The Massee Apartmentsservices.housingonline.com/nhra_images/080811Massee... · 2011-08-08 ·...

Commercial Real Estate Services, Worldwide.

Brannen Goddard404 812 4000 | F 404 816 3939 | www.naibg.com Suite 1100 | 5555 Glenridge Connector | Atlanta GA 30342Information is deemed from reliable sources. No warranty is made as to its accuracy.

The Massee Apartments347 College Street, Macon, Georgia

HISTORIC APARTMENT BUILDING FOR SALEMacon, Georgia

TODD ELLIS404 812 [email protected]

BRAD COOPER404 812 4042

[email protected]

Designed by famed architect, Neel Reed and

located in the heart of

Law School Campus

100% LEASED

Executive Summary

Property Overview

Location Summary

Appendix- Property Photos - Neel Reed, Architect - Demographics

One |

Two |

Three |

Four |

Section

TABLE OF CONTENTS

The information contained herein was obtained from sources we believe to be reliable. However, neither Broker nor Owner has verified all of the information and makes no representation, warranty or guarantee of its accuracy or completeness. This Offering Memorandum is provided subject to the possibility of errors, omissions, change of price, prior sale or withdrawal from sale without notice.Commercial Real Estate Services, Worldwide.

Brannen Goddard


Brannen Goddard

EXECUTIVE SUMMARY

We are pleased to submit our offering memorandum for The Massee Apartments in Historic Downtown Macon, Georgia. We share with you the following information to highlight key points of this great opportunity.

Conveniently located in Macon’s downtown historical district, The Massee offers a unique way of life for the resident who appreciates character and charm. This 78-year-old building is a tribute to the skills of Neel Reid, the region’s foremost architect of the 1920’s who designed the building to be beautiful as well as functional. Like other Reid designs, The Massee is an architecture landmark – the handsome ornamental work surrounding the doorway; wide terra cotta rile terrace and wrought iron railings, door grilles and torches complete the stage for its dramatic entrance. The building is eight-stories high with 74 units that consist of one and two bedroom apartments and efficiencies and studios. Each apartment has its own character and charm.

The Massee houses a diversified group of residents including senior residents, graduate students and young professionals and is currently 100% leased with below market rents. The Massee is only one block from the prestigious Mercer Law School and less than one mile from Mercer University.

Potential Uses & Value-Add Opportunities for The Massee:• Fully furnished student housing units to serve Mercer University and Mercer Law students thus increasing rental rates

• 9% tax credit funded acquisition/rehab opportunity-senior

• 4% tax credit funded acquisition/rehab opportunity-senior

• Rehab using historic tax credits

• Reposition rents by upgrading the current electrical to allow for washer and dryer units and upgraded HVAC systems in each unit

• Conversion to a hotel

• Acquisition with a condo sale exit strategy in the future

The Massee’s main entrance

The Massee’s lobby


Brannen Goddard

PROPERTY OVERVIEW

Physical Address 347 College Street, Macon, Bibb County, Georgia 31201

Location Corner of College Street & Second Avenue

Number of Units 74

Square Feet 54,304

Acreage 1.03 acre

Parcel Number Q073-0089

MunicipalityCity of Macon

Frontage113.56' on College Street111.78' on Madison Street448.64' on Second Avenue

ZoningHR-3

UtilitiesAll available and on site

Price$2,400,000 / $32,432.43 per unit

The Massee’s street access


Brannen Goddard

PROPERTY OVERVIEW

Apartment SpecsUnit Type # of Units Monthly Total Rent

Studio 23 $330 $7,590

Efficiency 8 $425 $3,400

Small 1 BDR 8 $450 $3,600

Large 1 BDR 18 $525 $9,450

Small 2 BDR 8 $595 $4,760

Large 2 BDR 4 $625 $2,500

Large 2 BDR / 2 BTH 1 $625 $625

Extra Large 2 BDR / 2 BTH 1 $875 $875

3 BDR 1 $755 $755

3 BDR / 2 BTH 1 $755 $755

Penthouse 1 $900 $900

Rental RatesStudio $330± (includes mini-refrigerator & A/C unit)

Efficiency $425± (includes full-size kitchen & balcony)

1 BDR / 1 BTH (small) $450-$495 (small) / $495-$525 (large)

2 BDR / 1 BTH $595± (small) / $650± (large)

3 BDR / 1 BTH $755±

Executive Penthouse $895±

CriteriaApplicant(s) household monthly income must exceed 3-times the apartment rent • Stable history of employment • Positive and verifiable rental history • Credit and background checks are performed for all prospective residents • Application fee of $30 for each applicant over the age of 18

DepositsA security deposit will be required. Deposits range from $150 to $450.

Heat ChargeA heat charge will apply during the winter months, from November through March.

Studio255 SF

Efficiency420 SF

1 BDR / 1 BTH 610 SF



2 BDR / 2 BTH 1,050 SF


Brannen Goddard

PROPERTY OVERVIEWSite Plan


Brannen Goddard

PROPERTY OVERVIEWProperty Aerial

College Street

Madison Street

2nd Avenue

Stew

arts

Lane

Jefferson Terra

ce


Brannen Goddard

PROPERTY OVERVIEWMacon Historic District

SITE

micro map


Brannen Goddard

EXECUTIVE SUMMARY

macro map

PROPERTY OVERVIEWLocation Maps

SITE

SITE

Mercer University

Mercer Law School


Brannen Goddard

PROPERTY OVERVIEWCompetitive Properties

Competitive Apartments:

1. Ashley Towers 1 BDR – $595

2 BDR – $725

2 BDR / 2 BTH – $995

Studio w/Kitchen – $495

2. The Terrace Studio w/Kitchen – $450

1 BDR – $550-$675

2 BDR - $885-$975

3. Broadway 2 BDR / 2 BTH – $850

4. Katherine Court 2 BDR / 1 BTH – $775

#1

#2 #3

#4

SITE


Brannen Goddard

LOCATION SUMMARY

The Massee is located in the “Heart of Georgia” in Macon, Bibb County, Georgia, which is central Georgia’s largest city as well as its anchor. This unique, historical property resides in Macon’s Historical District, which contains a significant and varied collection of residential buildings that range from landmark mansions to small worker homes.

This distinctive building is only one block from the prominent Mercer Law School and less than one mile from Mercer University.

SITE


Brannen Goddard

Macon, GeorgiaMacon is a city located in central Georgia and is the county seat of Bibb County. Macon is the biggest city in central Georgia and lies near the geographic center of Georgia, approximately 85 miles south of Atlanta, hence the city’s nickname as the “Heart of Georgia.” Its population is the seventh-largest city in Georgia (just after Sandy Springs, Georgia).

Macon has 12 National Register Historic Districts and two national Historic Landmarks as well as a national monument. Macon’s city auditorium has the largest covered copper dome in the world and the Hay House, built in the 1850s, is a historic museum. The Bibb County courthouse was constructed in 1924 and remodeled in 1940. The courthouse is listed within the National Register of Historic Places.

The city has several institutions of higher education, as well as numerous museums and tourism sites. Macon is home to Wesleyan College, founded in 1836 as the Georgia Female College, the first college in the world chartered to grant degrees to women. Mercer University and Georgia College are also located in Macon.

Macon is also home to the Georgia Music Hall of Fame and the Georgia Sports Hall of Fame. These two facilities play an integral role in the ongoing revitalization of downtown Macon.

Georgia’s largest African American museum, Tubman African American Museum, offers fourteen exhibition galleries, a resource center and a 63” mural depicting African-American art, history and culture. Permanent collections are accompanied by touring national and international exhibitions by well-known African American artists.

The Douglas Theatre, built in 1921 by black entrepreneur Charles Douglass, is a restored historic theatre that has hosted greats like Ma Rainey, Bessie Smith, Ida Cox and Cab Calloway. The Douglass Theatre now pays tribute to the Afri-can American influence on film and theatre. The most popular event in the county is the Macon International Cherry Blossom Festival held in March. The city has more Yoshino cherry trees than anywhere else in the world, and people come to the annual festival to see the trees. Other festivals include the annual First Night Macon, Tubman Museum Pan African Festival in May and the Georgia State Fair.

LOCATION SUMMARY

Georgia Music Hall of Fame

ride at the Georgia State Fair


Brannen Goddard

Historic MaconMacon boasts 12 historic districts containing over 5,500 historic buildings, all listed on the National Register of Historic Places. Macon has more listed historic districts than any other city in Georgia.

The Macon Historic District is the historic commercial, residential and insti-tutional development that grew out of Macon’s original town plan and forms the city’s historic core. The district’s development began in 1823 when the town plan was first laid out and continued into the 1940’s. The district is significant in the areas of architecture, commerce, community planning and development, politics/government, landscape architecture, education and transportation.

The historic Terminal Station is an exceptional example of monumental architecture in downtown Macon. The former railroad station was designed in the Beaux Arts style and with Beaux Arts planning principles.

Historic community institutional buildings are another group of prominent freestanding buildings located throughout the district. Christ Church, Mulberry Street United Methodist Church and First Presbyterian Church are all over 175 years old. They are examples of Gothic Revival, Richardson Romanesque and High Victorian Gothic. The majority of Mercer University’s buildings are variations of the Academic Gothic Revival style and Victorian Gothic and Neoclassical Revival.

The district contains a significant and varied collection of residential buildings that range from landmark mansions to small worker homes. There are three distinct neighborhoods within the district that depict the various styles of architecture: Intown Neighborhood, Huguenin Heights and Tatnall Square Heights. Part of the Intown neighborhood includes College Hill where Macon’s upper class citizens constructed a number of landmark houses. These houses are very large and generally date from the 19th century; many are the work of prominent Macon architects.

LOCATION SUMMARY

view of historic Macon from The Massee Apartments

historic home near the property


Brannen Goddard

Mercer UniversityMercer University is one of America’s oldest and most distinctive institutions of higher learning, offering programs that span from undergraduate liberal arts to doctoral-level degrees. The school was founded in 1833 by early 19th cen-tury Baptists, while no longer formally affiliated with the Baptist denomination, the school is still committed to its original values that arise from a Judeo-Christian understanding of the world.

With more than 8,000 students enrolled in 11 schools and colleges on campuses in Macon, Atlanta and Savannah; and at four Regional Academic Centers around the state, Mercer is consistently ranked among the nation’s leading institutions by such publications as U.S. News & World Report and the Princeton Review. Our more than 65,000 alumni are making important contributions to their professions and communities throughout Georgia, the Southeast and the world.

While offering a breadth of programs found at much larger universities, Mercer maintains an intimate, student-focused culture more characteristic of smaller liberal arts colleges. Mercer’s uniqueness is found in the way the University integrates five defining components of its mission: Liberal Learning, Professional Knowledge, Discovery, Service to Mankind and Community.

Walter F. George School of LawFounded in 1873, the Walter F. George School of Law of Mercer University is one of the oldest law schools in the United States and the first in the state of Georgia to be accredited by the American Bar Association. The Law School is named after Walter F. George, a 1901 Mercer Law School graduate who became a justice of the Georgia State Supreme Court and later a U.S. Senator.

The Law School’s current building is on Coleman Hill, a well-known landmark on the Macon skyline. The 90,000-square-foot facility is modeled after Independence Hall in Philadelphia, PA, the location where the Declaration of Independence was debated, adopted and signed.

Mercer Law School has earned a reputation as an excellent provider of legal education with an intense focus on student and faculty interaction. It is also home of the National Criminal Defense College, the Legal Writing Institute and The Journal of Southern Legal History; and is nationally recognized for its exceptional programs in legal writing, moot court, public service and profes-sionalism and ethics.

LOCATION SUMMARY

Mercer campus map


Brannen Goddard

Neel Reid Architect (1885-1926)For several generations Neel Reid was the best-known residential architect in Atlanta. His houses enjoyed a pedigree, level of prestige, and quality that made them the most sought after in the city. Owning a Neel Reid house, with its refinement of style, was thought to be a mark of taste and social accept-ability. That Reid’s firm, Hentz and Reid, was one of the most important Atlanta firms of the 1910s.

Education and Early CareerJoseph Neel Reid was born in Jacksonville, Alabama, in 1885. He was brought up and educated there until 1903, when his family moved to Macon, where he apprenticed with Curran Ellis. He then went to Atlanta, where he worked for the architect W. F. Denny. From 1905 to 1907 both Reid and his future partner Hal Hentz attended Columbia University in New York. The friends thereafter traveled in Europe, where Reid is said to have studied briefly at the Ecole des Beaux-Arts in Paris. After a brief period in New York City, Reid joined Hentz late in 1909 in partnership in Atlanta. Their third partner, the established architect G. L. Norrman, committed suicide soon after the firm of Norrman, Hentz and Reid was formed. In 1909 the firm became Hentz and Reid, the leading Beaux-Arts architects in Atlanta. Rudolph Adler joined the firm in 1911, and becoming a partner in 1913.

Institutional and Commercial ArchitectureAmong the firm’s institutional and commercial buildings in Atlanta are the Hillyer Trust Company Building (1911); the Butler Street YMCA (1916-20), with the African American builder Alexander D. Hamilton, of Alexander Hamilton and Son; Brookwood Station for Southern Railway (1916-17); the Scottish Rite Hospital for Crippled Children (1918-19); and three commercial buildings in the Fairlie Poplar district of Atlanta: the George Muse Clothing Store (1921, converted to lofts), Haas Howell Building (1920), and the Benjamin Watkins Building (1922, razed). Notable apartment buildings include the Della Manta (1917), 696 Peachtree Apartments (1922), and Garrison (later Reid House) Apartments (1923-24), all in Atlanta, as well as the Massee Apartment Build-ing (1924) in Macon.

Reid (and his partners in Hentz and Adler) founded the Georgia school of clas-sicists after study at Columbia University and abroad. Many sources influenced Reid’s architecture, and his interior and garden designs. His travel diary, sketchbooks and scrapbooks, and extensive library reflect this. His early-twentieth-century interest in historic preservation and contextual design, in architectural education and professional standards of practice inspired others long after his tragic early death of a brain tumor in 1926.

APPENDIXNeel Reid

J. Neel Reid


Brannen Goddard

Site Map347 College St, Macon, GA, 31201Ring: 1, 3, 5 Miles Latitude: 32.8422

Longitude: -83.63771

July 14, 2011

Made with Esri Business Analyst©2011 Esri www.esri.com/ba 800-447-9778 Try it Now! Page 1 of 1

MARKET OVERVIEWDemographics – 1, 3 & 5 Miles

SOURCE: ESRI.com


Brannen Goddard

Executive Summary

©2011 Esri 7/14/2011 Page 1 of 2

Latitude: 32.8422

347 College St, Macon, GA, 31201 Longitude: -83.63771Ring: 1, 3, 5 Miles

1 mile radius 3 miles radius 5 miles radius 2010 Population Total Population 7,624 48,047 93,217 Male Population 48.9% 44.1% 44.6% Female Population 51.1% 55.9% 55.4% Median Age 35.7 34.9 35.4 2010 Income Median HH Income $20,883 $26,831 $33,057 Per Capita Income $16,443 $16,987 $18,238 Average HH Income $32,973 $39,525 $44,374 2010 Households Total Households 3,576 19,545 37,079 Average Household Size 1.94 2.31 2.39 2010 Housing Owner Occupied Housing Units 16.7% 30.1% 37.8% Renter Occupied Housing Units 55.8% 46.1% 41.3% Vacant Housing Units 27.6% 23.8% 20.9% Population 1990 Population 9,266 57,668 104,528 2000 Population 7,780 49,922 95,936 2010 Population 7,624 48,047 93,217 2015 Population 7,523 47,222 91,909 1990-2000 Annual Rate -1.73% -1.43% -0.85% 2000-2010 Annual Rate -0.2% -0.37% -0.28% 2010-2015 Annual Rate -0.27% -0.35% -0.28% In the identified market area, the current year population is 93,217. In 2000, the Census count in the market area was 95,936. The rate of change since 2000 was -0.28 percent annually. The five-year projection for the population in the market area is 91,909, representing a change of -0.28 percent annually from 2010 to 2015. Currently, the population is 44.6 percent male and 55.4 percent female. Households 1990 Households 4,428 22,892 40,432 2000 Households 3,661 20,302 38,096 2010 Households 3,576 19,545 37,079 2015 Households 3,534 19,245 36,623 1990-2000 Annual Rate -1.88% -1.19% -0.59% 2000-2010 Annual Rate -0.23% -0.37% -0.26% 2010-2015 Annual Rate -0.24% -0.31% -0.25% The household count in this market area has changed from 38,096 in 2000 to 37,079 in the current year, a change of -0.26 percent annually. The five-year projection of households is 36,623, a change of -0.25 percent annually from the current year total. Average household size is currently 2.39, compared to 2.42 in the year 2000. The number of families in the current year is 22,294 in the market area.

Housing

Currently, 37.8 percent of the 46,871 housing units in the market area are owner occupied; 41.3 percent, renter occupied; and 20.9 percent are vacant. In 2000, there were 43,909 housing units - 43.5 percent owner occupied, 43.3 percent renter occupied and 13.2 percent vacant. The rate of change in housing units since 2000 is 0.64 percent. Median home value in the market area is $76,267, compared to a median home value of $157,913 for the U.S. In five years, median home value is projected to change by 0.69 percent annually to $78,946. From 2000 to the current year, median home value changed by 1.08 percent annually.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015. Esri converted 1990 Census data into 2000 geography.


SOURCE: ESRI.com


Brannen Goddard

Executive Summary

©2011 Esri 7/14/2011 Page 2 of 2

Latitude: 32.8422

347 College St, Macon, GA, 31201 Longitude: -83.63771Ring: 1, 3, 5 Miles

1 mile radius 3 miles radius 5 miles radiusMedian Household Income 1990 Median HH Income $11,028 $16,439 $20,606 2000 Median HH Income $16,999 $21,665 $26,932 2010 Median HH Income $20,883 $26,831 $33,057 2015 Median HH Income $24,101 $33,864 $41,772 1990-2000 Annual Rate 4.42% 2.8% 2.71% 2000-2010 Annual Rate 2.03% 2.11% 2.02% 2010-2015 Annual Rate 2.91% 4.77% 4.79% Per Capita Income 1990 Per Capita Income $10,301 $10,418 $11,410 2000 Per Capita Income $13,719 $14,451 $16,181 2010 Per Capita Income $16,443 $16,987 $18,238 2015 Per Capita Income $20,006 $20,097 $21,347 1990-2000 Annual Rate 2.91% 3.33% 3.56% 2000-2010 Annual Rate 1.78% 1.59% 1.17% 2010-2015 Annual Rate 4% 3.42% 3.2% Average Household Income 1990 Average Household Income $22,080 $25,560 $29,195 2000 Average Household Income $29,678 $34,741 $40,108 2010 Average HH Income $32,973 $39,525 $44,374 2015 Average HH Income $40,202 $46,708 $51,908 1990-2000 Annual Rate 3% 3.12% 3.23% 2000-2010 Annual Rate 1.03% 1.27% 0.99% 2010-2015 Annual Rate 4.04% 3.4% 3.19% Households by IncomeCurrent median household income is $33,057 in the market area, compared to $54,442 for all U.S. households. Median household income is projected to be $41,772 in five years. In 2000, median household income was $26,932, compared to $20,606 in 1990.

Current average household income is $44,374 in this market area, compared to $70,173 for all U.S. households. Average household income is projected to be $51,908 in five years. In 2000, average household income was $40,108, compared to $29,195 in 1990.

Current per capita income is $18,238 in the market area, compared to the U.S. per capita income of $26,739. The per capita income is projected to be $21,347 in five years. In 2000, the per capita income was $16,181, compared to $11,410 in 1990. Population by Employment Currently, 84.7 percent of the civilian labor force in the identified market area is employed and 15.3 percent are unemployed. In comparison, 89.2 percent of the U.S. civilian labor force is employed, and 10.8 percent are unemployed. In five years the rate of employment in the market area will be 87.7 percent of the civilian labor force, and unemployment will be 12.3 percent. The percentage of the U.S. civilian labor force that will be employed in five years is 91.2 percent, and 8.8 percent will be unemployed. In 2000, 55.7 percent of the population aged 16 years or older in the market area participated in the labor force, and 0.2 percent were in the Armed Forces.

In the current year, the occupational distribution of the employed population is:

56.5 percent in white collar jobs (compared to 61.6 percent of U.S. employment)•24.5 percent in service jobs (compared to 17.3 percent of U.S. employment)•19.1 percent in blue collar jobs (compared to 21.1 percent of U.S. employment)•

In 2000, 75.0 percent of the market area population drove alone to work, and 1.5 percent worked at home. The average travel time to work in 2000 was 21.6 minutes in the market area, compared to the U.S. average of 25.5 minutes. Population by EducationIn 2010, the educational attainment of the population aged 25 years or older in the market area was distributed as follows:

20.5 percent had not earned a high school diploma (14.8 percent in the U.S.)•34.0 percent were high school graduates only (29.6 percent in the U.S.)•5.2 percent had completed an Associate degree (7.7 percent in the U.S.)•13.6 percent had a Bachelor's degree (17.7 percent in the U.S.)•8.2 percent had earned a Master's/Professional/Doctorate Degree (10.4 percent in the U.S.)•

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015. Esri converted 1990 Census data into 2000 geography.


SOURCE: ESRI.com


Brannen Goddard

APPENDIXAdditional Property Photos

Front view of the property

Back parking lot

View of the back of The Massee Apartments

College Street access


Brannen Goddard

APPENDIXAdditional Property Photos

Wrought iron balcony railing

Apartment kitchen/dining area

Apartment interior

Office space

The Massee Apartmentsservices.housingonline.com/nhra_images/080811Massee... · 2011-08-08 ·...

Documents

Transcript of The Massee Apartmentsservices.housingonline.com/nhra_images/080811Massee... · 2011-08-08 ·...