Current Use by Public Records
- Lifestyle centers
Property Details for 42985 Al-75
- Year built
- 2023
- Lot size
- 1.63 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a newly constructed, 10,500 square foot retail shopping center in Altoona, Alabama. The property boasts a 10.1-year, double-net (NN) lease with a credit-rated corporate guarantee from Family Dollar Stores of Alabama, LLC, ensuring consistent cash flow. The lease commenced on December 27, 2023, and features a remaining term of 9.2 years, with built-in rent bumps of $0.50 per square foot every five years, beginning in year five, and two six-year renewal options. The property sits on a 1.63-acre lot and includes a large concrete parking lot. The building, constructed in 2023, is a single-story structure with 100% occupancy. The current annual net operating income (NOI) is $132,090, representing a 7.4% capitalization rate on the asking price of $1,785,000. This is a turnkey investment with minimal maintenance requirements, situated in a prime location between Cullman and Gadsden, offering exceptional long-term value and strong tenant performance. The landlord is responsible for roof and structure maintenance. This is a rare opportunity to acquire a high-performing, net-leased retail property anchored by two nationally recognized brands. The property's strong financials, coupled with the long-term lease and built-in rent increases, make it an attractive investment for discerning buyers.
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
- Altoona
- County
- Blount
- State
- Alabama
- Longitude
- -86.3946
- Latitude
- 34.1208
