Location: The property is located in downtown Atlanta in the historic Castleberry Hill district and adjacent to “the Gulch”. Just .25 miles south of the Georgia Dome. Major downtown attractions such as the Georgia Aquarium, World of Coke, Centennial Olympic are and the CNN center are easily accessible from the property. There is a total population of over 170,000 within a five mile radius of the property. The site is located 1.6 miles from I-75/I-85 and just .6 miles from I-20.
Parking Lease:Property generates leasing income through a lease with Parking Company of America, which allows for paid parking and tailgating at concerts, sports events, and other activities at the Georgia Dome. Revenue generated by the lease should be sufficient to cover taxes and other carrying costs until development commences.
Previous Usage: In 2008 the prior owner was in the final stages of planning for a mixed use development to include 244 unit condominium residential units, 15,600 sf of office space, and 7,000 sf of retail restaurant space.
On-Site: ±2.24 graded acres that are fully surrounded by public ROW.
Lot Dimensions: Approx. 420ft x 230ft
± 475ft on Mangum St & 175ft on Mitchell Street
9,930 vehicles per day on Martin Luther King Jr. Drive
TAD: Westside Neighborhood
Zoning: MRC-3-C (Conditions available)
Lessee: Parking Company of America
Term: Month to Month. Lease may be terminated by either party on 30 days prior written notice.
Rent: 60% of gross receipts, less sales, parking or other excise taxes.
Yearly Lease Income: $40,000 - $45,000
Taxes 2012: ± $30,544