Dannenberg Lofts - Macon, GA

Matthews Real Estate Investment Services™ is pleased to present one of the most coveted assets in all of Downtown Macon, Dannenberg Lofts, located on the busy intersection of Poplar and 3rd street.

This well-maintained institutional quality mixed-use asset is a prime opportunity for an investor to purchase the ‘lighting rod’ around which the revitalization of Macon is occurring (Atlanta Journal Constitution 2024). Originally a department store, the community was completely redeveloped in 2013 to sixty-four (64) upgraded loft-style apartments and three (3) fully occupied retail suites, leaving traces of history with original hardwoods, 12-foot ceilings, exposed brick, and historic photographs, blended naturally with modern upgraded finishes and amenities.

KEY INVESTMENT FEATURES

PARKING/AMENITIES: Dannenberg is one of the few apartment communities in the Downtown Macon area that has parking attached to the building and available to its residents via a 2nd floor breezeway.
The parking deck is gated with a full time manager (a resident of Dannenberg), with the options for common parking or reserved parking. Dannenberg has a longterm lease for parking spaces, allowing a bill-back arbitrage of 50-100% NOI. The property also boasts a newly constructed gym fit with weights, treadmills, and pelotons, as well as a pet washing station for the dozens of pets living in the community.
QUALITY RESIDENCE: Most tenants work at the Hospitals & Colleges in the Macon area, providing stable, above average income.

PROPERTY HIGHLIGHTS

Individually Metered for Electric
Master Metered for Water/Sewer – Utility Bill-Back in-place for Water/Sewer/Trash
Copper Wiring
Mostly PVC Plumbing (Some Galvanized)
The Building is Sprinklered
W/D Connections in every unit (Currently offer W/D rentals at $75/ mo or tenants can bring their own).
The Building also has a Laundry Room that has a contract with CSC to maintain
No Section 8 Tenants
95% of the units have: Fresh Paint, new Cabinets, White Subway Tile Backsplash, Stainless Steel Appliances, New Light Fixtures, Plumbing Fixtures, and new Cabinet hardware
Amenities include Community Gym & Pet Spa
Pet Friendly Community
Gates Parking Available, Gated Entry, & Video Camera Surveillance on the property

PROPERTY DETAILS

67 Units (64 Apartment Units & 3 Retail Spaces)
Built in 1890, completely redeveloped in 2013, renovated in 2024
Gross Building Square Footages of ± 69,429 SF (13,344 SF of Retail)
Avg Apartment Unit: ±876 SF | Avg Retail Unit: ±4,448 SF
Current Occupancy: 97%
Current Avg Rent: $1,417 | Stabilized Avg Rent: $1,625
Consists of: (3) Retail Spaces, (6) Studio, (46) One Bed/One Bath, (1) One Bed/Two Bath, and (11) Two Bed/Two Bath Units
Lot Size: ±0.51 Acres
APN: R073-0336