Current Use by Public Records
- Commercial real estate
Property Details for 1390 Forest Ave
- Year built
- 1993
- Lot size
- 0.36 lot acres
- Property type
- Commercial real estate
Description
This exceptional multi-tenant retail center, situated on a 0.36-acre lot at 1390 S Forest Avenue in Luverne, Alabama, presents a compelling investment opportunity. The 4,800 square foot building enjoys a prime location on high-traffic US Highway 331, boasting a 2023 AADT of 12,695 vehicles per day. Currently, the property is 75% occupied, featuring four approximately 1,200 square foot retail suites. A strong anchor tenant, State Farm (credit-rated), occupies one suite under a lease extending to December 31, 2032, with built-in rent increases. Other tenants include a vape shop (lease expiring March 31, 2027) and Bill Henry's Wings (lease expiring July 31, 2026). Suite 4 is vacant, offering a monthly rental rate of $1,250, making it ideal for a new tenant or owner-occupancy. The property benefits from its proximity to numerous established businesses, including Ramey's Marketplace, AutoZone, Luverne Parks & Recreation, DG Market, McDonald's, Jack's, and Roses. A new HVAC system was installed in Suite 4 in 2024. At full occupancy, the property projects a net operating income (NOI) of $47,875.70, representing a 9.6% capitalization rate. This is a rare opportunity to acquire a well-located, income-producing retail center in a thriving Alabama market. The property is offered at $499,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Luverne
- County
- Crenshaw
- State
- Alabama
- Longitude
- -86.2663
- Latitude
- 31.6951
