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t r a n s l a t e

NN Lease Investment Through 2030 | 11.2% Cap Rate

584 Bonita Lakes Drive
Meridian, MS 39301
PRICE : $3,670,000
CAP RATE: 11.2%
PROPERTY TYPE: Retail
SITE SIZE: 1.82 Acres
BUILDING SIZE: 23,255 SF
YEAR BUILT: 2003

Highlights

  • Beautifully-designed Harley Davidson Dealership in Meridian, Mississippi
  • Holds title for “Best Designed Building” in State of Mississippi for 2003, the year of construction
  • 23,255 SF dealership situated on ± 1.82-acre site on access road off I-20
  • 2.75/1000 SF parking ratio (approximately 64 spaces)
  • ± 1.07-acre parking pad adjacent to the dealership to the northeast also available for sale at $700,000
  • Fantastic visibility from I-20 and its 90,000 vehicles per day
  • This Harley Dealership draws customers from as far away as both coasts
  • Appraisals dated 11/10/2017 and 6/28/2019 have fee simple valuations of $3,700,000 ($159/SF) and $3,670,000 (158/SF) and leased fee valuation of $5,020,000 (8% cap rate on current income)
  • 2020 NOI at $412,415, providing a 11.2% cap rate at ask price
  • High offering cap rate due to Tenant purchase option at appraised value from sale comps only (see Financial Overview on page 15 for more details)
  • Appraiser suggests market value would be 8% cap rate on current income without this clause in the lease, or $5,155,000
  • Michael Bull, MS License #19257

Description

Beautifully-designed Harley Davidson Dealership in Meridian, Mississippi. This location has fantastic retail location with high visibility and draws customers from all over the county. This 23,255 SF dealership is situated on a ± 1.82-acre site and has direct access off I-20.

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