808 New Franklin Rd Lagrange, GA 30240-1844
- Auto shops
- 13,644 SF
- 3.04 lot acres
Nov 26, 2024
Current Use by Public Records
- Fryer's Tire & Automotive / Tire Shop
- U-Haul Neighborhood Dealer / Truck Rental Agency / Van Rental Agency
Property Details for 808 New Franklin Rd
- Year built
- 1993
- Lot size
- 3.04 lot acres
- Property size
- 13,644 SF
- Zone code
- 16- CR-MX
- Property type
- Auto shops
- APN
- 0502B005009
- APU
- 0502B005009
Description
This exceptional investment opportunity presents a 13,644-square-foot auto shop in LaGrange, Georgia, situated on a 3.8-acre lot at 808 New Franklin Rd, zip code 30240. The property is currently 100% occupied under a 20-year absolute triple-net (NNN) lease with a prominent tenant, commencing September 1, 2022, and expiring August 31, 2042. This leaves a substantial remaining lease term of approximately 17.8 years. The current annual net operating income (NOI) stands at $220,816, representing a compelling 7.25% capitalization rate based on the asking price of $3,045,738. The price per square foot is $223.23. The lease includes a built-in rent escalator, with annual increases of 2% commencing in year seven and continuing through four, five-year renewal options, potentially extending the lease term to 40 years. This presents a stable, long-term investment with significant upside potential. The tenant is a rapidly expanding operator with approximately 70 units. This property offers a secure, passive income stream with substantial growth prospects. The property is located in Troup County, Georgia.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lagrange
- County
- Troup
- State
- Georgia
- Longitude
- -85.028
- Latitude
- 33.0592
- CBSA code
- 29300
- CBSA name
- LAGRANGE, GA-AL MICROPOLITAN STATISTICAL AREA
