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1150 Maple Walk Cir Decatur, GA 30032, USA, 30032
Collections Growth Trending Positively
Maple Walk in the past six months has experienced a tremendous increase in collections. The property in the summer of 2012 was collecting $45,000 per month and in January 2013 collected over $61,000. Gross potential is trending upward, while vacancy, concessions, and collection loss have all been reduced during this time frame. Renewals and new tenants continue to sign leases at higher rates than were previously on the rent roll. This is consistent with the overall Atlanta market as it recovers in 2013.
Mid-1980s Construction with Well-Appointed Two-Bedroom Units
All of Maple Walk’s units use a single two-bedroom/ two-bathroom floorplan measuring 1,050 square feet. A desirable unit mix of 100% two-bedroom units is attractive to families and to single renters “doubling up.” Convenient unit features include spacious closets, full-size washer/dryer connections, and wood-burning fireplace. The two full bathrooms provide an excellent “roommate” floorplan. Upper-level units feature vaulted ceilings. The property appears to be well-maintained with only limited deferred maintenance, resulting in a “plug ’n play” appeal for investors.
Excellent Accessibility Wedged Between Two Interchanges
Maple Walk is located less than one and a half miles west of I-285 with instant access provided to the interstate via two interchanges, Memorial Drive and Covington Highway. Residents are just east of highly traveled Memorial Drive and just south of Covington Highway. Due to its unique position in between two interchanges, Maple Walk enjoys a substantial amount of drive-by traffic. Maple Walk’s interstate access and “close-in” location provides residents with convenient access and short commutes throughout much of the metropolitan area.
Close to Two MARTA Stations, with Pedestrian Access Coming Soon
In addition to being on multiple MARTA bus lines (with a bus stop at entrance), the asset benefits from proximity to two MARTA rail transit stations, Kensington and Indian Creek. Access to public transit is a major draw for area residents. The DOT is currently constructing more than $10 million in roadway improvements to Memorial Drive and Covington Highway. For instance, pedestrian access to rail will be aided by sidewalks currently being installed along Covington Highway from one half mile south of the Redan Road / Covington Highway intersection to Kensington Station to the north.
Minutes from Major Employment Centers
Maple Walk is located a mile from a large complex of DeKalb County government buildings which together comprise a major employment hub. The asset is two miles from the original and primary campus of Georgia Perimeter College, a major Employer with 27,000 students on five campuses.
Near Decatur’s Prolific Economic Drivers
Maple Walk is less than three miles south of DeKalb Medical Center in Decatur, that services 27,000 inpatients and more than 270,000 emergency and outpatients each year.
The subject is approximately four miles southeast of DeKalb County’s top employer, Emory University and Hospital. The Emory conglomerate is comprised of Emory University and Emory Healthcare which staffs Emory University Hospital and several other Emory-branded medical centers in the metro area.
Located along Clifton Road just five miles northwest of Maple Walk, the Center for Disease Control and Prevention (CDC) supplies 5,500 jobs. Recently expanded, the CDC opened six new buildings, including a 400,000 SF high-containment laboratory, a 12-story/360,000 SF Headquarters and Emergency Operations Center, and a 200,000 SF Global Communications and Training Center. North DeKalb Mall, located 3.5 miles north of Maple Walk at the juncture of North Druid Hills Road, U.S. 29, and U.S. 78, is a 635,000 SF center anchored by Macy’s, Burlington Coat Factory, Ross Dress for Less, Marshall’s, and a 16-screen AMC cineplex.
New Clubhouse Would Boost Occupancy and Rents
The stand-alone Leasing Center is currently not functional due to structural issues caused by soil subsidence. Bids have been received to stabilize the soil and build a new Clubhouse/Leasing Center for an estimated cost of $80,000 to $100,000.
A unit is now being utilized as a Leasing Center/model and one other unit is currently being used for maintenance. A newly designed Leasing Center could include amenities not being offered, such as a quality fitness center and resident business center, in addition to offering a maintenance office and storage area.
A redesigned Clubhouse/Leasing Center would add significantly to the asset’s appeal and allow a new investor to bring two non-revenue units back to income-producing status.
Increase Income by Installing Water-Saving Devices
Installation of water-saving devices at the property will produce a desirable return on investment with a less than two-year payback, as they will reduce the current water expense by an estimated 30%. A new owner can install these devices for an estimated expense of only $180 per bathroom. As residents pay a flat fee of $40 per month for water, sewer and trash, when water rates decrease but this fee remains unchanged, the difference will accrue to owner’s income.
- Leasing Office
- Swimming Pool
- Mail Kiosk
- Mature Landscaping
- Bus Stop at Entrance, with direct
- connection to Rapid Rail Stations
- Walk to Retail, Park, and Schools
- Fully-equipped Kitchen
- with Pass-through Window
- Frost-free Refrigerator
- Gas Range/Oven
- Full-sized Washer/Dryer Connections
- Laundry/Utility Room
- Wood-burning Fireplace
- With Gas Starter
- Walk-in Closet in Master Bedroom
- Ceramic Tile Tub Surround
- Vaulted Ceiling*
- Entry Foyer with Coat Closet
- Window Blinds
1150 Maple Walk Cir Decatur, GA 30032, USA, Decatur, GA 30032
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