600 64Th Ave Northport, AL 35476

Property Details for 600 64Th Ave

Year built

1998

Construction

WOOD

Lot size

7.90 lot acres

Property size

10,000 SF

Zone code

M-1

Property type

Office buildings

APN

31-04-18-1-002-007.000

APU

3104181002007000

Description

This exceptional investment opportunity presents a 67,659-square-foot flex industrial property located at 600 64th Ave, Northport, Alabama, 35476. The property is currently 100% occupied under an absolute NNN lease with Coral Industries, the largest independent manufacturer of bath enclosures, owned by KPS Capital Partners (approximately $21.4 billion in assets under management). The lease, originally a 10-year agreement, has approximately 3 years remaining, with a built-in option for a further 10-year term. The lease boasts rare annual increases of $18,000 in the base term and options, exceeding a 4% annual growth rate. The property offers significant advantages, including a 7.85% cap rate and a strong NOI of $432,000. Priced at $5,500,000, this represents a well-below-replacement cost of $81 per square foot. Situated on an oversized 6.7-acre parcel, the facility is strategically located near Coral Industries' 325,000-square-foot manufacturing facility and headquarters. The property benefits from its proximity to a rapidly growing trade area (over 70,000 residents, 33% growth in the last decade), a 1,000-acre airport industrial park, and a major employment hub (41,000 employees within 5 miles). Furthermore, its location across from the Tuscaloosa National Airport (undergoing a $16.2 million upgrade/expansion), easy access to Hwy-82, and proximity to the University of Alabama (39,600 students), a luxury mixed-use development, and a major sports complex contribute to its exceptional investment potential.

Location Insight

City

Northport

County

Tuscaloosa

State

Alabama

Longitude

-87.6197

Latitude

33.2296

CBSA code

46220

CBSA name

TUSCALOOSA, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments