2041 Hwy 45th N Columbus, MS 39705-2239

Property Details for 2041 Hwy 45th N

Year built

2014

Construction

WOOD

Lot size

1.83 lot acres

Property size

35,057 SF

Property type

Retail space

APN

57W120004807

APU

57W120004807

Description

This exceptional investment opportunity presents a fee-simple ownership of a Class A, 53,936 square-foot shopping center in Columbus, Mississippi. Located at 2041 Hwy 45 N, this single-story building, constructed in 2015, boasts 100% occupancy with two units leased to Dick's Sporting Goods and Michaels. The property features a double net (NN) lease structure, minimizing landlord responsibilities. Dick's Sporting Goods and Michaels have recently exercised lease options, demonstrating their commitment to this location. The current lease term extends until January 30, 2030, with a remaining term of 5.2 years. The property generates a substantial net operating income (NOI) of $373,000, resulting in an attractive 11.13% capitalization rate. The asking price is $3,350,000, translating to $62.11 per square foot. This prime retail location benefits from high traffic volume on Highway 45, exceeding 24,000 vehicles daily, and is situated near other major national retailers. The property's strong performance is further enhanced by the below-market rent paid by Michaels, offering significant potential for future rent increases. Both tenants are corporately guaranteed, providing investors with exceptional security and stable income streams. The location enjoys strong demographics, with a dense population and high average household income within a five-mile radius. This property offers a compelling combination of immediate cash flow and long-term growth potential in a thriving retail market.