900 Montlimar Dr, Mobile, AL 36609-1705
- Medical Office Space
- 5,240 SF
- 0.74 lot acres
Current Use by Public Records
- Amanda Maddox / Pediatrician / Physician
- Donna Heath / Physician
- American Family Care Festival Centre / Medical Clinic
Property Details for 900 Montlimar Dr
- Year built
- 1994
- Lot size
- 0.74 lot acres
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 28 07 25 2 000 005.006
- APU
- 2807252000005006
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jan 3, 2025 | $1,781,634 | Fcpt Holdings LLC | Dbi Properties LLC | Warranty Deed | — |
| Jun 23, 2022 | — | Dbi Properties LLC | — | Deed · related | $3.5M · Truist Bank |
| Jul 3, 2017 | $500 | Dbi Properties LLC | American Family Care INC | Warranty Deed | — |
| — | — | American Family Care INC | — | Loan Modification · related | $1.6M · Southtrust Bk |
| — | — | American Family Care INC | — | Deed Of Trust · related | $786k · Bank Of America |
Description
This exceptional investment opportunity presents a 4,979 square foot Class A retail building in Mobile, Alabama, currently leased to American Family Care under a new 15-year absolute NNN lease (expiring July 31, 2038). The property boasts a strong 6.18% cap rate and a substantial net operating income (NOI) of $124,972. Situated within Mobile's Festival shopping center (398,441 square feet GLA), this location benefits from high visibility and traffic, positioned near the intersection of I-65 and Airport Boulevard, a major retail corridor with a combined 144,116 vehicles per day. The tenant, American Family Care, is backed by a corporate guarantee, mitigating risk. The lease includes annual rent increases based on CPI, with a 2% floor and no cap, ensuring consistent income growth. Nearby national retailers include Home Depot, Academy Sports + Outdoors, Walk-On's Sports Bistreaux, and JOANN Fabrics, further enhancing the property's desirability and value. The asking price is $2,022,200, representing a price per square foot of $406.15. This is a single-tenant property with a lease commencement date of August 1, 2023, offering a remaining lease term of approximately 13.7 years and a 10-year option. This presents a secure and lucrative investment opportunity in a prime retail location.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,400,000
- ML approach
- $1,395,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,185,000
- 6.5%
- $1,095,000
- 7%
- $1,015,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,399,000
Market price range: $637k - $1.40M -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $1,010,000 Current use
- RETAIL STORES
- $1,075,000 Change: +6% Conversion: Difficult
- RESTAURANT
- $1,045,000 Change: +3% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Mobile
- County
- Mobile
- State
- Alabama
- Longitude
- -88.135
- Latitude
- 30.6729
- CBSA code
- 33660
- CBSA name
- MOBILE, AL METROPOLITAN STATISTICAL AREA
