Barcelo at East Cobb
Property Description
RECENT CAPITAL INFUSION: Over $20k/unit ($4.67M) has been invested in large scale capital improvements by current ownership within the last 5-years, paving the way for new ownership to focus on operational improvement and next level upgrades.SUBMARKET SUPPORTED ABILITY TO INCREASE RENTS: Renovations at the property are in line with the renovation scope of submarket comparables, but average in-place rents trail the submarket by $200+. A rental increase of $200 would translate to an GPI increase of ~$500K. PROXIMITY TO I-75 & I-285 AVAILS ACCESS TO ALL OF ATLANTA'S MAJOR EMPLOYMENT CENTERS: Proximity to I-75 and I-285 avails access to all of Atlanta’s major employment centers within a 10-30 minute drive to Cumberland, Midtown and Downtown, and only 8 minutes from the amenity rich Battery/Truist Park with 17M SF of office space and 200k daytime jobs. AMENITY RICH CORRIDOR WITH SIGNIFICANT BARRIERS TO ENTRY: Marietta’s commitment to Franklin Gateway continues through the 2013 Franklin Gateway Redevelopment Bonds Fund with the recent acquisition of the former IKEA site. Since 2013 the housing stock has been reduced by over 40% and has attracted the likes of the Atlanta United Training Facility, Marietta Sports Complex, bolstered by the proximity to the transformative development at The Battery. IMPRESSIVE DEMOGRAPHICS: Median HHI within a 3-mile radius of $67,000 with Avg HHI eclipsing $90,000 and Daytime Employment approaching 200k within a 5-mile radius. Annual population growth within a 1-mile radius forecast at 5% 2024-2029, which is nearly 3 times the forecasted national average.DISCOUNT TO REPLACEMENT COST & HOME OWNERSHIP: The property is offered at a significant discount to replacement cost and a basis reset in line with sales comps indicative of pre-pandemic pricing. In place rental rates present a $2,122 monthly savings (55%) vs homeownership within Marietta where the average home value approaches $500k, a 50%+ increase in value since 2020. STRONG PROPERTY FUNDAMENTALS: Barcelo at East Cobb is a 214-unit, 1970-built multifamily community featuring strong architectural bones, desirable floorplans averaging 1,084 SF. The property is comprised of 72% two- and three-bedroom floorplans, 51% townhome units, and washer/dryer connections in 120 units.
Broker Details
GREA 678-894-2219
Broker Details
Broker Details
GREA 404.538.7875
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 214 |
| Lot Size: | 231,300.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
1653 E Main Street
Rogersville, Tennessee
4024 Pebblebrook ct
Spartanburg, South Carolina
4110 E Croft Circle
Spartanburg, South CarolinaBrokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout