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Description

DISTRESS SALE - MAKE AN OFFER! CASH PREFERRED. List price is 5% BELOW RECENT APPRAISAL. Recent independent appraisal: $395,000. Rare opportunity to acquire an approximately 2,736 SF medical/dental office condominium at the Snapfinger Medical-Dental Specialty Center in the Decatur/Stonecrest area of DeKalb County. Suite 104 is configured for immediate medical owner-user occupancy and may also appeal to an investor seeking a medical-office lease-up opportunity. The suite was substantially updated following its 2021 acquisition. The recent appraisal reports approximately $56,000 of 2021-2022 improvements, including HVAC repairs/upgrades, flooring, electrical and lighting improvements, painting, crawl-space maintenance/sealing and other repairs. The appraisal describes the property's building quality, condition and appeal as above average. The existing medical-office layout includes reception/waiting areas, multiple exam/treatment rooms, private offices, staff/work areas, kitchen/break area, multiple sinks, storage and three restrooms. The appraisal identified seven exam rooms, three offices, two lobby areas and a reception area. A separate physician/staff entrance supplements the primary patient entrance. Convenient ramped sidewalk access is located near the covered patient pick-up/drop-off area. The building is constructed over a crawl-space foundation, providing useful under-floor access that may facilitate future plumbing modifications for medical or dental build-out, subject to applicable approvals and code requirements. Individual HVAC controls and direct suite access allow the owner/user to operate independently of traditional multi-tenant office building hours. The Snapfinger Medical-Dental Specialty Center is an established medical-office condominium development consisting of two single-story office buildings having FIVE other confirmed medical-related businesses. Shared surface parking is available throughout the development, and the recent appraisal considers parking sufficient for the property. Condominium documents restrict occupancy to specified medical/dental professional uses, helping preserve the property's specialized healthcare-office environment. Buyer should review condominium documents and confirm intended use is permitted. Convenient access from Snapfinger Woods Drive and Easterly Place. I-20 is approximately one mile away via Panola Road, providing access to Downtown Atlanta and the regional expressway system. Nearby corridors include Panola Road, Covington Highway/US 278 and Turner Hill Road/GA 124. MARTA bus service is available along the Snapfinger Woods corridor. OWNER-USER OPPORTUNITY: Control your practice location and build equity rather than continue leasing. The existing medical-office configuration may substantially reduce the time and expense required to establish a new practice location compared with converting conventional office or retail space. Direct suite access provides flexibility for extended operating hours, subject to applicable condominium requirements. INVESTOR TEASER: The recent appraisal concluded market base rent of approximately $13.50/SF NNN and modeled stabilized NOI of approximately $31,750 annually. At the current asking price, those appraisal-derived assumptions indicate a stabilized capitalization rate of approximately 8.5% following lease-up to a qualified medical/dental tenant. Illustrative investment pro forma available from Broker upon request. Projections are estimates only and are not representations of existing rental income or future investment performance.

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Market Activity 30035

MLS#: 10841341
Listing Provided By: Commercial Realty of Georgia