mulkey forest medical building - ackerman & co. in … g eor g ia 30106 mulkey forest medical...

Mulkey Forest Medical Building

oFFering MeMoranduM

1620 Mulkey roadaustell, georgia 30106

This Offering Memorandum and any subsequent evaluation

material you may be provided (collectively known as the

“Offering Memorandum”) is intended solely for your limited use

in considering whether to pursue negotiations to acquire Mulkey

Forest Medical Building (the “Property”) located in Atlanta,

Georgia. The Property is being marketed for sale by Ackerman &

Co. (“Broker”).

The Offering Memorandum contains brief, selected information

pertaining to the business and affairs of the Property and has

been prepared by Broker. It does not, however, purport to be all-

inclusive or to contain all of the information that a prospective

purchaser may desire. Broker makes no representation or

warranty, express or implied, as to the accuracy or completeness

of the Offering Memorandum or any of its contents, and no

legal liability is assumed to be implied with respect thereto.

By acknowledgment of your receipt of the Offering

Memorandum you agree that the Offering Memorandum

and its contents are confidential, that you will hold and treat

it in the strictest of confidence, that you will not directly or

indirectly disclose, or permit anyone else to disclose, the Offering

Memorandum or its contents to any other person, firm, or entity

(including, without limitation, any principal for whom you have

been engaged), without prior written authorization of Owner

or Broker and that you will not use or permit to be used the

Offering Memorandum or its contents to be copied or used in

any fashion or manner detrimental to the interest of Owner.

Photocopy or other duplication is strictly prohibited.

THE OFFERING MEMORANDUM SHALL NOT BE DEEMED TO

REPRESENT THAT STATE OF AFFAIRS OF THE PROPERTY OR

CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO

CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE

THE DATE OF PREPARATION OF THE OFFERING MEMORANDUM.

The information provided in the Offering Memorandum has

been gathered from sources that are deemed reliable, but the

Broker does not warrant or represent that the information

is true or correct. Prospective offerors are advised to verify

information independently. The Offering Memorandum is not to

be construed as an offer or as any part of a contract to sell the

property.

Furthermore, the inclusion or exclusion in the Offering

Memorandum of information relating to asbestos or any

other hazardous, toxic or dangerous chemical item, waste

or substance (hereinafter collectively referred to as “Waste”)

relating to the Property shall in no way be construed as creating

any warranties or representations, expressed or implied by the

Broker as to the existence or nonexistence or nature of Waste

in, under or on the Property, it may create significant legal and/

or economic obligations upon the Owner, lessee and/or other

holders of interest in the Property or a part thereof and you are

hereby advised to obtain professional assistance such as from a

consultant, engineer and/or attorney prior to taking an interest

in the Property or a part thereof.

CONFIDENTIAL INFORMATIONINFORMATION NOT WARRANTED

Table Of ContentsMulkey Forest Medical Building

investMent sales teaM

andy sutton vice President | investment sales 770.913.3919 [email protected]

Michael ulin vice President | investment sales 770.913.3938 [email protected]

01 eXecutive suMMary investment and Property overview

location and demographic summary

Property aerial

atlanta Map

02 tenant overview tenant overviews

rent roll

03 Market overview cobb county

wellstar cobb hospital

detailed demographics

04 Financial overview Financial summary in-Place income reconciliation & Proforma


01 EXECUTIVE SUMMARY Investment and Property Overview Location and Demographic Summary Property Aerial Area Map

mulkey forest medical building 501 Executive Summary

Ackerman Medical’s investment sales group is pleased to present for sale, Mulkey Forest Medical Building, a 9,375-square-foot building, located in Austell, Georgia.

Currently 100% occupied, this building provides below-replacement cost pricing at $176 per square foot. Initially built in 1978, Mulkey Forest Medical Building is located in the heart of Austell. Wellstar Cobb Hospital uses Atlanta Allergy & Asthma Clinic as their satellite office for the Allergy and Immunology group. The building has great visibility with red light exposure to over 30,500 vehicles a day.

Over the years the building has provided a stable base and high historical tenant retention. The current rent roll has been in place for over 10 years and the tenants are some of the top practices in Atlanta.

Property highlights

100% leased Priced at $176 per sqaure foot located directly across from wellstar cobb hospital allergy & asthma clinic is the hospital’s satellite office excellent frontage and visibility from austell road high traffic count of 30,500 vehicles per day located near other medical buildings ideal location for physicians

INVESTMENT aNd propErTy oVErVIEW

1620 Mulkey road austell, ga 30106

ProPerty overview

address: 1620 Mulkey road, austell, ga 30106

county: cobb

MuniciPality: city of austell

Building size: 9,375 square feet

year Built: 1978

construction: Brick

Parking: approximately 80 spaces

access: via thornton road and atlanta road

year Built: across from wellstar hospital

mulkey forest medical building 601 Executive Summary

Mulkey Forest Medical Building is located on the outskirts of Atlanta, in Cobb County. It’s friendly, small town atmosphere invites residential, commercial, and industrial growth.

location and demographics

1-MILE 3-MILES 5-MILES

Total Households 3,194 21,435 59,289

2011 Est. Avg. Household Size 2.66 2.8 2.78

Average Household Income $56,217 $65,958 $66,117

Medium Household Income $49,338 $56,781 $54,378

Estimated Per Capita Income $21,794 $23,769 $23,758

traFFic counts are 30,500 vEHICLES Per day.

household and incoMe deMograPhic suMMary

20

5

280

6

278

78

278

278

Hurt Rd

Powder Springs Rd

Thornton Rd

Fact

ory

Shoa

ls Rd

Mableton Pkwy

S Cobb Dr

Fontaine Rd

Concord Rd

Bolton

Rd

East-West Con nector

Veterans Memoria l Pkwy

Aust

ell R

d

Mulkey Rd H Wellstar

Cobb Hospital

excellent schools, regional shopping, convenient to hospitals and medical care, as well as easy access to major thoroughfares, including interstates 20 and 285, assure austell’s potential for a high quality of life.

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mulkey forest medical building 8

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Hurt Rd

Powder Springs Rd

Fact

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i-285......................................................................................13 Minutes

i-20........................................................................................13 Minutes

hartsfield Jackson international airport .................32 Minutes

key distances

01 Executive Summaryarea map



02 TEnAnT OVERVIEw Tenant Overview Rent Roll

mulkey forest medical building 1002 Tenant Overview

For over 30 years atlanta allergy & asthma clinic has been the premier provider of quality state-of-the-art care and research for allergy, asthma, and immunologic diseases.

wellstar cobb hospital uses allergy & asthma as its satellite office for the allergy and immunology group. all of the physicians are board certified in the treatment of allergy & immunologic diseases and certified by the american Board of allergy & immunology (aBai).

From research, to prevention, to the latest in treatment options, their goal is helping you breathe easier season after season, and exceeding your expectations.

dr. carroll’s mission is to provide comprehensive dental care utilizing state-of-the-art technology and thorough diagnosis. dr. carroll offers not only standard dental maintenance, but advanced technology for crowns and dental implants.

the office is open Monday to thursday from 8:00 aM to 5:00 PM and Friday from 8:00 aM till noon. By offering Friday hours this helps sets them apart from other dental practices.

dr evan Brody is the Founder and President of west cobb Foot and ankle center. he is a practicing physician and surgeon and sees patients in his acworth/kennesaw office. he is on staff at several hospitals and surgery centers in the greater atlanta area.

dr. Brody is a member of the georgia Podiatric Medical association, american Podiatric Medical association and american college of Foot and ankle surgeons. he is certified with the state of georgia in Podiatric Medicine and is Board certified in Foot surgery with the american Board of Podiatric surgery.

tenant summary

atlanta allergy and asthMa, Pa

dr. williaM carroll, dds

georgia Podiatry

SUITE100

SQUARE FOOTAGE4,638

SUITE200

SQUARE FOOTAGE3,037

SUITE101

SQUARE FOOTAGE1,700


TENANT NAME TyPE & SuITE NuMbER LEASE DATES & TERM

RENTAbLE SF bLDg ShARE

RATE PER SquARE FOOT

Atlanta Allergy and AsthmaOffice, Suite:100 Jan-2003 to March-2015147 Months

4,63844.5%

$15.40

Dr. William CarrollOffice, Suite:200 Jan-2004 to Dec-2012*36 Months*(Tenant will renew for 7 years)

3,03732.4%

$17.00

Dr. Evan brodyOffice, Suite:101Apr-2013 to Oct-202091 Months

1,70018.19%

$14.00

rent roll

02 Tenant Overview


03 MARkET OVERVIEw Cobb County Wellstar Cobb hospital Detailed Demographics


Kennesaw

Marietta

Powder Springs

Austell

Acworth

120

120

280

278

4175

20

285

575due to the fiscal responsibility and efficient management in government, property taxes are amongst the lowest in the metro-atlanta area. through the years, cobb has earned its well-deserved reputation as a great place to live, work and play. the cct, or cobb county transit, also runs throughout the country and works in conjunction with atlanta’s Marta transportation system. cobb county boasts the second-highest per capita income in the metro area as well as in georgia, totaling $31,399 and a medium household income of $65,836. From a cultural standpoint, the county also includes many diverse venues including the cobb galleria centre, six Flags and white water theme parks, and the new cobb energy Performing arts center. there are more than 13,000 hotel rooms in the county.

Cobb County represents some of the best Atlanta has to offer with nationally ranked educational systems, state-of-the-art infrastructure and lifestyle opportunities like nowhere else. The leadership provided by local, regional and national firms has defined Cobb County as one of the premier destinations in the entire country for business relocation and growth.

cobb county

03 Market Overview



wellstar hospital uses the atlanta allergy & asthma clinic, located at Mulkey Forest Medical center, as a satellite office for their allergy and immunology group.

Ackerman Medical’s investment sales group is pleased to present for sale, Mulkey Forest Medical Building, a 9,375-square-foot building, located in Austell, Georgia.

WELLSTAR COBB HOSpiTAL

03 Market Overview

wellstar coBB hosPital sPecialties

allergy and immunology

anatomic & clinical Pathology

cancer/oncology

cardiovascular

dentistry

dermatology

endocrinology

Family Medicine

gastroenterology

geriatric Medicine

hospitalist group

infectious disease

internal Medicine

nephrology

neurology

obstetrics & gynecology

ophthalmology

orthopaedics

otolaryngology

Pain Medicine

Palliative Medicine

Pediatrics

Physical Medicine &

rehabilitation

Podiatry

Pulmonary Medicine

sleep Medicine

surgery

urology

wellstar cobb hospital, austell, georgia

across the street from wellstar cobb hospital


DEMOgRAPhICS 1-MILE 3-MILES 5-MILES

2011 Estimated Population 9,378 61,976 172,227

2016 Projected Population 10,053 65,910 184,334

2000 Census Population 7,957 55,912 151,385

1990 Census Population 5,510 41,348 113,096

growth 2000 - 2011 17.86% 10.85% 13.77%

growth 2011 - 2016 7.20% 6.35% 7.03%

growth 1990 - 2000 44.41% 35.22% 33.86%

2011 Estimated Median Age 37.16 36.55 35.68

Total Employees 4,644 31,736 84,969

2011 Estimated households 3,194 21,435 59,289

2016 Projected households 3,428 22,904 63,469

2000 Census households 2,829 19,792 54,013

1990 Census households 1,856 14,376 41,421

growth 2011 - 2016 7.33% 6.85% 7.05%

growth 2000 - 2011 12.90% 8.30% 9.77%

2011 Estimated Average household Size 3,194 21,435 59,289

2011 Estimated Average household Income $56,217 $65,958 $66,117

2011 Estimated Median household Income $49,338 $56,781 $54,378

2011 Estimated Per Capita Income $21,794 $23,769 $23,758

2011 Estimated housing units 3,194 21,435 59,289

2011 Estimated Occupied units 2,118 17,095 43,297

2011 Estimated Owner Occupied units 66.31% 79.75% 73.03%

2011 Estimated Renter Occupied units 33.69% 20.25% 26.97%

2011 Estimated Median housing Value $135,045 $144,950 $145,190

03 Market Overviewdetailed demographics


04 FInAnCIAl OVERVIEw Financial Summary In-place Income Reconciliation & Proforma

mulkey forest medical building 1704 Financial Overview

financial summary

PROPERTy

Address1620 Mulkey Road

Austell, georgia 30106

Size of building 9,375 SF

Occupancy as of January, 2012 100%

ACquISITION AND RESIDuAL SuMMARy

Purchase Price $1,650,000

Down Payment $412,500

Price per Square Foot$176

mulkey forest medical building 1804 Financial Overview

in-place income ReconciliaTion & pRoFoRma

INCOME CuRRENT %

Rental Income $153,224

Vacancy / Collection Allowance ($7,661) 5.0%

Effective Rental Income $145,563

Total Expense Reimbursements $62,625

gross Operating Income $208,188

Less Expenses ($62,625)

Net Operating Income (NOI) $145,563

Loan Payments ($79,718)

Cash on Cash $65,845 16.0%

ExPENSES CuRRENT LOAN ANALySIS

NNN Loan Amount $1,181,250

Loan Ratio 75%

Interest Rate 5.0%

Amortization 30 years

Loan Term 10 years

ExPENSES 2011 ACTuAL

Real Estate Taxes $13,689

Insurance $2,301

CAM

Pest Control $720

Water $2,061

Landscaping $7,100

Trash Removal $1,801

utilities

Electric $20,182

gas $1,513

Professional

Common Area/Misc. $3,718

$52,365

Management Fee

(6% of EgI)* $9,540

Reserves/Replacements $1,875

Total Expenses $64,500

© 2013 ackerman Medical. all rights reserved. ackerman Medical is a registered trademark of ackerman & co. all others are the trademarks of their respective companies.

For More inForMation, Please contact:ANDy SuTTON 770.913.3919 [email protected] www.ackermanmedical.com

MIChAEL uLIN 770.913.3938 [email protected]

mulkey forest medical building - ackerman & co. in … g eor g ia 30106 mulkey forest medical...

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