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Special-Use Residential Facility on ±6.54 Acre Campus

239 West Lake Avenue
Atlanta, GA 30314
PRICE : $3,250,000
PROPERTY TYPE: Special Purpose
SITE SIZE: 6.54 Acres
BUILDING SIZE: 122,327 SF

Highlights

  • ±122,327 SF special-use residential facility in Atlanta's West End 2 miles west of Atlanta's new Mercedes-Benz Stadium
  • Site consists of 1 main building of ±104,166 SF and 7 smaller buildings situated on ±6.54 acres
  • Currently occupied by Atlanta Job Corps Center, a job training center with dorm-style housing until 11/30/17
  • Originally built as the Waluhaje Hotel Apartment building with 125 residential units and is a rich part of Atlanta history
  • Zoned OI
  • 0.5 miles from West Lake MARTA Transit Station
  • Ideal for senior housing, student housing, veterans housing, boarding school, religious facility or medical/rehab facility
  • 103 parking spaces
  • Functional kitchen with grease traps in place
  • To view an informal video tour of the property visit: https://vimeo.com/231748355

Description

Bull Realty is pleased to announce the opportunity to acquire a phenomenal special-use residential facility only two miles west of Downtown Atlanta’s new Mercedes-Benz Stadium. Occupied by the Federal Government’s Job Corps program since 1969, the main 5-story plus terrace level ±104,166 SF building is serviced by one elevator and its poured concrete construction provides strong “bones” for a variety of future adaptive reuses. Sold “as-is”, “where-is” the property does require renovation, however the main building has a relatively new roof, recent A/C chillers, updated windows, etc. Situated on a beautiful ±6.54 acre OI zoned campus (±0.5 acres is undeveloped and zoned R4) in the hot West End area of Atlanta one mile from I-20, the property consists of 8 buildings totaling ±122,327 SF with 103 parking spaces.

Demographic and population growth projections point to a strong demand for conversion to a variety of uses such as senior housing, student housing, veterans housing, boarding school, religious facility, or medical / rehab facility.

This property was developed by Walter H. Chief as the Waluhaje Hotel Apartment building in 1951 with 125 residential units and is a rich part of Atlanta’s history and culture. The Atlanta Job Corps Center opened and began leasing and maintaining this property in 1969 and plans to vacate the building as of 11/30/17 to make way for immediate use or redevelopment.

Since being converted from a hotel to a training facility, this building housed a residential and non-residential co-education program, which, until recently, enrolled up to 515 students. Once consisting of primarily residential units, it is currently used for office and classroom space on the first two floors, and dormitory rooms with bathrooms on the third, fourth, and fifth floors. The terrace level has a modern, fully-functional cafeteria, large recreation room, laundry room, an auditorium, and a child care center. Several additional buildings have been built on the property over the years used for office, storage, and vocation training. The property is fully fenced with a guarded entrance. With insurance estimates indicating a replacement value north of $14 million, don’t miss the opportunity to acquire this asset at $3,250,000, with potential for assumable financing.

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