3415 Frederica Rd Ste F St Simons Island, GA 31522-1530

Property Details for 3415 Frederica Rd Ste F

Lot size

0.61 lot acres

Zone code

LC

Property type

Commercial real estate

APN

04-05062

APU

405062

Description

Plantation Place, a unique St. Simons Island commercial property, presents a compelling investment opportunity. This 6,740 square foot retail center, classified as a Class B property, is situated on a 0.61-acre lot at 3415 Frederica Rd, St. Simons Island, GA 31522. Currently boasting 80% occupancy with four tenants, including two established, iconic island restaurants (Sal's and Delaney's), a high-end consignment boutique (Mixed Nuts), and an attorney's office, the property offers immediate income generation. The property consists of two, single-story buildings, constructed in 1980, and zoned LC. The asking price is $2,700,000, representing a price per square foot of $400.59, with a current cap rate of 4.80% and a pro-forma cap rate of 5.70%. The modified lease structure allows for flexibility, and the multi-tenant occupancy provides diversification. With one vacant unit, there's potential for increased rental income. The property's long-term tenants suggest stability, and future redevelopment possibilities exist as leases expire. The property's location and tenant mix contribute to its strong value appreciation potential. Occupancy is projected to reach 100% by March 29, 2024. This is a rare opportunity to acquire a well-established, high-performing retail center in a desirable coastal location. The sale includes the real estate only.