21000 Town Ctr Ave Spanish Ft Spanish Fort, AL 36527

Property Details for 21000 Town Ctr Ave Spanish Ft

Year built

2008

Lot size

7.20 lot acres

Property size

86,970 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a leased fee interest (land ownership) in a freestanding Kohl's department store in Spanish Fort, Alabama, within the Mobile MSA. The 86,970 square foot property, built in 2008, sits on a 7.2-acre lot and boasts 479 parking spaces. Currently operating under a NNN lease with limited landlord responsibilities, the property offers a strong 7.50% cap rate and a substantial NOI of $317,422. The lease, signed by Kohl's corporate entity, has 3.9 years remaining with six 5-year option periods, each including a 5% rent increase. This provides significant long-term income growth and inflation hedging. The property enjoys excellent visibility and access, situated along Town Center Avenue with direct access to major highways including US 98 and US 31, and proximity to Interstate 10. It's strategically located as a co-anchor to Spanish Fort Town Center, a 461,000+ square foot lifestyle center anchored by Bass Pro Shops, and benefits from the strong tenant synergy and high traffic of nearby major retailers such as The Home Depot, Walmart, and Publix. The property is also surrounded by numerous residential communities, supporting a robust consumer base. The 5-mile trade area boasts over 43,100 residents and 19,700 daytime employees, with an average household income exceeding $106,757. The property is zoned B-3: General Business and has an asking price of $4,232,000 ($48.66/sq ft). This is an ideal, low-management investment opportunity for a passive investor seeking strong returns and long-term stability.

Location Insight

City

Spanish Fort

County

Baldwin

State

Alabama

Longitude

-87.9041

Latitude

30.6623