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Harbor Freight Tools 8500 Dr M L King Jr Ave

15,000 SF Retail Building Covington, GA 30014 $3,677,000 ($245/SF) 6.65% Cap Rate

Investment Highlights

  • New 10-year net lease with five (5) five-year option periods
  • Harbor Freight Tools has been named to the 2023 list of Fortune’s Top Ten Best Workplaces in Retail, the only tool retailer to land in the top ten
  • Area Development ranked Georgia the top state for doing business for the 7th year in a row
  • Scheduled approximate 10% rental increases every five (5) years in option periods
  • New high-quality 2024 construction built to latest Harbor Freight Tools prototype

Executive Summary

High-visibility and easily accessible location near the signalized four-way intersection of State Route 36 and U.S. Route 278 (combined 56,000 AADT)
The property is immediately surrounded by mission critical industrial space
Trophy location just south of Interstate 20, a major east-west route traversing the entirety of Georgia that allows the site to capture significant commuter traffic (80,000 AADT)
Prime setting two miles from Covington Town Center, a new 180-acre mixed-use development including a medical office building, 350 apartment units, 270 townhomes, and a 175,000-SF retail center anchored by Publix
Upon completion, Covington Town Center will attract an estimated 34,000 unique visits per day
One mile from Piedmont Newton Hospital (739 employees), the second-largest employer in Covington
273,956 residents live within fifteen miles of the property, providing an extremely large
customer base for the site
Excellent average annual household income of $98,908 within a fifteen-mile radius of the site
Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Harbor Freight Tools and Covington for steady concurrent growth
Gateway to Downtown Atlanta, the most populous city in Georgia (498,715 residents), and part of the ninth-largest metro area in the U.S. (over six million people)

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
15,000 SF
Year Built
2024
Price
$3,677,000
Price Per SF
$245
Cap Rate
6.65%
NOI
$244,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Land Acres
3.86 AC

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
C002000030001B00
Land Assessment
$216,160
Improvements Assessment
$0
Total Assessment
$216,160
  • Listing ID: 32249185

  • Date on Market: 6/25/2024

  • Last Updated:

  • Address: 8500 Dr M L King Jr Ave, Covington, GA 30014

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