The online auction for the SunTrust Bank building at 100 E. Second Ave. ended Wednesday afternoon with a final price of $2.2 million, not counting the required 5 percent transaction fee which works out to an additional $110,000.
Ten-X Commercial Real Estate conducted the sale the past two days with interested parties paying a $10,000 participation deposit and opening bids of $1.1 million. Just prior to the closing, the bid stood at $1.8 million which did not meet the required minimum for the package. For more on the sale, please click SunTrust
Let’s look at the particulars:
- Class C office building totaling 52,623 square feet and covering just over two acres.
- Around 66 years old with the last major remodeling done in 1971.
- It lists 47 percent occupancy at this time. Leasing has been handed by Jimmy Byars of Hardy Realty.
- The campus includes two buildings and features access from four downtown streets — Second Avenue to the front, First Avenue to the back and First and Second streets on either side.
- 92 parking spots.
Floyd County tax records show the ownership was Fund IV Bob LP (c/o The Simpson Organization of Atlanta), which purchased the site in 2002 for $2,275,000. Annual property taxes are listed at $37,157. The appraised value in 2018: $2,837,399.