521-537 Edgewood Ave
F&B Oriented Street Retail, Walking Distance to Atlanta Beltline
Marketing description
521-537 Edgewood Ave is a 16,922 SF neighborhood street retail asset located in the heart of Historic Old Fourth Ward neighborhood, featuring local hotspots Marcus Bar & Grille and The Roux Kitchen. Strategically situated minutes away from the Atlanta Beltline Eastside Trail and Krog Street Market with over two million annual visitors, 521-537 Edgewood Ave performs as a true walkable destination (94 walk score) catering to the residents and patrons of the neighborhood. Within one mile of the property, there are over 16,000 existing residential units.
The Property is currently 61% leased with one remaining 6,578 SF vacancy that allows an investor to capture an additional $237,000+ in annual rent at $35.00 psf NNN upon lease-up. The existing vacancy was previously leased to a restaurant that did not complete their build-out, making the suite a highly attractive option for a restaurant or retail user looking to occupy a key position in the heart of Edgewood Ave with strong walkability attributes, visibility and ideal patio space. The Roux Kitchen has annual embedded rental increases, offering an investor attractive stable cash flow growth. The organic rent growth paired with the immediate lease-up opportunities results in an outsized
CAGR. Directly behind the asset is 21 Howell Street, a ±0.34 acre vacant parcel that is currently zoned residential. The additional land gives the next Owner a rare upside optionality with the ability to either rezone the parcel to capture transient parking income or to eventually develop the lot into residential long-term.
The offering represents a unique opportunity to acquire a collection of infill retail with immediate upside from a highly attractive vacancy in a burgeoning East Atlanta neighborhood steps away from the Beltline. The asset is being offered for sale simultaneously with three other assets: 619 Edgewood Ave, 476-486 Edgewood Ave and 560 Edgewood Ave. Ownership will accept offers on an individual property, sub-portfolio and/or portfolio basis.
Investment highlights
- Urban Real Estate with Dominant Position in Heart of Edgewood
- 94 Walk Score and 90 Bike Score
- Minutes Away from Atlanta Beltline Eastside Trail
- 16,000+ Multifamily Units in 1-Mile Radius
- True Value-Add Opportunity
- Embedded Rent Increases + Lease-Up Potential = Attractive Cashflow Growth
- Vacancy Primed for Restaurant Space with Patio
- The asset is being offered for sale simultaneously with three other assets: 619 Edgewood Ave, 476-486 Edgewood Ave and 560 Edgewood Ave. Ownership will accept offers on an individual property, sub-portfolio and/or portfolio basis.
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