1605 Ashville Rd Leeds, AL 35094
- Lifestyle centers
- 57,023 SF
- 5.10 lot acres
Current Use by Public Records
- Direct Auto Insurance / Auto Insurance Agency
- Bama Flea Mall & Antique Center / Discount Store / Sports Memorabilia Store
Property Details for 1605 Ashville Rd
- Year built
- 1983
- Lot size
- 5.10 lot acres
- Property size
- 57,023 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This 57,023 square foot shopping center in Leeds, Alabama, presents a compelling investment or owner-occupant opportunity. Currently operating as a thriving 100% occupied flea mall with 400 tenants, this single-story, 1983-built property (renovated in 2013) boasts a strong 8.92% cap rate and a substantial NOI of $321,000. Situated on a 5.1-acre lot with ample parking (300 spaces per 1,000 sq ft), the property benefits from excellent visibility and accessibility, located near major roadways (Hwy 411 and I-20), and within close proximity to Birmingham-Shuttleworth Airport and downtown Birmingham. The property features LED lighting and updated HVAC and roofing systems. The asking price is $3,600,000, translating to $63.13 per square foot. The established flea mall operation has a proven track record of over 15 years, generating income through booth rentals and a percentage of sales. A potential pad site in the front parking lot offers additional development possibilities. This Class B retail property, zoned C, presents a rare opportunity in a rapidly growing market with low retail vacancy. The property is offered fee simple with a gross lease structure. The current tenant mix consists of 400 individual tenants, and there is an experienced management team in place.
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
- Leeds
- County
- St. Clair
- State
- Alabama
- Longitude
- -86.526
- Latitude
- 33.5559
