3513 Race Ave, Searcy, AR 72143-6202

This fee-simple, Class A retail property in Searcy, Arkansas, offers a compelling redevelopment opportunity. The 4,800-square-foot building, constructed in 2005, sits on a 0.83-acre lot and is currently 100% occupied by an IHOP restaurant under a NNN lease. The lease, commencing March 24, 2005, has a remaining term of approximately 1.4 years, expiring April 1, 2026. The current lease includes rent bumps of 10% every five years. The property boasts a strong location as an outparcel to Walmart and Lowe's, providing excellent visibility and accessibility. With a current NOI of $221,212 and a pro-forma NOI of $190,000, the property offers a current cap rate of 8.51% and a pro-forma cap rate of 7.31%. The asking price is $2,600,000, translating to a price per square foot of $541.67. The property is zoned for commercial use and benefits from the area's high market rents and population growth. The lease includes two five-year options. This investment presents a unique chance to capitalize on a prime location in a thriving market, with potential for significant returns through redevelopment or continued operation under the existing tenant. The property's address is 3513 E Race Ave, Searcy, AR 72143.