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280 Harve Mathis Rd. - Land Development | Affordable Senior Housing 8.47 Acres of Commercial Land Offered at $1,200,000 in Athens, GA 30601
INVESTMENT HIGHLIGHTS
- Build-to-rent senior housing development on ± 8.47-acre landsite | 40 3-bedroom manufactured homes | Potential Co-Living Community
- Zoned Commercial Rural (CR) with approved uses for Class A Manufactured Homes (P). Qualified HUBZone
- Forbes Magazine has ranked Athens, Georgia as a top retirement destination
- Located in Athens, GA minutes from the University of Georgia Campus
- Located in a fast commercially growing area of Athens in Clarke County
- 7% CAP value of $11,664,000 at stabilization and a development cost of $7,135,659; potential unlevered gross profit is $4,528,341 or $113,208 per
EXECUTIVE SUMMARY
A potential manufactured home community development near the University of Georgia in Athens on ± 8.47 acres consisting of forty (40) single family manufactured homes (± 1,200 SF to 1,500 SF) three bedroom/two bath units, with a ± 3,000 SF Dining Facility. The land site is zoned as Commercial Rural (CR) with approved uses for Class A Manufactured Homes (P). Qualified HUBZone!
The development has access to all utilities with a planned wastewater treatment facility saving on county sewer connection fees. The Property is in a fast commercially growing area of Athens in Clarke County with the highest percentage of people over 65 years of age in the Athens-Clarke area. Athens has been ranked as one of the Top 25 retirement destinations by Forbes Magazine and is one of the top college towns in America. Athens MSA has a 217,331 population.
There is a new Kroger marketplace along with other expanding business moving to the area. Located on Harve Mathis Rd between Hwy 29 and Hwy 72. It is approximately fifteen-minute drive time to downtown Athens. University of Georgia is 6.9 miles away and Piedmont Regional 8 miles away with a Piedmont Urgent Care Center in the vicinity.
Nearby attractions: Athens Christian School, Athens Technical College, Georgia Department of Veteran Service, Kroger Marketplace, TC Village Shops (under construction next to Kroger Market), Piedmont Urgent Care, Crossroads Church, and Faith Temple Church of God.
utilities available except for sewer. Planned private sewer system.
PROPERTY HIGHLIGHTS:
- Median Household Income 50+: $40,192
- Average Home Values: $221,740
- Average Net worth
- Age 55 to 64: $498,037
- Age 65 to 74: $748,869
- Age 75+: $493,898
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Price | $1,200,000 | Lot Size | 8.47 AC |
| Price Per AC | $141,676.51 |
| Price | $1,200,000 |
| Price Per AC | $141,676.51 |
| Lot Size | 8.47 AC |
Located 7 miles from the University of Georgia campus in Athens. Wooded, leveled ± 8.47 acres zoned Commercial Rural (CR) with approved uses by right for Class A Manufactured Homes (P). Qualified HUBZone.
DESCRIPTION
Potential “affordable” senior housing 55+ community development in a prime university town on ± 8.47 acres consisting of forty (40) single family villas (± 1,200 SF to 1,500 SF) three bedroom/two bath units, with a ± 3,000 SF activity Center and two Pickleball Courts. The project is situated on a ± 8.47-acre landsite zoned as Commercial Rural (CR) with approved uses for Class A Manufactured Homes (P). Qualified HUBZone. Under market price; average market price within 15 miles per acre is $461,107; priced at $141,677 per acre. The development has access to all utilities with a planned wastewater treatment facility saving on county sewer connection fees. The property is located in a fast commercially growing area of Athens in Clarke County, 6.9 miles from the campus of THE UNIVERSITY OF GEORGIA. FINANCIAL HIGHLIGHTS Owner Financing via an IRC § 453 installment Sale o 5-Year Term o 20% Down payment o 5% Interest o First 3-Years Interest Only o 7% CAP value of $11,664,000 at stabilization and a development cost of $7,135,659; potential unlevered gross profit is $4,528,341 or $3,217,761 levered. Disclaimer: While the information is deemed reliable, no warranty is expressed or implied. Any information important to you or another party should be independently confirmed within an applicable due diligence period.
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280 Harve Mathis Rd. - Land Development | Affordable Senior Housing
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