3701 New McEver Road was purchased in July 2010. The 31,500 square foot brick and steel building, is located in Atlanta’s Northwest industrial corridor. The property was purchased from State Bank & Trust out of foreclosure. The $625,000 ($19.84 SF) purchase price was significantly below market sale comparables and replacement cost. At the time of purchase, the property was 30% leased and able to cover its initial debt service. As of January 2012 the property is 91% leased and is now providing a more consistent cash flow for investors.
