555 Old Norcross RdLawrenceville, GA 30046
- Healthcare properties
- 27,296 SF
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
- Healthcare properties
- Property subtype
- Medical offices
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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