MASSIVE INTERIOR RENOVATION UNDERWAY: Current ownership has recently invested roughly $1.3-$1.4 million in both interior and exterior renovations. Exterior renovations include new windows and doors as well as investments in the property’s concrete, paint, roofs, fascia, lighting, and electrical. Interior renovations include new plumbing, electrical, HVAC, water heaters, cabinets, bathrooms, floors, lighting, appliances, and paint.
INCREASED WEB PRESENCE & PROPERTY BRAND: Currently, the subject property is difficult to search for online, returning inaccurate or incomplete information regarding the property’s name and location. New ownership will have the potential to increase the property’s web visibility in order to drive leasing activity.
EXPANDING INDUSTRIAL SECTOR: In South Macon, roughly 2 million square feet of industrial development is either underway, nearing completion, or recently completed. The three companies expanding its presence are:• Amazon - Opened Summer 2018 / 500 jobs• Tyson Foods - $59 million investment / 100 jobs• Irving Consumer Products - $400 million / 700,000 SF / 200 jobs.
ROBUST & GROWING RETAIL CORRIDOR: Northwest Macon features two significant retail developments:• The Shoppes at River Crossing - 750,000 SF, 67-acre shopping center anchored by Dillard’s, Belk, Barnes & Noble, DSW, Dick’s Sporting Goods, H&M, PetSmart, & Ulta• North Macon Plaza - 166,465 SF (anticipated opening in Fall 2019) anchored by Old Navy, Michael’s, Marshalls, HomeGoods, & Bealls
MACON’S RICH HISTORY & ENTERTAINMENT: Macon is home to several venues and museums that highlight the city’s rich history & entertainment options. These include:• Macon Coliseum - 9,252-seat venue• Georgia Sports Hall of Fame - 43,000 SF• Tubman Museum - Founded in 1981, reconstructed in 2015• Allman Brothers Museum - Opened in 2009• Hay House - 24-bedroom Italian Renaissance Revival-style housePOSITIVE MULTIFAMILY SUBMARKET INDICATORS: Asking Rent Growth, Vacancy, Absorption, & Sales Volume are all above historic averages, as shown below:• 12-Month Asking Rent Growth - 2.6%• Vacancy Rate - 8.5%• 12-Month Absorption Units - 372• 5-Year Market Rent Growth - 14.47%
