890 Solomon StGriffin, GA 30223

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 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.

• CAP approach

  CAP return

  Valuation

  6%

  $249,962

  6.5%

  $230,734

  7%

  $214,253

• Comparable approach

  Method

  Valuation

  Relative Method

  $338,234

  Geo Method

  $338,234

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $485,113

  Retail / Commercial

  $242,724

  Mixed-Use / Specialty

  $237,100

  Hospitality / Lodging

  $167,756

  Institutional / Educational

  $244,787

  Residential Income

  $286,401

  Multifamily

  $369,878

  Automotive / Energy

  $209,817

  Parking / Income-Based Land

  $77,107.50

  Restaurant / Food Service

  $113,160

  Healthcare / Senior Housing

  $248,022

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

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