281 Eastern Shore Shopping Ctr Fairhope, AL 36532
- Retail properties
- 2,500 SF
- 0.50 lot acres
Current Use by Public Records
- Retail properties
Property Details for 281 Eastern Shore Shopping Ctr
- Year built
- 2024
- Lot size
- 0.50 lot acres
- Property size
- 2,500 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a fee-simple interest in a brand-new, 2,500-square-foot Starbucks located in Fairhope, Alabama. The property, built in 2024, sits on a 0.5-acre lot within a Winn-Dixie-anchored shopping center, enjoying high visibility from the 27,000 vehicles that travel US-98 daily. The single-tenant building is currently 100% occupied under a 10-year net lease (NN) with Starbucks, commencing September 24, 2024, and expiring September 30, 2034. The lease includes six, five-year renewal options and a 10% rent increase every five years. The property boasts a strong net operating income (NOI) of $199,750, resulting in a 6.00% capitalization rate. Fairhope is experiencing significant growth, with a 68% population increase since 2010, making this a prime location for long-term investment. The property's Class A construction and strategic location within Baldwin County, the 7th fastest-growing metro region in the US, further enhance its investment appeal. This is a rare opportunity to acquire a high-performing, single-tenant net lease property in a rapidly expanding market. The asking price is $3,330,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fairhope
- County
- Baldwin
- State
- Alabama
- Longitude
- -87.8857
- Latitude
- 30.5227
