Very prime piece of property on North Columbia apparently hitting the market
"Corner lots" are especially valuable and sought out by many different types of investors and businesses, including large chain pharmacies, for example.
If you have a corner lot at the busiest intersection in town, it's especially valuable and sought out. That's the case for Exchange Bank's "Northside Branch," located at the southeast corner of the Milledgeville Mall parking lot. Exchange Bank announced this week that the Northside Branch is slated to close this October. Coincidentally, the bank branch is turning 50 years old in 2022.
Exchange Bank has owned the property since 1999, according to Tax Assessor's Office records.
The 6,600-square-foot building has a "Building Value" of $370,000, according to Tax Assessor's Office records. The "Land Value," meanwhile, is $360,000. The .561 acres of "land" is what will attract investors, however. For example, the Walgreens property, which is located directly across from Roberson Mill. Road, sold for $615,00 way back in 1999.
More recently, the new Chipotle/Popeye's/Panda Express lot sold for $1.6 million in 2016. Admittedly, that property is roughly five times larger than the Exchange Bank property.