PRICE : | $17,700,000 |
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CAP RATE: | 7.15% |
PRICE PER ACRE: | $1,141,935 |
PROPERTY TYPE: | Land |
SITE SIZE: | 15.50 Acres |
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.