Dark Walgreens-Redevelopment Opportunity
Closed5505 Buford Highway, Norcross, GA 30071
Property type
Retail
Unit / Space count
1
Price
$1,290,000
Building size
8,640 sf
Rentable area
8,640 SF
Year built
1993
Year renovated
Occupancy
Zoning code
Lot size
1.08 Acres
Sold/status
Sold · Date unknown
Sale price
$1290000
CAP
12.31%
Net Operating Income
$158,738
Property description
Franklin Street is pleased to present this former drug store location in Norcross, Georgia. Norcross is a northern suburb of Atlanta the ninth largest MSA in the country. As a suburb located outside of Atlanta's perimeter, or Interstate 285, Norcross offers a range of affordable housing options, while providing access to Atlanta's downtown via I-285 by way of Buford Highway. Norcross's Downtown Development Authority has worked to make the city's center a vibrant commercial area, while maintaining its historic integrity. City government has launched an effort to build relationships with the city's Hispanic community, which grew to 40 percent of the town's population after city council approved the annexation of a 2-square-mile section into the city. In recent years, job growth in Norcross has outpaced Gwinnett County, the Atlanta Metro, Georgia, and the US. As one of the region's largest employers centers, employers in Norcross draw from an enormous labor shed with access to over 2.3 million potential employees spread across the Atlanta Metro. Thousands of workers from the across the region commute to Norcross on a daily basis for employment. With competitive wages, and large employers such as FedEX and Hyundai Construction Equipment USA, they are a key employment center for Gwinnett County and the metro region. The property sits on a pin corner at the busy Buford Highway and Beaver Ruin intersection, adjacent to McDonald's. The site offers an investor the ability to collect rent from Walgreens for 3 years while coming up with a redevelopment plan for the site.
Property highlights
- Former drug store location in Atlanta MSA
- Redevelopment potential on prime corner with 69,000 VPD
- 3 Years remaining of rent from Walgreens
- Densely populated area: ~260,000 residents within 5 miles
- Excellent visibility at lighted intersection
- Strong average household incomes: $100k+
- 1.08 Acres with two access points
- New roof was installed in 2012