Suburban Shopping Center
1010-1016 Rt. 2, Rumford, ME
$3,300,000
Price
7.96%
Cap Rate
$262,621
NOI
Overview
Description
The nearly 81,000 SF Rumford Plaza offers a rare combination yield and value add play with an impressive tenant roll including Tractor Supply Company, Dollar Tree, Marden's, Motion Industries and Carparts Stores.
Its $3.3M list price yields an unlevered 7.96% cap rate with several long-term tenants.
High land and construction costs make new shopping centers cost prohibitive, hence acquiring the plaza creates a value play given its replacement cost far exceeds its $40.76/SF cost.
Lastly, it's a value-add play as there is sufficient land to construct a mixed-use commercial and residential building in the massive 350 +/- space parking lot. The city of Rumford is motivated to work with qualified buyer-developers to streamline approvals for new development.
FY22 real estate taxes are $53,718, reimbursed by the NNN tenants.
Highlights
- Yield play @ 7.96% cap rate
- Value play @ $40.76/SF
- Value-add play to construct new building
- Long-term tenants
- High barriers of entry for competing shopping center
Documents
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Rumford_Prospectus_-July_5_2022.pdf
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Survey.pdf
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Site_Plan_-_October_2012_-_Part_of_TSC_submission.pdf
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Property_Disclosure_-_June_2022_signed_by_Seller.pdf
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