3101 Highland Dr Jonesboro, AR 72401-6394

Property Details for 3101 Highland Dr

Year built

2021

Lot size

0.98 lot acres

Property size

8,960 SF

Property type

Retail space

APN

01-144281-01000

APU

114428101000

Description

This exceptional investment opportunity presents a 9,030 square foot Kirkland's storefront in Jonesboro, Arkansas, situated on a 0.98-acre lot. Boasting a strong location approximately one mile from Arkansas State University (over 15,000 students), this property benefits from high visibility at a major intersection with over 50,845 vehicles passing daily. The property features a newly redeveloped building (2021), a new 20-year roof warranty, and a corporate-guaranteed, single-tenant net lease with Kirkland's, Inc. The lease, recently extended, includes a 10-year primary term with 2% annual rent increases, providing inflation-resistant cash flow. The property's strong location is further enhanced by its proximity to Turtle Creek Mall, currently undergoing redevelopment. With a 9% cap rate, $222,750 NOI, and a remaining lease term of 9.6 years (expiring June 30, 2034), this asset offers a compelling investment opportunity. The asking price is $2,475,000, translating to $274.09 per square foot. The robust demographics of the area, with over 76,822 residents within a 5-mile radius and an average household income exceeding $96,562, further solidify this investment's potential. The lease commenced October 24, 2012. Kirkland's, a national retailer with over 340 locations and $560 million in 2021 sales, demonstrates the tenant's financial strength and stability.

Location Insight

City

Jonesboro

County

Craighead

State

Arkansas

Longitude

-90.667

Latitude

35.8207

CBSA code

27860

CBSA name

JONESBORO, AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments