3513 Race AveSearcy, AR 72143

For Sale
$2,600,000

High-growth area, strong tenant, redevelopment opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
92
This fee-simple, Class A retail property in Searcy, Arkansas, offers a compelling redevelopment opportunity. The 4,800-square-foot building, constructed in 2005, sits on a 0.83-acre lot and is currently 100% occupied by an IHOP restaurant under a NNN lease. The lease, commencing March 24, 2005, has a remaining term of approximately 1.4 years, expiring April 1, 2026. The current lease includes rent bumps of 10% every five years. The property boasts a strong location as an outparcel to Walmart and Lowe's, providing excellent visibility and accessibility. With a current NOI of $221,212 and a pro-forma NOI of $190,000, the property offers a current cap rate of 8.51% and a pro-forma cap rate of 7.31%. The asking price is $2,600,000, translating to a price per square foot of $541.67. The property is zoned for commercial use and benefits from the area's high market rents and population growth. The lease includes two five-year options. This investment presents a unique chance to capitalize on a prime location in a thriving market, with potential for significant returns through redevelopment or continued operation under the existing tenant. The property's address is 3513 E Race Ave, Searcy, AR 72143.

Highlights

  • Outparcel building with Walmart and Lowe's as neighbors.
  • Strong rental rates in the local market.
  • Convenient access to Highway 64.

Property Details for 3513 Race Ave

Property type
Other retail properties, Restaurants
Square Feet
4,800 SF
Class
A
Year Built
2005
Buildings
1
Stories
1
Lot Size (sq. ft)
36,155 SF
Units
1

Location Insight

City
Searcy
County
White
State
Arkansas
Latitude
35.2493124
Longitude
-91.6869181
3513 Race Ave, Searcy, Arkansas

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3513 Race Ave
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