503 JOHNSON ST BREMEN, GA 30110
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503 JOHNSON ST
BREMEN, GA 30110
OFFERING MEMORANDUM
503 JOHNSON ST
BREMAN | GA
EXCLUSIVELY LISTED BY:
AUSTIN GRAHAM
Associate Vice President
DIRECT (404) 445-1091
MOBILE (407) 463-9752
austin.graham@matthews.com
License No. 408272 (GA)
CONNOR KERNS
Associate Vice President
DIRECT (404) 445-1090
MOBILE (419) 733-5906
connor.kerns@matthews.com
License No. 408600 (GA)
BROKER OF RECORD
KYLE MATTHEWS
License No. 67120 (GA)
2 503 JOHNSON ST BREMAN | GEORGIA
04 PROPERTY OVERVIEW
08 AREA OVERVIEW
14 FINANCIAL OVERVIEW
503 JOHNSON ST BREMAN | GEORGIA 3
PROPERTY OVERVIEW
503 JOHNSON ST | BREMAN, GA 35404
4 503 JOHNSON ST BREMAN | GEORGIA
THE OPPORTUNITY
Matthews™ Real Estate Investment Services is pleased
to present this offering of the Johnson St Apartments
located in Bremen, GA. Bremen remains a great
affordable option for renters looking for quality living,
but not inner Atlanta prices. This market is continuing to
grow as much of the growth of Atlanta moves more and
more into the suburbs.The location works perfectly also
with it allowing quick access to I-20 for commuters and
down the street from one of the best High Schools in
Georgia,Bremen High School, for families.
The current owner has taken this property incredibly
far during their ownership, nearly doubling the previous
rents and cleaning up most all needed deferred
maintenance. However, only 6 of the units have
currently been renovated, leaving additional easy to
achieve upside for a new owner. This allows for an
immediate boost in income from rental increases as
well as applying the utility RUBS program on all new
leases that has already shown success with some of
the units. With stable occupancy around 94%, this will
be cash flowing asset from day one with tremendous
potential left to capture.
17
NUMBER OF UNITS
±10,890 SF ±1.18 AC
GLA LOT SIZE
503 JOHNSON ST BREMAN | GEORGIA 5
PROPERTY DESCRIPTION
• Units: 17 units
• Built: 1970
• Total Gross SF: ±10,890 SF
• Average Unit Size: ±638 SF
• Acreage: ±1.18 Acres
• Unit Mix: 1+1 Units (10), 2+1 (7)
• Occupancy: 94%
• HVAC: 1 Building –Central/ 2 buildings –PTAC Units
• Metering: Individual Electric | Individual Water | No Gas
• Roofs: Pitched
• Exterior: Brick/Vinyl
6 503 JOHNSON ST BREMAN | GEORGIA
PROPERTY HIGHLIGHTS
• 13% rental upside
• 6 units fully renovated: LVP flooring, new toilets,
vanities, countertops, cabinets, etc.
• Freshly painted exterior decks and columns
• Down the street from Bremen High School –ranking in
top 7% of all Georgia High Schools
• Easy Access to I-20
• Little to no deferred maintenance
503 JOHNSON ST BREMAN | GEORGIA 7
8 503 JOHNSON ST BREMAN | GEORGIA
503 JOHNSON ST BREMAN | GEORGIA 9
AREA OVERVIEW
503 JOHNSON ST | BREMAN, GA 35404
10 503 JOHNSON ST BREMAN | GEORGIAATLANTA
±50 MILES
BREMAN, GA PROPERTY DEMOGRAPHICS
Nestled in the gently rolling hills of West Georgia, Bremen is a place like no other. With a downtown
marked by industrial heritage, a location that is convenient to southern backwoods charm as well as
POPULATION 1-MILE 3-MILE 5-MILE
2027 Population Projection 3,997 10,443 15,888
metropolitan culture, superior educational opportunities and first-rate churches and health services
within minutes of home, Bremen is a traditional community that values long term progress. People are 2022 Population 3,782 9,845 14,971
our most important product. Annual Growth 2022-2027 5.67 % 6.07 % 6.12 %
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
Whether you are visiting the town in cyberspace as a long-time resident, a community business partner
2027 Population Projection 1,570 4,024 6,032
or one seeking to move to a thriving community, everyone is invited to come, explore and discover
2022 Population 1,445 3,692 5,567
the wonderful sense of community. Bremen is a delightful place to live, learn, play, work, worship and
conduct business. Annual Growth 2022-2027 8.59 % 8.99 % 8.36 %
INCOME 1-MILE 3-MILE 5-MILE
Avg. Household Income $67,399 $75,513 $76,800
503 JOHNSON ST BREMAN | GEORGIA 11ATLANTA, GA
With a city population of over 488,800 residents, Atlanta is
the capital of and the most populous city in the U.S. state
of Georgia, the cultural and economic center of the Atlanta 488,000 $40,438 3.43%
AVG POPULATION
metropolitan area, and the ninth-largest metropolitan 2021 ESTIMATED
HOUSEHOLD INCOME GROWTH
area in the United States. Atlanta is an “alpha-” or “world POPULATION
city”, exerting a significant impact upon commerce,
finance, research, technology, education, media, art, and
entertainment. The Atlanta economy ranks 18th in the
world and 10th in the nation with a gross domestic product
of $397 billion. Atlanta has a diversified economy with
healthy concentrations in transportation/logistics, media,
information technology, entertainment, tourism, financial
services, government, and education and healthcare. Due
to 57 colleges and universities located in the city, Atlanta is
considered a center for higher education.
12 503 JOHNSON ST BREMAN | GEORGIA# 2 M OV I N G D E S T I N A T I O N I N T H E N A T I O N - Penske, “Annual Top Moving Destinations List, 2020”
# 2 M E T R O A R E A F O R B US I N E S S C L I M A T E - Business Facilities, “2020 Metro Rankings Report”
# 3 C I T Y F O R R E A L E S TA T E C O N D I T I O N S - Site Selection Group, “2020 Tech City Ranking Report”
ATLANTA MSA
Atlanta is the capital of and the most populous city in the U.S. state of Georgia, the cultural and economic center of the Atlanta metropolitan area, and
the ninth-largest metropolitan area in the United States. Atlanta has a diversified economy with healthy concentrations in transportation/logistics, media,
information technology, entertainment, tourism, financial services, government, and education and healthcare. Atlanta is home to 30 headquarters of Fortune
500/1000 companies. In fiscal year 2019, these 30 companies generated an aggregate revenue of $438 billion.
Atlanta is an “alpha-” or “world city”, exerting a significant impact upon commerce, finance, research, technology, education, media, art, and entertainment.
It ranks 36th among world cities and 8th in the nation with a gross domestic product of $270 billion. Atlanta’s economy is considered diverse, with dominant
sectors including logistics, professional and business services, media operations, and information technology.
Atlanta is home to professional franchises for three major team sports: the Atlanta Braves of Major League Baseball, the Atlanta Hawks of the National Basketball
Association, and the Atlanta Falcons of the National Football League. Due to the more than 30 colleges and universities located in the city, Atlanta is considered
a center for higher education.
13 503 JOHNSON ST BREMAN | GEORGIA 13#8 BEST CITY IN THE SOUTH
- Southern Living, “The South’s Best Cities, 2020”
ATLANTA TOURISM
Atlanta is the most-visited destination in the state of Georgia. Atlanta offers lots of tourist attractions such as the
Georgia Aquarium, the World of Coca-Cola, the Atlanta Botanical Garden, and many more. Atlanta also hosts several
annual food, film, and music festivals each season. Atlanta is known for its fabulous shopping malls. Shopping centers
ATLANTA BRAVES
such as Lenox Square with 250 stores, Perimeter Mall with 158 stores, and Cumberland Mall with 143 stores all
(Major League Baseball)
make Atlanta a shopaholic’s paradise. Atlanta is also home to five professional sports teams: Atlanta Hawks, Atlanta
Falcons, Atlanta United FC, Atlanta Braves, and Atlanta Thrashers. Over 50 million people visit Atlanta annually.
ATLANTA FALCONS
(National Football League)
ATLANTA HAWKS
(National Basketball Association)
ATLANTA EVENTS
Atlanta celebrates various events and festivals each year. Food festivals include the Beer, Bourbon, and BBQ Festival
in the spring, the Atlanta Food and Wine Festival in the summer, the Atlanta Greek Festival in the fall, and the
Oysterfest in the winter. Music and film festivals include the Shaky Knees Music Festival in the spring, the Tunes from
the Tombs at Historic Oakland Cemetery in the summer, the Imagine Music Festival in the fall, and the Atlanta Jewish
ATLANTA UNITED FC
Film Festival in the winter. (Major League Soccer)
14 503 JOHNSON ST BREMAN | GEORGIAGLOBAL
ATLANTA ECONOMY HEADQUARTERS
Metro Atlanta is recognized as an international gateway and the economic engine of the Southeast. As
the largest economy of all metros in the region, metro Atlanta offers diverse businesses and services, with
dominant sectors including logistics, professional and business services, media operations, and information
technology. ACCORDING TO INVEST ATLANTA, 1.9M JOBS ARE TO BE CREATED BY 2040 AND THE
RESIDENT POPULATION WILL INCREASE TO 1.5M BY 2050.
Encompassing $304 billion, the Atlanta metropolitan area is the eighth-largest economy in the country
and 17th-largest in the world. HOME TO 26 OF AMERICA’S LARGEST CORPORATIONS (FORTUNE 1000)
AND 220 OF THE NATION’S FASTEST-GROWING PRIVATE COMPANIES (INC. 5000), metro Atlanta is a
premier location for regional and global headquarters. In fact, Atlanta contains the country’s third-largest
concentration of Fortune 500 companies. Over 75 percent of Fortune 1000 companies conduct business
operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational
corporations.
Metro Atlanta is a thriving ecosystem for entrepreneurs and new businesses. In 2017, ATLANTA WAS
NAMED A RUNNER-UP TO THE TOP 20 TECH STARTUP ECOSYSTEMS GLOBALLY AND ONE OF THE
TOP 10 CITIES FOR CORPORATE INNOVATION. There is an abundance of creative energy, talent, and
entrepreneurial spirit in metro Atlanta. Many companies choose metro Atlanta to locate their innovation
centers.
Atlanta is home to more than 64 accredited universities, colleges, and technical schools. Atlanta is home
to three national universities which together account for approximately 100,000 in students, faculty, and
staff. THE COLLEGES AND UNIVERSITIES IN THE ATLANTA REGION CREATE OVER 130,000 JOBS FOR
THE STATE OF GEORGIA AND HAVE HIGH CONTRIBUTIONS TO THE STATE’S ECONOMY. According to
the Metro Atlanta Chamber of Commerce, Atlanta is a national leader in attracting college-educated 25 to
34-year-olds to the region.
503 JOHNSON ST BREMAN | GEORGIA 15FINANCIAL OVERVIEW
503 JOHNSON ST | BREMAN, GA 35404
16 503 JOHNSON ST BREMAN | GEORGIA503 JOHNSON ST.
BREMAN, GA 35404
Number of Units: 17
APN: 1970
Year Built: BR11 -0081A
Gross Sq. Ft.: ±10,890 SF
Average S.F. Per Unit: ±641 SF
Lot Size (Acres): ±1.18 AC
Density: 14
INVESTMENT SUMMARY
CURRENT MARKET
OFFERING PRICE PRICE/UNIT PRICE/FOOT
CAP RATE GRM CAP RATE GRM
$1,325,000 $77,941 $121.67 7.53% 8.17 7.34% 8.00
UNIT MIX & SCHEDULE INCOME
CURRENT AVG CURRENT MARKET RENT MARKET
TOTGA UNITS UNIT MIX UNIT MIX % AVG SF AVG RENT PSF MARKET RENT
RENT MONTHLY RENT P.S.F. MONTHLY RENT
10 1x1 59% 525 $1.42 $745 $7,445 $825 $1.57 $8,250
7 2x1 41% 800 $0.97 $775 $5,425 $900 $1.13 $6,300
Scheduled Monthly Rent: $12,870 $14,550
Scheduled Yearly Rent: $154,440 $174,600
503 JOHNSON ST BREMAN | GEORGIA 17ANNUAL OPERATING SUMMARY
CURRENT MARKET
Scheduled Gross Income: $154,440 $174,600 13% Upside
Less Vacancy Reserve: $7,722 5.0% $8,730 5.0%
RUBS Income: $5,100 $5,100
Other Income: $2,592 $2,592
Gross Operating Income: $154,410 $173,562
Expenses: $54,656 35.4% $65,127 37.30% *
Net Operating Income: $99,754 $108,435
Loan Payments: $72,626 $72,626
Pre-Tax Cash Flow: $27,128 11.8% $35,809 15.64% **
Plus Principal Reduction: $15,454 $15,454
Total Return Before Taxes: $42,582 18.59% $51,263 22.39% **
* As a percent of Scheduled Gross Income - -
** As a percent of Down Payment - -
PRO FORMA ANNUAL OPERATING EXPENSES
PRO FORMA ESTIMATES % OF SGI CURRENT PER UNIT MARKET PER UNIT % OF SGI
Property Taxes 3.087% x Sale Price x 40% 3.57% $5,509 $324 $13,905 $818 8.0%
Off-Site Management 8.0% x GOI 6.70% $10,351 $609 $13,885 $817 8.0%
Insurance T-12 Actual 3.50% $5,400 $318 $5,400 $318 3.1%
Reserves $200 x Units 2.20% $3,400 $200 $3,400 $200 1.9%
Repairs & Maintenance $500 x Units 9.60% $14,831 $872 $8,500 $500 4.9%
Turnover $200 x Units 0.00% $0 $0 $3,400 $200 1.9%
Utilities T-12 Actual 9.67% $14,937 $879 $14,937 $879 8.6%
General Administration $100 x Units 0.15% $228 $13 $1,700 $100 1.0%
Total Expenses 35.40% $54,656 $3,215 $65,127 $3,831 37.3%
Non-controllable expenses: Taxes, Ins., Reserves: Current Per Unit % of SGI
Total Expenes without Taxes $14,309 $842 $22,705 * Pro Forma / Mkt Property Taxes Adjusted to 85%
$49,147 $2,891 $49,690 Highlighted Pro Forma Expenses are Estimates
18RENT ROLL
MARKET
# MIX RENT S.F RENT/S.F. MKT RENT/S.F.
RENT
1 2x1 $785 800 $0.98 $900 $1.13
2 2x1 $785 800 $0.98 $900 $1.13
3 2x1 $785 800 $0.98 $900 $1.13
4 2x1 $800 800 $1.00 $900 $1.13
5 1x1 $800 525 $1.52 $825 $1.57
6 2x1 $785 800 $0.98 $900 $1.13
7 1x1 $725 525 $1.38 $825 $1.57
8 1x1 $785 525 $1.50 $825 $1.57
9 2x1 $700 800 $0.88 $900 $1.13
10 1x1 $800 525 $1.52 $825 $1.57
11 1x1 $700 525 $1.33 $825 $1.57
12 1x1 $700 525 $1.33 $825 $1.57
13 2x1 $785 800 $0.98 $900 $1.13
14 1x1 $710 525 $1.35 $825 $1.57
15 1x1 $700 525 $1.33 $825 $1.57
16 1x1 $725 525 $1.38 $825 $1.57
17 1x1 $800 525 $1.52 $825 $1.57
Totals $12,870 10,850 $1.19 $14,550 $1.34
17
Averages $757 638 $1.23 $856 $1.39
For financing options reach out to:
CHAD PLUMLY
(404) 348-4873
GREGORY KAVOKLIS
chad.plumly@matthews.com
(818) 206-5835
gregory.kavoklis@matthews.com
503 JOHNSON ST BREMAN | GEORGIA 1920 503 JOHNSON ST BREMAN | GEORGIA
INTERIOR PHOTOS 503 JOHNSON ST BREMAN | GEORGIA 21
22 503 JOHNSON ST BREMAN | GEORGIA
503 JOHNSON ST BREMAN | GEORGIA 23
SALES COMPARABLES
STREET ADDRESS CITY STATE POSTAL CODE NUMBER OF UNITS YEAR BUILT BUILDING SIZE (SF) SALE PRICE/VGAUE PRICE PER UNIT PRICE PER FT. SALE DATE
503 Johnson St Breman GA 30110 17 1970 10,890 $1,325,000 $77,941 $121.67 -
405 Tallapoosa St Bremen GA 30110 16 1984 7,742 $1,250,000 $78,125.00 $161.46 4/29/2022
417 Tallapoosa St Bremen GA 30110 24 2000 25,056 $3,000,000 $125,000.00 $119.73 6/24/2022
460 Main St Dallas GA 30132 8 1986 7,056 $753,950 $94,243.75 $106.85 4/7/2022
19 Jordan Rd SE Cartersville GA 30120 8 2000 4,993 $787,500 $98,437.50 $157.72 1/26/2021
234 Marietta Hwy Canton GA 30114 51 1979 42,376 $4,820,000 $94,509.80 $113.74 9/2/2021
465 Red Bud Rd Calhoun GA 30701 48 1982 45,856 $4,119,832 $85,829.83 $89.84 8/23/2021
Averages $96,024.31 $124.89
24 503 JOHNSON ST BREMAN | GEORGIASALES COMPARABLES
LEGEND
503 Johnson St
405 Tallapoosa St
417 Tallapoosa St
460 Main St
19 Jordan Rd SE
234 Marietta Hwy
465 Red Bud Rd
503 JOHNSON ST BREMAN | GEORGIA 25RENT COMPARABLES
STREET ADDRESS CITY STATE ZIP CODE YEAR BUILT UNITS BUILDING SIZE (SF) UNIT MIX UNIT SIZE (SF) MONTLY RENT AVG RENT/SF
10 - 1x1 525 $735 $1.40
503 Johnson St Breman GA 30110 1970 17 10,890
7 - 2x1 800 $775 $0.97
446 Gordon St Bremen GA 30110 2003 12 12,320 2+2.5 1,100 $1,050 $0.95
201 Hays Mill Rd Carrollton GA 30117 1980 40 41,600 2+1 1,000 $1,050 $1.05
1126 Maple St Carrollton GA 30117 1974 22 19,400 2+1 1,100 $849 $0.77
417 Tallapoosa St Bremen GA 30110 2002 24 25,056 2+2 954 $925 $0.97
389 Old Acworth RD Dallas GA 30132 19974 32 25,600 2+1 900 $975 $1.08
200 Bledsoe St Carrollton GA 30117 1973 74 86,694 2+1 1,253 $1,000 $0.80
50 Chateau Dr SE Rome GA 30161 1971 99 139,998 2+1.5 1,190 $999 $0.84
Averages $978 $0.92
26 503 JOHNSON ST BREMAN | GEORGIARENT COMPARABLES
LEGEND
503 Johnson St
446 Gordon St
201 Hays Mill Rd
1126 Maple St
417 Tallapoosa St
389 Old Acworth RD
200 Bledsoe St
50 Chateau Dr SE
503 JOHNSON ST BREMAN | GEORGIA 27CONFIDENTIALITY AGREEMENT & DISCLAIMER This Offering Memorandum contains select information pertaining to the business and affairs of 503 Johnson St Breman, GA 35404 (“Property”). The Offering Memorandum may not be All-inclusive or contain GAl of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material and information in the Offering Memorandum is unverified. Matthews Real Estate Investment Services has not made any investigation, and makes no warranty or representation, with respect to square footage, income and expenses, the future financial performance of the property, future rent, and real estate value market conditions, the condition or financial prospects of any tenant, or the tenants’ plans or intentions to continue to occupy space at the property. all prospective purchasers should conduct their own thorough due diligence investigation of each of these areas with the assistance of their accounting, construction, and legal professionals, and seek expert opinions regarding volatile market conditions given the unpredictable changes resulting from the continuing COVID-19 pandemic. The information is based in part upon information supplied by the Owner and in part upon financial information obtained from sources the Owner deems reliable. Owner, nor their officers, employees, or real estate agents make any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum, or any of its content, and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Matthews Real Estate Investment Services is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee in the Offering Memorandum. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Matthews Real Estate Investment Services. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
503 JOHNSON ST
BREMAN, GA 35404
OFFERING MEMORANDUM
EXCLUSIVELY LISTED BY:
AUSTIN GRAHAM CONNOR KERNS
Associate Vice President Associate Vice President
DIRECT (404) 445-1091 DIRECT (404) 445-1090
MOBILE (407) 463-9752 MOBILE (419) 733-5906
austin.graham@matthews.com connor.kerns@matthews.com
License No. 408272 (GA) License No. 408600 (GA)
BROKER OF RECORD
KYLE MATTHEWS
License No. 67120 (GA)You can also read
