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III. EXECUTIVE SUMMARY Following is a summary of major findings, conclusions, and recommendations contained in this report. It is our opinion that a market exists for a 132-unit rental housing development at the subject site, assuming that the project is developed as detailed in this report. The project is proposed as follows: UNIT TYPE ONE-BEDROOM/ 1.0 BATH GARDEN TWO-BEDROOM/ 1.0 BATH GARDEN TWO-BEDROOM/ 1.5 BATH TOWNHOME TWO-BEDROOM/ 2.0 BATH GARDEN THREE-BEDROOM/ 2.0 BATH GARDEN THREE-BEDROOM/ 2.5 BATH GARDEN SOUTH ALBANY VILLAGE AREA BOUNDED BY HIGHLAND AVENUE, WASHINGTON STREET, JACKSON STREET, AND WHITNEY AVENUE ALBANY, GEORGIA *2004 **Rent is based on 30% of income MR – Market-rate GS – Government subsidized N/A – Not applicable PERCENT OF MEDIAN HOUSEHOLD INCOME NUMBER GS 60% MR GS 60% MR GS 60% MR GS 60% MR GS 60% MR GS 60% MR 4 5 3 15 22 2 1 1 2 7 17 12 12 19 6 1 1 2 TOTAL 132 SQUARE FEET 619 619 619 864 864 864 1,038 1,038 1,038 952 952 952 1,082 1,082 1,082 1,198 1,198 1,198 III-1 MAXIMUM ALLOWABLE GROSS RENT GROSS N/A $505 N/A N/A $606 N/A N/A $606 N/A N/A $606 N/A N/A $700 N/A N/A $700 N/A ** $439 $540 ** $502 $617 ** $547 $662 ** $527 $637 ** $609 $739 ** $639 $779 RENTS AT OPENING* UTILITY ALLOWANCE $55 $55 $55 $72 $72 $72 $72 $72 $72 $72 $72 $72 $89 $89 $89 $89 $89 $89 NET/ COLLECTED ** $384 $485 ** $430 $545 ** $475 $590 ** $455 $590 ** $520 $650 ** $550 $690
• Tenants will be responsible for all utilities, except water, sewer, and trash collection. All 132 units will be within 13 two- and three-story buildings. Each unit in the proposed development will include the following amenities: • Range • Central air conditioning • Frost-free refrigerator • Washer/dryer hookups • Dishwasher • Window blinds • Disposal • Patio or balcony • Carpeting • Security system • Project amenities will include the following: • Community building • Central laundry facilities • Playground • On-site management • Pool • Exercise room • Picnic area • Rollerblade/bike path • Security gate • Playfield SITE EVALUATION • Based on our evaluation of the access, visibility, and environment of the site, it is our opinion that the subject site is suitable for the proposed development and will not have an adverse effect on absorption and ongoing turnover. The proposed project is located within 3.5 miles of everyday community services, and is located in the downtown Albany area. Further details may be found on Page IV-4 through IV-13. SITE EFFECTIVE MARKET AREA • The Effective Market Area in Dougherty County consists of Albany and surrounding areas. The EMA is bounded by the Lee County/Dougherty County line to the north, McCollum Drive and Pinson Road to the east, Honeysuckle Road and Lily Pond Road to the south, and Lockett Station Road and Weymouth Road to the west. III-2
Page 1 and 2: National Leaders in Real Estate Res
Page 3 and 4: TABLE OF CONTENTS I. INTRODUCTION..
Page 5 and 6: I. INTRODUCTION A. OBJECTIVES This
Page 7: II. SCOPE OF SURVEY A complete anal
Page 11 and 12: APARTMENT MARKET AREA SUMMARY UNITS
Page 13 and 14: • The project amenities the propo
Page 15 and 16: IV. CONCLUSIONS A. INTRODUCTION Thi
Page 17 and 18: the Site EMA's established annual r
Page 19 and 20: West East Jackson Street is directl
Page 21 and 22: Population and Households The popul
Page 23 and 24: 3. SITE EVALUATION Demand for the s
Page 25 and 26: Convenience to Entertainment The si
Page 27 and 28: e. Site Evaluation Conclusions Base
Page 29 and 30: SOUTH BORDER SITE SITE SOUTHWEST BO
Page 31 and 32: ��
Page 33 and 34: Jefferson Jefferson Jefferson Jeffe
Page 35 and 36: ��
Page 37 and 38: DISTRIBUTION OF POPULATION BY AGE A
Page 39 and 40: There were 39,656 total housing uni
Page 41 and 42: The following table summarizes empl
Page 43 and 44: 44,000 40,000 36,000 EMPLOYMENT AND
Page 45 and 46: ��
Page 47 and 48: The following table compares the cu
Page 49 and 50: Our demand analysis for the propose
Page 51 and 52: DEMAND BY TARGETED INCOME GROUP PER
Page 53 and 54: a. Market-Rate Following is a distr
Page 55 and 56: An evaluation of units renting at o
Page 57 and 58: A comparison of unit amenities at t
Page 59 and 60:
TWO-BEDROOM COMPARISON TOTAL VACANT
Page 61 and 62:
ecipient) is 1 to 2 per month. Howe
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3. APARTMENT LOCATION MAP Maps desi
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4. FEDERAL AND STATE-ASSISTED PROJE
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6. PLANNED AND PROPOSED According t
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V. FIELD SURVEY OF MODERN APARTMENT
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YEAR OF PROJECT OPENING NUMBER OF P
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RENT AND VACANCY ANALYSIS TWO BEDRO
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MAP CODE PROJECT NAME 1 TOWERING PI
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MAP CODE PROJECT NAME 13 GREENBRIAR
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MAP CODE PROJECT NAME 25 REGENCY CL
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MAP CODE PROJECT NAME 37 THE OAKS 2
Page 83 and 84:
MAP CODE PROJECT NAME 49 MC INTOSH
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MAP CODE 1 2 3 4 5 6 7 8 9 10 11 12
Page 87 and 88:
MAP CODE 37 38 39 40 41 42 43 44 45
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COMPARABILITY INDEX MODERN APARTMEN
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Page 93 and 94:
Page 95 and 96:
MAP PROJECT CODE NAME 13 GREENBRIAR
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MAP PROJECT CODE NAME 37 THE OAKS 3
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MAP PROJECT CODE NAME EGNAR UNIT AM
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MAP PROJECT CODE NAME EGNAR ROTAREG
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MAP PROJECT CODE NAME EGNAR 45 HOLL
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UNIT AMENITIES DISTRIBUTION OF UNIT
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MAP CODE UNIT TYPE / UTILITY DETAIL
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MAP CODE UNIT TYPE / UTILITY DETAIL
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1 TOWERING PINES TOWERING PINES LN.
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7 THE WILLOWS 1401 WHISPERING PINES
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13 GREENBRIAR 3110 GRAYSTONE LN. AL
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19 GLENWOOD MANOR 2315 W. GORDON AV
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25 REGENCY CLUB 2000 TOMPKINS AVE.
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31 PRINCETON PLACE 539 N. WESTOVER
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37 THE OAKS 2024 W. OGLETHORPE AVE.
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43 PATE HOMES 200 ARBOR CT. ALBANY
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49 MC INTOSH HOMES 618 N. DAVIS ST.
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55 WOODPINE WAY 421 SOUTH WESTOVER
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VII. HOUSING STARTS In an analysis
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UNITS HOUSING UNITS AUTHORIZED DOUG
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Population Characteristics —2000
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HOUSEHOLD DETAIL REPORT ALBANY, GEO
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B. INCOME MEDIAN PER HOUSEHOLD INCO
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DISTRIBUTION OF TOTAL PERSONAL INCO
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D. RETAIL SALES 2001 VIII-10 DOUGHE
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44,000 40,000 36,000 EMPLOYMENT AND
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UNITS BY STRUCTURE AND VACANCY RATE
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HOUSING QUALITY ALBANY AND DOUGHERT
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OWNER OCCUPANCY SUMMARY ALBANY AND
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Qualifications and Services About t
Page 155 and 156:
for present and future development
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Consulting—In addition to market
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