5300 US-278, Covington GA

Land for Sale - $1,560,000

Bull Realty, Inc.

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Agent Info

NameMichael Bull, CCIM
CompanyBull Realty, Inc.

Property Info

CIMLS #968997
Location5300 US-278
Covington GA 30014
Last UpdatedNovember 10th, 2017
TypeLand
Price$1,560,000

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Property Description

Bull Realty is pleased to present this ±7.8 acre zoned CM (Corridor Mixed Use) land package for use as independent living or age restricted multifamily. This upscale Independent Living development is located in a fast growing commercial area of Covington with easy access to I-20 and across the street from the Newton County Senior Services located on 6183 Turner Lake Road. The site is adjacent to a large senior community center along the lake and is well located with good access and exposure.

The immediate area has no state-of-the-art independent living facilities similar to the planned operations (residents would have to travel outside the primary market area for services). The independent living units within the project can appeal to the entire spectrum of the senior population base and provide for a continuum-of care for the assisted living services as residents age-in-place. Therefore, the project is anticipated to have a lower turnover rate.

Location Description:

Located on U.S. 278 Northwest just south of I-20 in Covington, Georgia.

Highlights:

>> The approximate Unmet Demand for Independent Living within a 10 mile radius is 314

>> The only majority Independent Living Facility, Remington House, is 10 miles away on Conyers with 73 IL Units and no new IL units planned

>> Average 10-mile house values - $175,530

>> Average 10-mile household income - $69,756 (55 - 64), $56,894 (65 – 74), and $36,988 (75+)

>> Average 10-mile net worth - $609,823 (55 – 64), $815,235 (65 – 74), and $447,039 (75+)


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