740 Museum Dr Mobile, AL 36608

Property Details for 740 Museum Dr

Year built

1970

Lot size

3.37 lot acres

Property size

42,440 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional retail investment opportunity presents a 42,440 square foot, single-story shopping center located at 740 Museum Dr, Mobile, AL 36608. The property, built in 1970 and extensively renovated in 2022, sits on a 3.37-acre lot and boasts 225 parking spaces. Currently operating at 100% occupancy with six tenants, including Ace Hardware and USA Health, this Class B property offers a strong net operating income (NOI) of $367,689, resulting in a compelling 9.23% capitalization rate. The asking price is $3,985,000, translating to $93.90 per square foot. The property features a diverse tenant mix, including national retail, medical, and general office tenants, with several long-term leases in place. Recent upgrades include facade, interior, and landscaping improvements. The property is zoned B-3 Community Business and benefits from a prime location at the intersection of Spring Hill Ave and Museum Drive, experiencing approximately 81,000 daily vehicles. Its proximity to Interstate 65 and downtown Mobile ensures excellent visibility and accessibility. Rent bumps are included in the lease agreements. This fee-simple ownership opportunity provides investors with a stable, high-performing asset with significant value-add potential. The property's strong tenant lineup and strategic location make it an attractive investment for those seeking stability and appreciation.

Location Insight

City

Mobile

County

Mobile

State

Alabama

Longitude

-88.1481

Latitude

30.7052