1300 Screven St, Quitman, GA 31643
3,426 SF | Vacant | Retail Building | Online Auction Sale | Quitman, GA 31643
For Sale
Active
- Sale Condition
- High Vacancy Property
- Property Type
-
Retail, Restaurant
- Square Feet
- 3,426 SF
Listing Contacts
Steve Collins
Keisha Hartshorn
Property Overview
Palomar Real Estate Group, in conjunction with Ten-X, presents for sale a value-add former quick-service property that lies along US Highway 84 and boasts ideal accessibility to multiple travel routes and demand drivers. The property is located at 1300 W Screven Street on a 0.93-acre plat and encompasses 3,426 square feet. 1300 W Screven Street provides drive-thru capabilities and signage options that will be highly visible to nearly 15,000 vehicles traveling along Screven Street (US Highway 84) daily. The property is situated approximately 18 miles west of Valdosta, Georgia, approximately 19 miles northwest of the Georgia and Florida state line, and approximately 52 miles northwest of Tallahassee, Florida. The property is also ideally located along Quitman’s primary travel route and is just minutes from the intersection of US Highways 84 and 221.
The property is in a Qualified Opportunity Zone that spun out of the federal Tax Cuts and Jobs Act of 2017. This new community program rewards development in certain communities across the country and presents the opportunity for capital gains tax savings that increase significantly over the hold period. The US Department of Treasury and IRS describe the program’s benefits as follows, “Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones. In addition, if the investor holds the investment in the Opportunity Fund for at least 10 years, the investor would be eligible for an increase in its basis equal to the fair market value of the investment on the date that it is sold."
The property is in a Qualified Opportunity Zone that spun out of the federal Tax Cuts and Jobs Act of 2017. This new community program rewards development in certain communities across the country and presents the opportunity for capital gains tax savings that increase significantly over the hold period. The US Department of Treasury and IRS describe the program’s benefits as follows, “Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones. In addition, if the investor holds the investment in the Opportunity Fund for at least 10 years, the investor would be eligible for an increase in its basis equal to the fair market value of the investment on the date that it is sold."
Property Details
- Class
- C
- Year Built
- 1985
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 40,511 SF
Highlights
- Standalone former quick-service establishment with drive-thru access, direct frontage along US Highway 84, and proximity to US Highway 221.
- 1300 W Screven Street is a value-add investment opportunity subject to federal tax incentives due its location within an Opportunity Zone.
- Ideally situated within the city's primary commercial corridor, boasting access to nearly 15,000 VPD, and proximity to multiple national retailers.
- Residents living within a 5-mile radius tallied a specified consumer spending total of over $60 million in 2023.
- Quitman, GA has experienced a 1.9% population increase since 2020, nearly double the national average of 1%.
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