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Mixed-Use

Zell Building

500 Gloucester St, Brunswick, GA 31520

Listing Price: $1,145,000

Cap Rate
7.84%
Number of Suites
13
Gross SF
9,106
Rentable SF
9,106
Price/Gross SF
$125.74
Lot Size
0.25 acres
Year Built
1935

Investment Overview

Marcus & Millichap is pleased to present the historic Zell Building, located at 502 Gloucester St. Brunswick, GA 31520. Fronting Gloucester St, this 9,106 SF two-story mixed-use retail/office property occupies boutique storefront shops and local professionals with suites ranging from 500-1350 SF. Situated upon 0.25 acres, this structure was built in 1935 and was renovated as recently as this January 2023, with a newly painted building exterior and sealed/striped parking lot, along with refurbished common areas on the second floor consisting of new floors, bathrooms, and paint. Since this owner’s acquisition nearly a year ago, he has signed/extended tenants with increased rent in 8 of the 13 suites and converted three leases to NNN, signifying a small portion of realized growth potential. Futhermore, substantial upside is still available in rent growth and term as the rents collected are still well below market rate.

Investment Highlights

  • Pro-Forma Cap Rate of 8.62% With Expiring Tenants Projected at Market Rate
  • Excellent Visibility and Curb Appeal Fronting Gloucester St., the Most Prominent Office Corridor in Brunswick, GA
  • Newly Painted Building Exterior and Sealed/Striped Parking Lot
  • Complete Upstairs Common Area Renovations Including the Bathrooms, New Floors and Paint
  • Recently Replaced Roof
  • Located Inside the City of Brunswick's Enterprise Zone and Tax Allocation District

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s) GA: 252904

    Georgia

Financing By

Mixed-Use

Zell Building

Listing Price: $1,145,000

Cap Rate
7.84%
Number of Suites
13
Gross SF
9,106
Rentable SF
9,106
Price/Gross SF
$125.74
Lot Size
0.25 acres
Year Built
1935

Investment Highlights

  • Pro-Forma Cap Rate of 8.62% With Expiring Tenants Projected at Market Rate
  • Excellent Visibility and Curb Appeal Fronting Gloucester St., the Most Prominent Office Corridor in Brunswick, GA
  • Newly Painted Building Exterior and Sealed/Striped Parking Lot
  • Complete Upstairs Common Area Renovations Including the Bathrooms, New Floors and Paint
  • Recently Replaced Roof
  • Located Inside the City of Brunswick's Enterprise Zone and Tax Allocation District

Investment Overview

Marcus & Millichap is pleased to present the historic Zell Building, located at 502 Gloucester St. Brunswick, GA 31520. Fronting Gloucester St, this 9,106 SF two-story mixed-use retail/office property occupies boutique storefront shops and local professionals with suites ranging from 500-1350 SF. Situated upon 0.25 acres, this structure was built in 1935 and was renovated as recently as this January 2023, with a newly painted building exterior and sealed/striped parking lot, along with refurbished common areas on the second floor consisting of new floors, bathrooms, and paint. Since this owner’s acquisition nearly a year ago, he has signed/extended tenants with increased rent in 8 of the 13 suites and converted three leases to NNN, signifying a small portion of realized growth potential. Futhermore, substantial upside is still available in rent growth and term as the rents collected are still well below market rate.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s): GA: 252904

    Georgia

Financing By

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