1850 Joy Lake Road Morrow, GA 30260 PRESENTED BY: GA #119351 PROPERTY HIGHLIGHTS Owner-occupy with rental income 22,000 SF+- in 2 metal buildings 2 acres zoned light industrial Roofs replaced in 2014 Not subject to auto business moratorium All SVN Offices Independently Owned & Operated.
SALE OVERVIEW SALE PRICE: $650,000 LOT SIZE: 2.3 Acres BUILDING SIZE: 22,000 SF+- ZONING: Light Industrial MARKET: Atlanta CROSS STREETS: North Parkway PROPERTY DESCRIPTION This light industrial zoned property has a total of 22,000 SF+- in two metal buildings on two acres with 195 feet of frontage on septic. The first building with 13,250 SF+- has two tenants. Three units A, B and C with 7,500 SF are leased to an automotive repair business. Unit D with 5,750 SF is leased to a tree service business. Unit F is the second building with 8,750 SF also leased to the same tree service tenant, with no heating, restroom or plumbing. The opportunity is for a buyer to owner occupy a portion of the property and continue to collect rental income. In 2014, the buildings were repainted and new roofs, skylights and ceiling insulation were installed. The rectangular site has unutilized graded land with a 10 wide drainage easement running across the front left corner (southwestern); then along the front of the site. Lake City passed a moratorium against auto businesses in 2014; however, this property is not believed to be subject to the moratorium. The property is well-located one block south of Forest Parkway. Forest Parkway is a major east west connector locating the property between I-675 (within 2 miles), I-75 (within 4.5 miles), I-285 and Highway 85.
FOR SALE I INDUSTRIAL 22,000 SF OWNER OCCUPY 1850 Joy Lake Road, Lake City, GA 30260 1850 JOY LAKE RD RENT ROLL 2018 RENT ROLL Tenant Unit Tenant Since Type of Renewal Square Feet Monthly Rent Annual Rent JDM Parts Garage Suite A 2014 Yearly 7,500 $1,800 $21,600 Toby's Tree Service Suite B 2016 Yearly 5,750 $1,400 $16,800 Collins Classic Auto Restore Suite F 2012 Yearly 8,750 $1,200 $14,400 22,000 $4,400 $52,800 PROFIT & LOSS 2015 2016 2018 Projected $ Per Sq Ft INCOME Rent $34,184 $44,950 $52,800 $2.40 EXPENSES Taxes $9,692 $8,264 $8,429 $0.38 Insurance $5,794 $4,844 $4,941 $0.22 Repairs $920 $2,860 $2,917 $0.13 Supplies $150 $0 $0 $0.00 Utilities $2,184 $800 $816 $0.04 Management $0 $0 $0 Subtotal $18,740 $16,768 $17,103 $0.78 Net Income $15,444 $28,182 $35,697 $1.62 X 3 All Sperry Van Ness Offices Independently Owned & Operated. The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
FOR SALE I INDUSTRIAL 22,000 SF OWNER OCCUPY 1850 Joy Lake Road, Lake City, GA 30260 1850 JOY LAKE RD SBA FINANCING AND BUYER OCCUPYING SUITE A WITH 7,500 SF RENT ROLL Tenant Unit Tenant Since Type of Renewal Square Feet Monthly Rent Annual Rent Owner To Occupy Suite A 7,500 $0 $0 Toby's Tree Service Suite B 2016 Yearly 5,750 $1,400 $16,800 Collins Classic Restore Suite F 2012 Yearly 8,750 $1,200 $14,400 22,000 $2,600 $31,200 PROFIT & LOSS 2015 2016 2018 Projected $ Per Sq Ft INCOME Rent $34,184 $44,950 $31,200 EXPENSES Subtotal $18,740 $16,768 $17,103 $0.78 Net Income $15,444 $28,182 $14,097 $0.64 SELLER FINANCING Year 1 Price $650,000 Down Payment $ 65,000 Loan Amount $585,000 Interest Rate 8.0% Monthly Payment Interest Only $4,515.12 Annual Payment $54,181 OWNER OCCUPANT COST FOR SPACE 2017 Projected Net Income $14,097 Less Loan Payments $54,181 Owner Occupant Cost of 7,500 SF -$40,084 Cost Per Month -$3,340 Cost Per Sq Ft -$5.34 Note: 2017 expenses are 2016 amounts increased by 2%. X 3 All Sperry Van Ness Offices Independently Owned & Operated. The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
POPULATION 1 MILE 5 MILES 10 MILES TOTAL POPULATION 3,733 145,955 602,703 MEDIAN AGE 35.0 31.4 33.1 MEDIAN AGE (MALE) 33.1 30.7 31.7 MEDIAN AGE (FEMALE) 36.0 31.9 34.2 HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES TOTAL HOUSEHOLDS 1,254 48,309 214,554 # OF PERSONS PER HH 3.0 3.0 2.8 AVERAGE HH INCOME $48,606 $50,495 $53,167 AVERAGE HOUSE VALUE $134,714 $166,211
Matthew Levin, CCIM SVN Interstate Brokers Matthew J. Levin, CCIM, serves as a for SVN, focusing on the sale and leasing of retail, office and industrial properties. With over 20 years experience in the real estate industry, he has completed over 500 transactions valued at $250 million. Levin is a multi-year recipient of the Partner Circle Award, SVN' highest recognition, and consistently performs in the top ten percent of advisors nationally. Prior to joining SVN, Levin served as President of Dekalb Realty Company. Previously, he served as a $250 million Commercial Real Estate Non-Performing Loan Portfolio Manager for the Federal Deposit Insurance Corporation (FDIC). GA #119351 Phone: Fax: Cell: 678.467.9658 Email: Address: 3300 Holcomb Bridge Rd, Ste 240 Peachtree Corners, GA 30092 Levin is a life million dollar club member of the Atlanta Commercial Board of Realtors. He is past chairman of the Scholarship Committee of the Georgia Chapter of CCIM and past president of the Georgia State University, Real Estate Alumni Group. He received his Bachelor of Arts from Emory University and Master of Science degree in Real Estate from Georgia State University.