555 Old Norcross RdLawrenceville, GA 30046

  • Healthcare properties
  • 27,296 SF
For Sale
$6,800,000 View listing

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
555 Old Norcross Rd, Lawrenceville, Georgia

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$33,384
$259,280
$1,727,120
$1,986,400
-
$648,200
$4,317,800
$4,966,000

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