650 Engineering DrPeachtree Corners, GA 30092

Property Details for 650 Engineering Dr

Lot size

3.56 AC

Zone code

M1-LIGHT INDUSTRY

Property type

Land

Property subtype

Commercial land

APN

6-284 -010

APU

6284010

Description

This exceptional investment opportunity presents a fee-simple ownership of a 30,828-square-foot industrial property in Peachtree Corners, Georgia (30092). Located at 650 Engineering Dr, Norcross, within the prestigious Technology Park Atlanta, this property houses the headquarters and distribution warehouse of Mighty Auto Parts, a leading automotive parts distributor serving 44 states and five international markets. The property sits on a 4.44-acre lot and features a 100% occupancy rate under an absolute NNN, 11-year lease (commencing December 23, 2022, and expiring December 31, 2033), with 9.1 years remaining. The lease includes annual rent increases based on CPI, not to exceed 2%, and 2-5 year renewal options. The current annual net operating income (NOI) is $458,320, resulting in a 5.88% cap rate and a price per square foot of $253.02. The asking price is $7,800,000. The tenant, Mighty Auto Parts, provides a corporate guarantee, ensuring financial stability. The building underwent renovations in 2022, demonstrating the tenant's commitment to the location. This property offers a strong, long-term investment with a stable tenant and significant upside potential in a prime location within a thriving technology park and easily accessible transportation network. The property's strategic location benefits from proximity to major interstates, Hartsfield-Jackson Atlanta International Airport, and the Atlanta Central Business District. Audited financials are available upon request, showcasing consistent revenue growth and profitability. This is a generational asset with a proven track record and significant long-term value.

• Alternative Use

  Use

  Valuation

  Residential

  $31,150,414

  Hospitality

  $28,533,610

  Educational

  $23,739,630

  Medical

  $24,556,072

  Retail

  $36,928,312

Location Insight

City

Peachtree Corners

County

Gwinnett

State

Georgia

Latitude

33.9638

Longitude

-84.231

CBSA code

12060

CBSA name

ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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