Property Details for 115 Lee Ave

Year built

2018

Lot size

1.55 lot acres

Property size

8,500 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a two-tenant, 8,500 square foot shopping center situated on a 1.55-acre lot in Pikeville, Kentucky. Built in 2018, the property boasts 100% occupancy with long-term leases featuring rental escalations. Fast Pace Urgent Care, a major US operator with over 280 clinics, and Sleep Outfitters, an established retailer with approximately 100 locations, are the tenants. Fast Pace's lease expires January 31, 2035, and Sleep Outfitters' lease expires October 31, 2028, both with 10% escalations every five years. The property benefits from corporate guarantees and is strategically located as an outparcel to the #3 ranked Walmart Supercenter in Kentucky, a high-traffic area with over 3.2 million annual visitors (per Placer.ai). Additional nearby retailers, including Pikeville Commons, further enhance the property's visibility and desirability. The asking price is $3,813,333, representing a 7.17% cap rate and a Net Operating Income (NOI) of $273,350. The property's location on State Route 460 (N. Mayo Trail) sees over 33,212 vehicles daily. Pikeville's robust economy, anchored by the Pikeville Medical Center—a 340-bed facility—and the challenging topography of the region create a high barrier to entry for new development, making this a highly desirable retail location. The average household income within a one-mile radius exceeds $100,000.

Location Insight

City

Pikeville

County

Pike

State

Kentucky

Longitude

-82.5346463

Latitude

37.5023955