890 Solomon StGriffin, GA 30223

  • Office properties
  • 1,734 SF
For Sale
$2,200,000 View listing

Property Details for 890 Solomon St

Year built
1950
Construction
WOOD FRAME
Lot size
5.64 AC
Property size (Sq ft)
1,734 SF
Zone code
MDR
Property type
Office properties
Property subtype
Office buildings
APN
019 -12-011
APU
1912011

Description

This exceptional investment opportunity presents a 34,458 square foot industrial manufacturing facility located at 890 East Solomon Street, Griffin, GA 30223, on a 5.64-acre lot. The property is currently 100% occupied under a Net Lease (NNN) agreement with Newton Crouch, an established agricultural equipment manufacturer with an 80+ year history. The lease features a 10-year term with 2% annual rent bumps and 5 x 5-year renewal options, providing significant long-term stability. The asking price is $2,200,000, representing a compelling 7.50% cap rate based on a current Net Operating Income (NOI) of $165,000. The tenant, Newton Crouch, utilizes the facility as its headquarters, employing over 30 onsite personnel and conducting the vast majority of its manufacturing operations, producing approximately 300 units annually. The company also serves as a leading regional dealer for Norwesco Industrial Tanks. Significant capital improvements exceeding $900,000 have been invested since November 2021, including a new final assembly building with two new bridge cranes, three new storage buildings with new concrete pads, property fencing, driveway improvements, roof repairs, painting, lighting upgrades, and electrical and IT/cabling enhancements. This property offers a secure, high-yield investment in a thriving industrial market, backed by a strong corporate guarantee from a well-established and growing tenant. The extensive inventory of parts, including precision parts, pumps, fittings, spray tips, and tanks, further enhances the operational strength and value of this facility.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $220,554
    6.5%
    $203,589
    7%
    $189,047
  • Comparable approach

    Method
    Valuation
    Relative Method
    $338,234
    Geo Method
    $338,234
  • Alternative Use

    Use
    Valuation
    Residential
    $252,450
    Hospitality
    $231,243
    Educational
    $192,391
    Medical
    $199,008
    Retail
    $299,275
890 Solomon St, Griffin, Georgia

Location Insight

City
Griffin
County
Spalding
State
Georgia
Latitude
33.2475
Longitude
-84.2489
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
$12,238
$43,072
$263,168
$306,240
-
$107,680
$657,919
$765,599

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