Memorial Drive Retail
Closed5018 Memorial Dr, Stone Mountain, GA 30083
Property type
Retail
Unit / Space count
5
Price
$1,325,000
Building size
13,800 sf
Rentable area
13,800 SF
Year built
1970
Year renovated
Occupancy
Zoning code
Lot size
1.50 Acres
Sold/status
Sold · Date unknown
Sale price
$1325000
CAP
9.20%
Net Operating Income
$121,873
Property description
Franklin Street presents a 100% leased, 5-tenant retail strip center located in the well established and densely populated trade area of Stone Mountain in Atlanta MSA. Atlanta boasts a population of nearly 6 Million and growing. Atlanta is also the 4th fastest growing city in the nation and consistently one of the top moving destinations in the country. Home to many Fortune 500 corporations, Its pro-business environment continues to attract top CEO's across the globe. Atlanta has also been deemed the "Hollywood of the South" due to its recent emergence into the entertainment industry. The Property is well-positioned on Memorial Drive (major east/west roadway through market) and conveniently located just two miles from Interstate 285, the main highway encompassing the entire city of Atlanta; 203,000 VPD. The center's average rent is just under $11 PSF, making it very easy to replace rental income and presents future upside potential. The Property is located in a strong retail corridor of Atlanta comprised of many national retailers. The Property also fronts the GSU Clarkston campus which educates around 5,000 students annually. The Georgia State University ranks as the 6th largest public university in the nation, with enrollment of over 53,619 students annually.
Property highlights
- 13,800 SF strip center located in strong submarket within Atlanta MSA
- Below market rents in the $10-12 PSF range - future rental appreciation
- Ease of management - only 5 tenants
- Over 1.1 million square feet of retail within one mile of property
- Major National Retailers in area including - Save-A-Lot, Dollar Tree, Ross, Family Dollar, Walgreens, Chick-fil-A, Hibbett Sports, Foot Locker and many more
- Densely Populated Area: 265,997 Residents within 5 Miles
- GSU Clarkston Campus directly behind the property with 5,000± Students enrolled annually
- Excellent visibility on Memorial Drive--40,800 VPD