Suburban Shopping Center

1010-1016 Rt. 2, Rumford, ME

$3,300,000

Price

7.96%

Cap Rate

$262,621

NOI

Overview
Cap Rate
7.96%
NOI
$262,621
Building Size
80,956 sqft
Lot Area
9.86 acres
Occupancy
100%
Lease Type
Triple Net
Year Built
1968
Tenancy
Multiple
Parking Spots
300
Investment Strategy
Core
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
Title
Rumford_Prospectus_-July_5_2022.pdf
Survey.pdf
Site_Plan_-_October_2012_-_Part_of_TSC_submission.pdf
Property_Disclosure_-_June_2022_signed_by_Seller.pdf
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Location
Gallery