114-116 Pirkle Ferry Rd

SUBURBAN DOWNTOWN
REDEVELOPMENT OPPORTUNITY

114 and 116 Pirkle Ferry Road
Cumming, Georgia 30040
Total Acres: + 0.89

Property Information Report
Prepared for:
Marc Morris
May 21, 2021

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

www.WERealEstateAdvisors.com

Executive Summary

Overview

The subject property at 114 and 116 Pirkle Ferry Road makes up a small assemblage located in a
unique geographic location, within the city limits of the City of Cumming, Georgia.

The property is positioned with direct access on Pirkle Ferry Road (Exit 15 of GA400), approximately
3600’ from the Interchange. This Exit has been identified as the “gateway” into Cumming, and Pirkle
Ferry Road becomes Main Street in downtown Cumming.

This may seem a small project to start, however, the property is located between other parcels that
could grant connectivity with nearby Pilgrim Mill Road as well as Short Street. The Short Street area
has been designated on the future land use map as Suburban Mixed-Use, allowing for vertically
integrated commercial buildings with residential above, at a density of up to 12 units to the acre. This
property is centrally located between 4 other major developments in the area, all within 1 mile from this
site.

The current Owner operates a thriving Interior Design & Flooring business in the buildings on parcel
116 and is open to vacating the space and moving to an alternate location or leasing back from the
new Owner until the need to move arises. She leases the small house on parcel 114 to a Tenant
operating a Hair & Beauty Salon. The Salon lease generates $2100/month in gross Rent, and that
Lease expires at the end of September 2023.

Property Potential

The subject property is currently zoned CBD, and appears to be inside the CBD District which, with an
approved conditional use permit, would allow up to 30 residential units to the acre.

The existing Office product in this area is over 85 percent occupied, and demand remains high even
as lease rates have pushed up from $13/sf to over $20/sf in recent months. Existing Retail product in
this area is over 95 percent occupied, and demand remains high as lease rates are approximately
$19.80 per SF.

Acquisition of these properties creates a nice opportunity for investors to generate immediate cash
flow from purchase, with a value-add opportunity to construct new buildings and have existing tenants
remain and occupy the new space.

Acquiring the adjacent property to the rear would grant access to Pilgrim Mill Road and increase the
available square footage for income generation. The long-term play and the highest and best use
remains in the acquisition of additional properties and obtaining a “Conditional Use Permit” to increase
the total units allowed of residential over commercial.

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

www.WERealEstateAdvisors.com

Subject Property

114-116 Pirkle Ferry Road
Cumming, GA 30040

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

www.WERealEstateAdvisors.com

Aerial View

EXIT 15

SITE

114 116

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Property Location

SITE

The two-parcel property is located in thriving Forsyth
County, Georgia, just 2 blocks East of downtown
Cumming, on Pirkle Ferry Road and less than 1 mile
from GA400.
These parcels enjoy a prime location with high
visibility from traffic entering the downtown square
area from Ga400 at Exit 15 (Bald Ridge Marina Rd).
Although access is right-in/right-out only, there are
nearby streets for directional changes to/from
Ga400, Pilgrim Mill Road, and the downtown square.
The City of Cumming is in Forsyth County, one of the
fastest growing in the U.S., approximately 30 miles
north of I-285, the “Perimeter Highway” around the
City of Atlanta.

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Proximity to Downtown Cumming

SITE

The downtown business district of the City of Cumming, which is the
Seat of Forsyth County, Georgia, lies just 2 blocks to the West of the
property. The large building shown on this aerial photo include the
Forsyth County Courthouse and Jail, County Administration Offices,

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Nearby Major Development Projects

12 EXIT 15

SITE 3

Downtown
Cumming

4

Lake Lanier

EXIT 14

MAP Development + Development Highlights*
1 Name Acres
2 117,000SF Retail; Amphitheater; Green Space & Water Features;
3 Cumming City 75 and new City municipal facilities
4 Center
153 [Proposed by Lennar Homes; not yet approved] +800 Resi Units
Master Planned 55 including Apts, THs, 55+ Homes; and +35,000SF Commercial
Community 50
+290 Resi Units; Hotel; Wellness Center; 190,000SF Commercial
Westshore
+430 Units (320 for lease); 90,000SF Storage; 68,000SF Retail/Flex
Mashburn Village

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Traffic Counts

SITE

The most recent available GDOT
traffic count closest to the property
(from 2019) was 13,800
westbound on Pirkle Ferry from
Ga400, towards the downtown
Cumming square and Main Street.

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Future Land Use Map (City of Cumming)

SITE

▪= Commercial

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Zoning Definition Notes

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Property Taxes & Insurance

Property Taxes $4,376.80

2020 Tax Notice for 114 Pirkle Ferry was $1,508.47
2020 Tax Notice for 116 Pirkle Ferry was $2,868.33

Combined Property Taxes for 2020:

Landlord’s Insurance $4,862.00
Landlord’s current year Insurance for the property (buildings 114 and 116):

Total 2020 Taxes and 2021 Insurance: $9,238.80

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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114 Pirkle Ferry - Lease

Tenant: April Fern Richards
Landlord: Eversole Holdings, LLC
Approved Use: Hair & Beauty Salon
(Trade Name: “Salon AF & Beauty Co.”)
Lease Start: October 1, 2020
Lease End: September 30, 2023
Rent: $2,100 per month
Guaranty: Signed Personal Guaranty on the Lease by Tenant
Deposit on File: $1,000 held by Landlord
Utilities: Tenant pays all utilities
Taxes: Landlord pays all property taxes;
Tenant pays business/use taxes
Tenant Ins: Lease requires $1M occurrence / $2M aggregate

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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114 Pirkle Ferry - Tax Record

Parcel Number C16 048
Location Address 114 Pirkle Ferry Rd, Cumming 30040
Legal Description 3-1 1269
Property Class C3 – Commercial Lots
Neighborhood C1501
Tax District 1
Zoning CBD
Acres 0.35
Building 1056 SF
Owner EVERSOLE HOLDINGS LLC
Owner Address 116 Pirkle Ferry Rd, Cumming GA 30040

Assessment Information: 2021 2020

LUC 0700 0700
Class C3 C3
+ Land Value
+ Building Value $ 69,370 $ 69,370
= Total Value $ 67,000 $ 67,000
Assessed Value $ 136,370 $ 136,370
$ 54,548 $ 54,548

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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114 Pirkle Ferry – Tax Notice

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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114 Pirkle Ferry - Survey (2001)

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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116 Pirkle Ferry - Tax Record Detail

Parcel Number C16 047
Location Address 116 Pirkle Ferry Rd, Cumming 30040
Legal Description 3-1 1269
Property Class C3 – Commercial Lots
Neighborhood C1501
Tax District 1
Zoning CBD
Acres 0.38
Building 1 1760 SF
Building 2 1100 SF
Owner EVERSOLE HOLDINGS LLC
Owner Address 116 Pirkle Ferry Rd, Cumming GA 30040

Assessment Information: 2021 2020

LUC 0700 0700
Class C3 C3
+ Land Value
+ Building Value $ 75,320 $ 75,320
= Total Value $ 183,986 $ 183,986
Assessed Value $ 259,306 $ 259,306
$ 103,722 $ 103,722

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

www.WERealEstateAdvisors.com

116 Pirkle Ferry – Tax Notice

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

www.WERealEstateAdvisors.com

116 Pirkle Ferry - Survey (1994)

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

www.WERealEstateAdvisors.com

City Demographics

Demographics shown are for the areas noted radiating from the City of Cumming downtown square, using
101 E Courthouse Square as the center point (approx. 2 blocks from the property).

The rate of change since 2010 was 3.52% annually. The five-year projection for the population in the area
is 113,798 representing a change of 3.28% annually from 2020 to 2025. Currently, the population is 49.6%
male and 50.4% female.

2020 1 Mile 3 Mile 5 Mile

Population 4,428 35,920 96,830
Households (“HH”) 1,503 12,975 33,626

Avg HH Size 2.67 2.72 2.86
Median HH Income $ 51,325 $ 86,090 $101,451
Average HH Income $ 74,460 $112,569 $131,164

2025 1 Mile 3 Mile 5 Mile
Population 4,971 42,198 113,798
Households (“HH”) 1,717 15,271
Avg HH Size 39,476
Median HH Income 2.63 2.72 2.87
Average HH Income $ 54,844 $ 93,672
$ 79,844 $122,933 $107,212
$143,259

2020 Household Income
(5 Mile Radius)

Source: U.S.WCEenRsuesaBluEresatua,tCeeAnsduvsis2o01rs0,S1u0m7mWaryCFioleu1rt.hEoSuRsIefoSreqcausatsrefo,rS20u2it0ea1n1d02,02C5u. mming GA 30040

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City Demographics

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

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Forsyth County, Georgia

www.FoCoChamber.org

Cumming and Forsyth County, Georgia are consistently ranked among the most desirable communities in
the nation. World class schools, nationally recognized parks, over 200 miles of lake shoreline, the lowest
property taxes in the region, and a vibrant business community are the primary factors that earn the
community accolades year after year.
Top 10 Communities in America (#1 in Georgia) for Incoming Investment
- Smart Asset
Top 20 Fastest-Growing Counties in America (& #1 in Georgia)
- US Census
Top 20 Affluent Counties in America (#1 in Georgia)
- US Census
Most Innovative Community in Georgia
- Innovation Index: Technology Association of Georgia
Top 10 Cities to Start a Business
- NerdWallet.com
Healthiest County in Georgia
- University of Wisconsin Population Health Institute
Top 10 Most Charming Towns in Georgia
- Travel Magazine
Top 10 Fastest-Growing Counties in America
- CNNMoney.com
Top 20 Wealthiest Counties in America
- Forbes.com
Top 100 Best Communities for Young People
- America’s Promise/Alliance for Youth

Source: Forsyth County Chamber of Commerce

WE Real Estate Advisors, 107 W Courthouse Square, Suite 110, Cumming GA 30040

www.WERealEstateAdvisors.com

Investment Notes

Scenario 1: Purchase as Immediate Income, Hold for Future Development

Assumptions:

• Lease of existing buildings at $20.00 per SF, NNN
• Building 1 (Hair salon, 1,056 SF) = $2,100.00 per month = $25,200.00 Gross Annual minus 20%

for vacancy = $20,160.00 Net Annual
• Building 2 (Flooring and Interior Design Firm, 2,860 SF) = $57,200.00 Gross Annual minus 20%

for Vacancy = $45,760.00 Net Annual
• Total Net Annual Income = $65,940.00
• Land Cost = $950,000.00
• CTI = CAM, Taxes Insurance TBD
• Cap Rate = 6.9%
• This is a first year only snapshot

Flooring

Salon

WE Real Estate Advisors are not Financial Advisors. Information herein not guaranteed and is for comparison
purposes only between scenarios. Other scenarios exist. Parties interested in this property should perform their
own due diligence including a detailed pro forma analysis.

www.WERealEstateAdvisors.com

Investment Notes

Scenario 2: Purchase for Immediate Redevelopment
Assumptions:
• Build a new building behind the Hair Salon as a one-story 6,000 SF footprint that allows for

future additional floors
• 6,000 SF with 400 SF lobby/elevator/stairwell = 5,600 Rentable SF per floor
• This allows for four (4) 1,400 SF Offices per floor
• Estimate $165.00 per SF vertical construction = $990,000.00 (single story only)
• Rental Rate for the property = $20.00 per SF, NNN
• The Hair Salon would move into the new building at their existing Lease rate of $2100.00 per

month = $25,200.00 Gross Annual
• The Interior Design & Flooring company would stay in their existing building (2860 SF) =

$57,200.00 Gross Annual
• Remaining RSF in the new building (3 units at 1400 SF each) = $84,000.00 Gross Annual
• Land Cost at $950,000.00
• CTI (CAM, Taxes and Insurance) = TBD
• Total Net Annual Income = $166,400 minus 20% vacancy = $133,120
• Cap Rate = 6.8%
• This is a first year only snapshot

New
Bldg

Flooring

Salon

WE Real Estate Advisors are not Financial Advisors. Information herein not guaranteed and is for comparison
purposes only between scenarios. Other scenarios exist. Parties interested in this property should perform their
own due diligence including a detailed pro forma analysis.

www.WERealEstateAdvisors.com

WE Real Estate Advisors
107 W Courthouse Square, Suite 110, Cumming GA 30040

770-365-1171

www.WERealEstateAdvisors.com