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1720 Washington Ave

1.97 Acres of Commercial Land Offered at $2,300,000 in East Point, GA 30344

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Investment Highlights

Downtown Near MARTA
Up and Coming Southern FulCo ITP

Fully Entitled with Due Diligence Complete

Executive Summary

Why enter another bidding war on a value-add MF development? Move Quickly to secure nearly 2 full acres in Downtown East Point. Parcel is flanked on 3 sides by major roads in the heart of Downtown – zoned as of right for 5-Story MultiFamily and Mixed Use. Just 3 blocks from the East Point MARTA station, across Church Street from popular Resurgence Hall Charter School, this parcel is fully entitled! A Brand New Downtown Overlay District Zoning was codified in 2021 that allows up to 5 stories of MF or Mixed Use Units to be built as-of-right. Demolition just completed (~$100k). Sale comes with full entitlements, survey, (Phase 1 & 2 Environmentals, Soil Survey are complete/clear and available if reimbursed); all the time-consuming due diligence is already done. Just get LDP/Site Plan/Building Permits approved and get busy converting this teardown into your desired new construction preferred use. Tri-Cities is BOOMING – home values are up 22.4% in last 12 months vs +11.7% in FulCo and -0.7% in Metro ATL. 70 Walk Score, $50k Median Household Income, convenient to MARTA/Airport in Fulton County’s 6th largest City. Southern FulCo is where new construction is booming right now. This is Southern FulCo, ITP, downtown, and 3 blocks from MARTA Station. This kind of opportunity does not come often, especially priced $400k below appraised value for a quick sale. Let's do a deal!

OFFERING MEMORANDUM 1720 WASHINGTON RD

1720 W Washington RECORDED new Deed Signed

Alta Survey 19-099_ALTA_021820

DTOVD_approved_April2021 (2) copy

174-021 Ordinance to Amend Chapter 14, Article B, Section 10-14007 to Provide Design Guidelines for Downtown Overlay District and C-R Zoning District (4)

East Point Downtown Overlay District Guidelines - Codified

Property Facts Under Contract

Price	$2,300,000	Property Subtype	Commercial
Sale Type	Investment or Owner User	Proposed Use	Mixed Use Multifamily Apartment Units Community Center Daycare Center Neighborhood Center Religious Facility Schools
No. Lots	1	Total Lot Size	1.97 AC
Property Type	Land

Price	$2,300,000
Sale Type	Investment or Owner User
No. Lots	1
Property Type	Land
Property Subtype	Commercial
Proposed Use	Mixed Use Multifamily Apartment Units Community Center Daycare Center Neighborhood Center Religious Facility Schools
Total Lot Size	1.97 AC

1 Lot Available

Lot

Price	$2,300,000	Lot Size	1.97 AC
Price Per AC	$1,167,513

Price	$2,300,000
Price Per AC	$1,167,513
Lot Size	1.97 AC

Downtown East Point, Major Road frontage, curb cuts/streets on 3 sides, zoned for 5-Story MF or Mixed Use. Demo Complete! Due Diligence already done, materials provided. Appraised at $2.3M for as-is land value. Just get permits and get started!

Description

Former VW Dealership in East Point. Originally intended for adaptive re-use, and Due Diligence was largely complete (see attachments for all the work product available with this sale). City of East Point decided they want the existing structure demolished, and property was sold. New Owner has reduced price $400k below Appraised Value of $2.3M to a list price of $1,900,000 in order to produce a quick sale. All entitlements are complete for 5-story Mixed Use or Multifamily to be built as of right. Nearly 2 acres in heart of Downtown East Point, 3 blocks from MARTA Station, over 500 feet of road frontage, 159 of it on busy Washington Rd. ITP Close to Fort McPherson/TD Jakes Redevelopment, Tyler Perry Studios, Airport, Main Street (which goes from Mercedes-Benz Stadium all the way down to Sharpsburg). Get in now while you can, and build something you can hold long-term or fill and resell for a tidy profit!

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Walk Score ®

Very Walkable (70)

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PROPERTY TAXES

Parcel Number	14-0157-0014-057-6	Improvements Assessment	$90,000
Land Assessment	$223,240	Total Assessment	$313,240

PROPERTY TAXES

Parcel Number

14-0157-0014-057-6

Land Assessment

$223,240

Improvements Assessment

$90,000

Total Assessment

$313,240

zoning

Zoning Code	Downtown Overlay District (See photos for screenshots of allowed uses, See Attachments for full Downtown Overlay Zoning. Property is Tier 2, 5-story MF/Mixed Use as of right.)
Downtown Overlay District (See photos for screenshots of allowed uses, See Attachments for full Downtown Overlay Zoning. Property is Tier 2, 5-story MF/Mixed Use as of right.)