Fully Renovated 3-Tenant Neighborhood Retail Building Intown Atlanta | Summerhill Neighborhood
112 Ormond Street Southeast
Atlanta, GA 30315
FOR SALE
Property Type:
Free Standing BuildingAmount:
$2,485,000
Last Verified:
Apr 17, 2024Highlights
- Building and Property
- Three-tenant neighborhood restaurant and retail building
- 2019 conversion from dated grocery store to three-tenant restaurant and retail space
- Gut renovation included new roof, 3 RTU HVACs, grease traps, storefronts, parking lot, plumbing, electrical, etc.
- Water is sub-metered and gas/electric are individually metered
- 6,828 Gross SF | 6,303 Leasable SF including patio
- 15 off-street parking spaces and free street parking
- Future potential to develop or otherwise monetize parking lot due to no parking requirements
- Location
- Located in flourishing Summerhill neighborhood of Atlanta
- 8 Minute (0.4 mile) walk north to famous Georgia Ave and Center Parc (Georgia State University) Stadium
- 16 Minute (0.8 mile) walk north to new (2023) Publix and future location of Georgia State Baseball & Softball
- 6 Minute (1.5 mile) drive north to Downtown Atlanta
- 20 Minute (1.0 mile) walk south to Southside Beltline
- 16 minute (10 mile) drive south to Hartsfield Jackson Atlanta International Airport
- ±2,572 multifamily units delivered within 1 mile of Summerhill since 2020
- Center of a thriving neighborhood!
- Tenant and Leases
- Thriving tenants include two restaurants and a gym
- All businesses operated by experienced entrepreneurs and loved by the community
- Tenant Talat Market is a finalist for James Beard Award Best Chef: Southeast, “one of the highest honors for the American restaurant industry”
- Weighted average lease term (WALT) on July 1st, 2024 is 47 months
- Triple net (NNN) leases call for full expense reimbursement
- Extremely limited landlord responsibilities
- Below-market average base rents of $23.85/SF allow for growth as leases turn over
Description
Fully Renovated 3-Tenant Neighborhood Retail Building Intown Atlanta | Summerhill Neighborhood
Atlanta, GA
Year Built: 1967
Building Size: 6828sq ft
Building Class: C
Lot Size: 0.28 acres