tenet Healthcare)

Exceptional schools

Has its own business association (The East Point Business Association) and in conjunction with the the City of East Point, hosts a yearly business seminar for start‐ups, existing businesses and entrepreneurs.

Economical Advantages of the City

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Fort McPherson Redevelopment Plan

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Demographic Site Map

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Demographics

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Broker Profile

Andy Lundsberg joined Bull Realty with over 10 years of sales, marketing and real estate experience. Within Bull Realty, he specializes in office and investment properties doing both leasing and sales. In 2009, Andy was one of the top 5 agents at Bull Realty and achieved the 2009 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 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 grew up in the northern suburbs of Chicago, IL and moved to Atlanta in 2002 to capitalize on the growing real estate market in the Southeast. He currently owns and manages several different investment properties within metro Atlanta and is constantly searching for new opportunities. He is a graduate of 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

Andy Lundsberg V.P.—Corporate Office Services 404.876.1640 x 107 [email protected] Bull Realty, Inc. 1801 Piedmont Avenue Atlanta, GA 30324

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metro atlanta schoolnumber of school buildings 3 total building improvements 68,721 sq ft price...

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