West Atlanta Retail Former SaveRite

Transcription

1 Price Reduction! VALUE PRICED RE-DEVELOPMENT OPPORTUNITY! West Atlanta Retail Former SaveRite Former LISTED BY: BULL REALTY Nancy Miller, CCIM, MBA x 118 Nancy@BullRealty.com Bull Realty, Inc. / 14 Piedmont Center, Suite 1100 / Atlanta, Georgia

2 Contents Section 1 Investment Overview Executive Summary Investment Highlights Section 2 Area Overview Aerial View and Location Map Aerial Map Section 3 Site Information Site Plan Site Survey Photos Section 4 Comparables Sold Comparables Section 5 Demographics Demographics Retail Gap Analysis Section 6 Offering Summary Any included income, expenses, cap rates, costs, return estimates, renovations, measurements, square footage, acreage, projections, interest rates, loan terms, property condition, possible uses, zoning and other information herein may have been provided by the seller, landlord or other outside sources and while deemed to be reliable, may be estimated, projected, is subject to change, and/or may be limited in scope, and therefore shall not be relied upon as accurate. Any such information important to the purchaser, lessee or other parties should be independently confirmed within an applicable due diligence period. Please do not disturb the management, business, tenants or sellers. This offer is subject to prior change or sale without notice. It s a great time to buy, don t let it pass you by. 2 of 15

3 RE-DEVELOPMENT OPPORTUNITY IS CALLING ON THIS VALUE PLAY! Re-develop this 47,000+/- sq ft former SaveRite grocery store. Built in 1996, this single story junior box sits on 6 acres. NRC zoned for many possibilities including retail, grocery, fitness, bowling, entertainment, libraries, medical/professional uses, educational facilities and more! STRONG TRAFFIC COUNTS STRONG DEMOGRAPHICS! Executive Summary Daily traffic counts at this signalized intersection of US Hwy 278 and Brownsville Road, in Cobb County are over 26,000 cars per day. Average household income in a 1, 3 and 5 mile radius is over $80K with 77% of the 33,000 housing units within a 5 mile radius being owner occupied. This property is offered BELOW COMPS and BELOW REPLACEMENT COST for similar former grocery centers. Area Retail Gap Analysis shows market shortages in building & garden supplies, clothing, hobby/ sporting goods, and eating/family entertainment establishments. City of Powder Springs welcomes business development of this site. FINANCIAL OPPORTUNITY Price: $1,495,000 Price per sq ft: $31.81 ABOUT THE AREA Powder Springs is a bedroom community in the metro Atlanta MSA, located about 15 minutes from Interstate 20. Residents work in in the immediate area as well as nearby Marietta, Dallas, Mableton, Douglasville, Atlanta, and Newnan. Within a 5 mile radius, the population is almost 90,000. Five year projections are for growth of almost 3% annually through of 15

4 Location/ County: Investment Highlights Cobb County, Georgia Property Type: Vacant Winn-Dixie / Save Rite grocery store Parcel Size: 6.03 acres Parcel ID: Improvement Size: 47,000 +/-sq. ft. Zoning: Neighborhood Commercial (NRC) Parking: 285 spaces Topography: Level Year Built: 1996 Construction Type: Brick & Stucco Number of Stories: 2 stories (mechanical room in rear on second floor) Roof Type: Flat Roof Age: 1996 Personal Property: See Note 1 below. Foundation: Poured Concrete Slab Fire Protection: Sprinkler HVAC: Central HVAC (See Note 2 below) Utilities: Water, Electric, Gas Plumbing: Public Sewer (City of Powder Springs) Taxes (see note below): Traffic Counts (2007): $42,404 (Cobb County, 2008) $12,537 (City of Powder Springs, 2007) (See Note 3 below.) 25,740 AADT (US 278 just N of Brownsville Rd. 27,880 AADT (US 278 S of Brownsville Rd between Brownsville & Oglesby Rd) Price: $1,495,000 Price per square foot: $31.81 Notes: 1. All existing furniture, fixtures, millwork, coolers, freezers, and grocery equipment are included in the sale, however, their operation and condition are not warranted by the seller. 2. The HVAC system is not operational. The seller will provide for a replacement allowance at closing. 3. Taxes are based upon the 2007 assessed tax value of $3,687,300. The property, offered at $1,900,000 will likely reflect a reduction in taxes. 4 of 15

5 Aerial View and Location Map 12K sq ft neighborhood retail Center with parking lot and driveway easements not included. 47K sq ft subject property, former SaveRite, deeded with 6 acres with 285 parking spaces. 5 of 15

6 Aerial Map SUBJECT 6 of 15

7 Site Plan Former 7 of 15

8 Survey 8 of 15

9 Photos Possible Uses: Bowling Alley Skating Rink Educational Facility Junior Box Hardware Store Movie Theatre Former Check Out Area Open Floor Plan Frozen Food and Cooler Area This former Save Rite offers neighborhood retail exposure and signage on this busy corridor in Cobb County near the Paulding County line. The shop space will easily sub-divide for smaller retail, entertainment, or office uses. There is ample parking and great visibility for this potential designation location. 9 of 15

10 Sold Comparables Subject Property Location: 4331 Brownsville Rd., Powder Springs GA Sq. Ft.: 47,000 Year Built: 1996 Price per sq ft: $31.81 Total Price: $1,495,000 Sold & Active Comparables Location: 6335 Highway 85, Riverdale, GA Former Save Rite Sq. Ft.: 58,075 Year Built: 2000 Price per sq. ft.: $79.21 (Sold Comp) Location: 3701 Walt Stephens Rd., Stockbridge, GA Former Winn-Dixie / Save Rite Sq. Ft.: 56,209 Year Built: 2000 Price per sq. ft.: $71.16 (Sold Comp) Location: 1400 Mt. Zion Blvd., Morrow, GA Former Service Merchandise Sq. Ft.: 55,000 Year Built: Unknown; renovated 2006 Price per sq. ft.: $69.09 (Active Comp) Location: 1404 Lawrenceville Suwanee Rd., Lawrenceville, GA Former Save Rite Sq. Ft.: 52,000 Year Built: 1992 Price per sq. ft.: $67.31 (Active Comp) 10 of 15

11 Demographics 11 of 15

12 Retail Gap Analysis The following information is an abbreviated Retail Market Place Profile extracted from the CCIM Site to Do Business. The green highlighted areas indicate the industry classifications that consistently showed a gap based upon user retail needs in a 1mile radius. However, most of these classifications showed a gap or leakage within a 5 mile radius, though some showed less of a gap. Given the price of gasoline and the increasing interest in purchasing closer to home, these sorts of business types should do well in this sub-market. 12 of 15

13 Retail Gap Analysis - continued 13 of 15

14 14 of 15 Broker Profile

15 Offering Summary Great Re-Development Opportunity Priced well BELOW comparables Priced well BELOW replacement cost Strong demographics for many uses Well located with good visibility & traffic counts City of Powder Springs very receptive to business development of this site. 15 of 15