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24948034
24948036

2460 M.L.K. Jr Dr SW, Atlanta, GA 30311

EK
GA 299687
Skyline Seven Real Estate
CM
GA 362708
Skyline Seven Real Estate
Listed by Skyline Seven Real Estate
$3,500,000
322 days on market
Updated 7 days ago

Gordon Plaza - 8.85% CAP In Place Income - Upside Potential

Details
APN 14-0205-LL-072-4
Property Type Retail
Sub Type Shopping Center
Square Footage 20,008
Net Rentable (SqFt) 20,008
Units 13
Cap Rate 8.85%
NOI $309,852
Occupancy 100%
Tenancy Multi
Brand/Tenant Urban Green ENT MLK Fo, Touchdown Wings (+11)
Lease Type NNN
Remaining Term 5
Price per SqFt $175
Broker Co-Op Yes
Class B
Year Built 1967
Buildings 1
Stories 1
Acreage 3.000
Parking Spaces 50 spaces
Parking Per SqFt 2.50
Investment Type Stabilized
Tenant Credit Franchisee, No Credit Rating

Excellent Intown Strip Center with Long Term Upside

Marketing description

Gordon Plaza is an excellent opportunity for an investor to acquire a fully leased retail property located in a designated qualified opportunity zone. The 20,158 square foot building is situated on 1.548 acres and has 13 current tenants; some of them operating at this location for over a decade. The property is well located with quick access to I-20 and I-285 as well as the Hamilton E. Holmes MARTA station across the street. There is also a newer development next to the MARTA station serving as boutique office and retail incubator space. Microsoft is also developing a massive campus 4 miles from Gordon Plaza. The property was recently painted and the parking lot sealed and striped.

This is a growing area located west of downtown Atlanta, with easy access to I-285 and I-20. There are over 200,000 people living within a 5 mile radius, and continuing population growth as new residential developments arise. The property is well located on M.L.K. Jr Dr SW, a 12 minute drive to downtown and a four minute walk to the Hamilton E. Holmes MARTA station. While the immediate area looks to be lower income, there are major developments in process or planned for the area. Microsoft has announced plans to develop 90 acres purchased in recent months near Grove Park roughly 4 miles away from the property. There are also multiple mixed use developments breaking ground or in the pipeline around MARTA stations across Atlanta. As Atlanta continues to expand geographically at record pace, areas inside I-285 will continue to be and grow in demand.

Investment highlights

  • Located across the street from the Hamilton E. Holmes MARTA station

  • Strong tenant mix for the area with many long standing tenants

  • Additional income from leased billboards

  • High visibility with 25,640 VPD on Martin Luther King Junior Drive Southwest, with quick access to I-20 and I-85

  • Notable redevelopment and investment taking place in the area

  • Property is located within designated qualified opportunity zone

  • Microsoft developing 90 acre campus 4 miles from this property that the would generate 15,00 jobs

  • Average 1-mile household income of $61,344 and is expected to increase by 22.40% in the next 5 years

  • Densely populated with over 375,000 Daytime population in a 5 mile radius

  • National tenants nearby including McDonalds, Burger King, Wendy's, and CVS

Listing Contacts

EK
GA 299687
Skyline Seven Real Estate
CM
GA 362708
Skyline Seven Real Estate
Listed by Skyline Seven Real Estate

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$309,852.00
$25,821.00/mo

Valuation Metrics

0
DSCR
8.85%
Cap Rate
8.85%
ROI

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