Atlanta FBGers thoughts and opinions on Union City, GA Zip 30291 (1 Viewer)

[uconnalum]

Looking at purchasing an investment property in that Zip Code. Not to familiar with the area. I know they tore down the mall and are building a large movie studio and also there is a distribution center going up also. When I called a local agent for Homeowner's insurance he told me this is a good time because the area got slammed hard with a downturn in the market and it is finally starting to build back up and it is a good location with its proximity to the airport. He also said I was getting a heck of a deal. In the end it is an invesment property and I will be making a decent ROI on it and I am just looking for an appreciation in the range of 3% - 5% over the next 10 to 12 years. Property sold for 140K back in the peak of the market and I am picking it up for 45% of that value and it is currently tenant occupied and tenant is paying $1,000/month.

 

[uconnalum]

I am also doing as much due diligence without visiting the area but it is always good to hear from local people who live up nearby that area.

 

[stubby]

I haven't been over there in a couple of years, but I can't think of a single good thing to say about it. I wouldn't even consider living near there. Bad area, lots of crime, etc. However, if they indeed razed Shannon Mall, and have some type of reclamation going on, then you MIGHT be looking at a decent ROI if you can keep it as a rental property with decent tenants. A local agent would certainly know more about that area.....but also might be leaving out a few things.

 

[AAABatteries]

Agree with stubby - not a great part of town but that doesn't necessarily mean it's a bad investment. I wouldn't live there myself but to be fair it's been a long time since I've visited that area.

 

[McGarnicle]

Getting some snow tonight. I'd pass.

 

[uconnalum]

Yes they knocked down the Shannon Mall and actually the architect who revitalized an area similar in Winter Haven, Fl has been contracted to redevelop the Shannon Mall area. I have not finished my entire diligence still have calls to make to homeowners in the area.

http://www.ajc.com/news/business/film-studio-to-come-to-former-shannon-mall/nhsPb/

 

[uconnalum]

Mayor Williams says it’s about how Union City rebuilds, rebrands and revitalizes. Ground has already been broken on a Walmart eCommerce development that’s expected to bring in approximately 600 jobs. A planned one million square foot Proctor and Gamble warehouse distribution development complex, according to Williams, will bring in close to 800 jobs. The latest development is expected to double the Walmart and Proctor and Gamble projects with Williams saying they’ll see, “close to 3500 jobs or so over the next 2 to 3 years, right here in Union City, right in the heart of the metro Atlanta area.”

It is worth a shot if I feel it is not growing I put it back on market in 10 months and look for another property.