United Community Asset (US Asset), an Atlanta-based real estate investment firm, and its subsidiary SHOC Holdings LLC, has acquired its first Shared Home-Office Cluster (SHOC) property located in the historical district of downtown Atlanta.
The real estate investment firm plans to develop the property into about 10 units for short-stay rental through online travel platforms such as Airbnb or Vrbo. The firm hopes these short-term rentals will be a viable alternative for business travelers who want the capabilities of a business hotel with the comfort and charm of a home rental.
The new SHOC property is located in the heart of Atlanta, right across the street from the Martin Luther King, Jr. memorial of the Sweet Auburn Historic District, nestled in the neighborhood where MLK Jr. was born, grew up, preached, and fought for civil rights. The development’s unique location in this historic neighborhood right off of the Downtown Connector puts it in a desirable location for business travelers to the city. The property will be located off a major exit of intersecting highways and right in the heart of Atlanta, making this Shared Home-Office Cluster a perfect match for business travelers.
The concept for SHOC presents a residential property with each bedroom designed as an individual business lodge, equipped with office capabilities. These home-office spaces can then be rented out individually to business travelers on platforms such as Airbnb, Vrbo, or through corporate partnerships.
SHOC offers business conveniences that current short-stay home rentals do not typically provide, and offers a lifestyle charm that travelers can’t get through a business hotel. By combining the merits of short-stay home rentals with conventional business hotel amenities, SHOC improves on both with a unique experience for business travelers.
For the first SHOC property, the real estate investment firm will invest an estimated $300,000 to $400,000 to remodel and renovate the property. The renovation will result in about 10 units, including two executive suite units with private patios, one unite as a common meeting area, and a basement unit which may provide additional lodging for an onsite property manager.
As an alternative to conventional business hotels in downtown Atlanta, a standard unit at this SHOC property may be rented out at over $100 per night and an executive suite rented out at $250 per night.
In addition to the SHOC, UC Asset is researching into a number of other revolutionary and disruptive real estate investment models with high-growth potential.