Mixed-Use Redevelopment Opportunity | 15.5 Acres
2340 - 2354 Holcomb Bridge Road
Roswell, GA 30076
| PRICE : | $17,700,000 |
|---|---|
| CAP RATE: | 7.15% |
| PRICE PER ACRE: | $1,141,935 |
| PROPERTY TYPE: | Land |
| SITE SIZE: | 15.50 Acres |
Highlights
- • High visibility from Holcomb Bridge Rd; 44,804 VPD
- • Plenty of frontage from three roads: 350’ on Holcomb Bridge, 950’ on Old Scott Road & 1,050’ on Scott Road
- • Across the street from Centennial High School
- • Shadow anchored by Kroger
- • Located in the incorporated portion of Roswell, this property is already zoned CX (Mixed-Use)
- • CX zoning permits for mixed-use development and accommodates for a variety of residential, retail, service and commercial uses
- • The population of 209,073 within 5-miles is expected to grow 7% over the next 5-years and 12% growth within 1-mile is predicted
- • The average household income within three miles is $128,091, which is more than 2 times the national average
Description
Bull Realty is pleased to present the opportunity to acquire approximately ± 15.5 acres on Holcomb Bridge Road in the upscale Metro Atlanta suburb of Roswell, GA.
The current CX (Mixed-Use) zoning works well for multifamily, hospitality, retail and other commercial uses. The existing zoning allows up to three stories totaling ± 375,000 SF.
There is precedent for a variance which could potentially allow for increasing the height to 5 stories in parts and the density by more ± 150,000 SF if approved. The demand for the existing retail will certainly increase as rooftops are added within walking distance.
This property is situated on ± 15.5 acres improved with 3 retail buildings totaling ± 117,392 SF.
Kohl’s and Rite Aid pay $1,050,839 in annual base rent. These tenants are dark and have NNN leases until 2022. Other tenants including PetCo and Moe’s, pay a $214,565 in annual base rent plus their prorata share of CAM.
Based on the current $1,265,404 NOI, this property is being delivered to market at a 7.1% cap.
