555 Old Norcross RdLawrenceville, GA 30046

Property Details for 555 Old Norcross Rd

Year built

1997

Construction

WOOD

Lot size

1.24 AC

Property size (Sq ft)

27,296 SF

Zone code

OI-OFFICE-INSTITUTIONAL

Property type

Medical offices

Property subtype

Medical centers

APN

5-144 -071

APU

5144071

Description

This exceptional investment opportunity presents two Class B office buildings totaling 38,478 square feet situated on a 2.37-acre lot in Lawrenceville, Georgia's thriving medical corridor. The property boasts 100% occupancy with eight tenants, generating a strong net operating income (NOI) of $454,037 and a 6.68% cap rate. Built in 1994, the two-story buildings offer 36,543 square feet of net rentable space, with a desirable 4.3 parking spaces per 1,000 square feet. The asking price is $6,800,000, translating to $176.72 per square foot. Currently leased under a modified lease structure, the property features a mix of medical and traditional office tenants. Located at 555-565 Old Norcross Road, the property benefits from its strategic location in the Northside Gwinnett Hospital corridor, at the intersection of Old Norcross Road and Duluth Highway, and is zoned HM, allowing for diverse uses. Rent bumps are included in the lease agreements, ensuring future income growth. This stabilized investment offers a compelling opportunity for long-term growth and stable returns in a high-demand market. The property's strong occupancy, favorable lease terms, and prime location make it an attractive asset for discerning investors.

• CAP approach

  CAP return

  Valuation

  6%

  $4,790,317

  6.5%

  $4,421,831

  7%

  $4,105,986

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,229,551

  Geo Method

  $3,229,551

• Alternative Use

  Use

  Valuation

  Residential

  $5,483,070

  Hospitality

  $5,022,463

  Educational

  $4,178,630

  Medical

  $4,322,340

  Retail

  $6,500,092

Location Insight

City

Lawrenceville

County

Gwinnett

State

Georgia

Latitude

33.9595

Longitude

-84.0069

CBSA code

12060

CBSA name

ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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