401 W College

401 W College,
Enterprise, AL 36330

 

$13,441,516
Investment
98,156
Building SF
$186,688
Price Per Unit
178,596
Land SF
72
Number of Units
PRD
Zoning Type
$13,441,516
Investment
98,156
Building SF
$186,688
Price Per Unit
178,596
Land SF
72
Number of Units
PRD
Zoning Type

INVESTMENT SUMMARY

  • Situated in the heart of Enterprise, AL, the property at 401 West College Street offers a prime investment opportunity on a sprawling 4.1 acres of vacant lot. This is more than a property; it represents a unique chance for a transformational redevelopment that will create a vibrant, mixed-use community hub. The redevelopment opportunity offers an attractive blend of historical charm and modern potential. The thriving location, paired with the property's rich usage history and the proposed transformation, makes this investment an exceptional opportunity for significant returns. By redeveloping 401 West College Street, we will invigorate the Enterprise cityscape and create a sustainable, multifamily residences and townhomes that the community will appreciate and engage with for years to come.
  • Location Highlights: The property is situated in a highly desirable location, offering easy access to major transportation routes and essential amenities. Enterprise, AL, has seen steady economic growth in recent years, making it an attractive destination for real estate development. Additionally, the area's strong rental demand and limited housing inventory further enhance the investment potential.

PROPOSED DEVELOPMENT

  • The proposed development plan for this vacant land focuses on creating a thoughtfully designed multifamily and townhome community. Our vision is to craft a vibrant and harmonious neighborhood that meets the growing demand for quality housing options in this thriving region. The development plan consists of two core segments: Townhomes and Multifamily Residences.
  • Townhomes: The development will incorporate a collection of townhomes designed to attract homeowners looking for a sense of community while enjoying the benefits of homeownership. Use Type: THR Property Size: 2.05 ac Optimal Max No. of Units: 26 No. of Units per Acre Ratio: 17 Optimal Use GSF Max (Developable): 35,878 Optimal Use NRA Max: 35,878 Parking Type: Surface Surface Parking-Actual: 51 Structured Parking-Actual: 0
  • Multifamily Residences: As part of the development, we intend to construct modern and stylish multifamily residences. These units will cater to the needs of various demographics, including young professionals, families, and retirees, offering a range of floor plans to suit diverse lifestyles. Use Type: MFR1 Property Size: 2.05 ac Optimal Max No. of Units: 46 No. of Units per Acre Ratio: 86 Optimal Use GSF Max (Developable): 66,758 Optimal Use NRA Max: 39,054 Parking Type: Surface Surface Parking-Actual: 46 Structured Parking-Actual: 0

LOCATION SUMMARY

  • Enterprise, Alabama, is not just a location but a destination, offering a blend of small-town charm, rich history, and modern amenities. The city perfectly harmonizes southern tradition with cultural diversity, courtesy of its association with Fort Rucker, the home of Army Aviation. From its extensive parks and recreational facilities to its unique dining scene and diverse cultural experiences, Enterprise offers an unrivaled quality of life.
  • Transportation and Accesibility 401 West College Street benefits from its close proximity to major transportation arteries, making it easily accessible from various directions. The property enjoys swift connections to US Highway 84 and State Route 167, providing seamless access to neighboring towns and cities. Additionally, Interstate 85 is within a reasonable driving distance, expanding the reach to regional markets. Enterprise offers a comprehensive transportation network, making commuting and transportation a breeze. The city's public transit system provides convenient bus routes, connecting various neighborhoods and key locations. Additionally, rideshare services are readily available, enhancing mobility for both residents and visitors. For air travel, the Dothan Regional Airport is a short drive away, connecting the city to domestic and international destinations.
  • Culture and Arts Enterprise is a town rich in arts and culture, with a variety of local galleries, museums, and performance venues. The Southern Broadway Dinner Theater is a local gem that provides a unique blend of food and entertainment. Enjoy a delicious meal while being entertained by talented performers staging classic and contemporary plays. For art lovers, the Pea River Historical and Genealogical Society Museum offers a unique collection of local historical artifacts and art exhibits. Explore the rich history of the region, from Native American culture to Civil War artifacts, and enjoy the rotating art exhibitions showcasing local and regional artists. With its fusion of modern amenities and small-town charm, Enterprise, Alabama offers a unique living experience. Whether it's the satisfaction of a delicious meal, the thrill of outdoor recreation, or the enriching experience of arts and culture, life in Enterprise is an experience in Southern living at its best.
  • Outdoor Activities and Recreation For those who enjoy a relaxing walk, picnic, or just a moment of quiet in the lap of nature, the Johnny Henderson Park is a verdant oasis that offers a respite from the bustle of city life. The park is spread over 100 acres of land, complete with walking trails, picnic areas, a serene lake, and beautifully landscaped gardens teeming with regional flora. Just a few miles away is the Enterprise Country Club, a haven for golf enthusiasts. The club boasts an 18-hole golf course, set amidst the backdrop of lush, rolling hills and pristine lakes. The manicured fairways, strategic hazards, and well-maintained greens promise a challenging yet enjoyable golfing experience.
  • The Local Gastronomy From hometown favorites to food with an international flair, the local gastronomy of Enterprise is as unique and welcoming as the town itself. 'The Rawls' Restaurant, situated in the heart of downtown, is a fine-dining establishment that serves sophisticated Southern cuisine with a modern twist. The original building, with its rich wooden accents and historic charm, provides an elegant setting for dining, while the food speaks to the culinary excellence of Alabama. For a more casual, family-friendly atmosphere, 'Annie's Cafe' is a must-visit. Serving up hearty, homestyle meals, Annie's is beloved by locals for their exceptional biscuits and gravy, chicken fried steak, and a selection of homemade pies that change daily but are always equally delectable.
  • Area Amenities This location boasts an abundance of amenities within a short distance, catering to the needs and desires of businesses and residents alike. Numerous restaurants, cafes, and eateries offer a diverse range of culinary delights, providing a plethora of dining options for employees and visitors. Nearby shopping centers and retail outlets provide easy access to shopping, ensuring convenience for local patrons. For recreational enthusiasts, several parks and green spaces are dotted around the area, allowing for leisurely strolls and outdoor activities. Residents and employees can enjoy a well-rounded work-life balance within this vibrant community.
  • Nature and Recreation in Enterprise Enterprise offers a variety of parks and outdoor spaces, including Donaldson Park, Gibson Park, Johnny Henderson Park, Ouida Park, Peavy Park, and Westside Community Park. These parks provide picturesque walking trails, athletic fields, picnic areas, a stocked fishing pond, playgrounds, and even a bark park for four-legged friends. The city offers an array of sports and recreational activities. From archery at Wiregrass Outdoors to camping at Bama Slam Campground or Enterprise RV Park, martial arts, hunting, or a myriad of team sports leagues, there's an activity for every interest and age.
  • Downtown Enterprise: Downtown Enterprise is a thriving hub, blending the old with the new. As a designated Main Street Community, it's the heart of the city, rooted in southern tradition. With it's rich array of modern shopping, dining, arts, history, and entertainment, the area attracts a steady footfall, making it a vibrant hub for both residents and visitors. It is home to 23 new or relocating businesses and has created 72 net new jobs, with a cumulative investment exceeding $4 million.

PROPERTY DUE DILIGENCE

  • FAA Restricted Air Space & Map The Federal Air Administration (FAA) is dedicated to ensuring drones and small aircrafts are able to operate safely in the same airspace with manned aircraft. The UAS Facility Map to the right demonstrates areas in the flight path of airports, and show the maximum altitudes around airports where the FAA may authorize drone and lower level aircrafts to operate without additional safety analysis. According to the FAA, the subject property is not located in a flight path or restricted air space requiring special FAA authorization to fly drones or lower level aircrafts at any altitude.
  • National Transportation Noise This analysis is crucial for understanding the potential impact of transportation-related noise on the site and for informing decisions about the type and design of the development. The transportation-related noise level for the area under consideration falls within the range of 55.0-59.9 decibels (dB). This is considered to be a relatively low level of noise. For context, this noise level range can be likened to the sound of a soft conversation at home or the background noise in a quiet suburban area. A noise level within this range is generally well within acceptable limits for most types of developments, including residential. However, it's important to note that individual noise sensitivities can vary, and some occupants might still perceive noise at the higher end of this range to be mildly disruptive.
  • FEMA's National Flood Hazard Layer (NFHL) Viewer The proposed development site is categorized within FEMA's Flood Zone X. This classification is used to denote areas with a moderate-to-low risk for flooding. The key characteristics of Zone X are: The area is outside the 1-percent annual chance floodplain (also known as the 100-year floodplain). The area has less than a 1% chance of flooding in any given year. The area falls within the 0.2-percent annual chance floodplain (also referred to as the 500-year floodplain). The area has been protected from the 1-percent annual flood by levees or other structures. Flood Zone X is not typically subject to mandatory flood insurance requirements by FEMA.
  • EPA Status The search results indicated that no records exist for the proposed site in the EPA's FRS database. This typically suggests that the site has not been subject to EPA-regulated activities or enforcement actions in the past. This is generally a favorable result, as it reduces the likelihood of encountering environmental compliance issues or contamination-related risks in the development process.
FOR MORE DETAILS CONTACT
Brandon Riddick-Seals
Principal Advisor
(770) 891-2800
brandon@riddickseals.com