Multi-Tenant Retail Center US-Hwy. 331 Luverne, AL

$499,000

1390 S Forest Ave, Luverne, AL 36049

For Sale

Retail Strip Center

Active

Last Updated: 02/19/2025

Details:

Cap Rate: 9.6%

NOI: $47,875.70

Building Size: 4,800 sqft

Lot Area: 0.36 acres

Class: B

Occupancy: 75%

Units: 4

Year Built: 1993

Parking Spots: 22

Offered by

Shannon Auty

Commercial Advisor

NAI Talcor

#139611

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Kenny Whatley

Real Estate Company located in Dothan, AL and Panama City Beach, Florida, home of the "World's Most Beautiful Beaches"

NAI Talcor

#AL 58211 FL BK3090758

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Highlights:

Tenant Mix:
Suite 1: Vape Shop - lease expires 3-31-27
Suite 2: State Farm (long term anchor tenant) - expires 12-31-32 with rent increase
Suite 3: Bill Henry's Wings - expires 7-31-26
Suite 4: Newly vacant, available for lease at $12.50/sf/yr or suitable for new owner-occupancy. Previously leased by Subway and Fountain Bar & Grill. New HVAC unit installed 2024.
Positioned along high-visibility corridor on US Hwy. 331 with easy access
Proforma NOI at 100% occupancy: $47,875.70 with 9.6% Cap Rate

Description:

Investment Opportunity: This multi-tenant retail center with State Farm anchor tenant is located on high-traffic US Hwy. 331, with a 2023 AADT of 12,695 VPD. The building is approximately 4,800 sq. ft. with four +- 1,200 sq. ft. retail suites (75% occupancy). Positioned across from Ramey’s Marketplace and near AutoZone, Luverne Parks & Recreation, DG Market, McDonald's, Jack's, Roses and more.

Located on US Hwy. 331 at 1390 S. Forest Ave, Luverne, AL