1390 Forest Ave Luverne, AL 36049

Property Details for 1390 Forest Ave

Year built

1993

Lot size

0.36 lot acres

Property size

4,800 SF

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.

Location Insight

City

Luverne

County

Crenshaw

State

Alabama

Longitude

-86.2663

Latitude

31.6951