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Crepe Myrtle Business Center | Retail Center in Dothan, AL | 8.5% Cap Rate

2536, 2576 & 2620 Montgomery Hwy
Dothan, AL 36303
PRICE : $3,140,000
CAP RATE: 8.5%
PROPERTY TYPE: Retail
SITE SIZE: 5.20 Acres
BUILDING SIZE: 24,930 SF
YEAR BUILT: 2005

Highlights

  • ± 24,930 SF retail center with 94% occupancy
  • Stable tenant mixture of national and local brands
  • High-quality construction with brick exterior and metal roof
  • Below market rents allow for opportunity for financial upside upon lease renewals
  • Opportunity to maximize occupancy and increase income
  • Located along major commercial corridor with high traffic counts, excellent visibility and access from 4 curb cuts
  • Dense retail area with strong anchor-tenants nearby
  • Project will benefit from planned mixed-use development expected on the rear adjacent 7 acres
  • Broker of Record, Michael Bull of Bull Realty, AL License #000083872-0

Description

Bull Realty is pleased to offer the Crepe Myrtle Business Center for sale in Dothan, Alabama. This Class “A”, ± 24,930 SF business center is located just south of the intersection between Montgomery Highway and the Dothan Bypass, which is a major commercial destination well positioned within the Dothan MSA. This center consist of 3 brick retail/professional office buildings situated on ± 5.2 acres along Montgomery Highway, which is zoned commercial and boast an average traffic count of 20,000 VPD.

Built in 2005, this retail/professional office center is 94% occupied by a solid mixture of national, regional and local tenants including Pure Barre, Edward Jones, US Armed Forces and Southern Social (a local favorite). The majority of these tenants have scheduled rent increases and reimburse operating expenses on a NNN to modified gross basis. Notably, the current tenants have been doing business at this center for over 10 years on average. Nearby retail anchors include AMC Theaters, Belk, Burlington, JC Penny, Hobby Lobby, Home Depot, Old Navy, Office Max, Publix, PetSmart & Sam’s Club.

At $3,140,000 ($125.95/SF), this property is competitively priced and being delivered to market at an 8.53% cap rate based on actual year 1 income. Upon request, the rent roll and expenses will be provided once the confidentiality agreement located on the last page of the offering memorandum is completed and returned. Please contact Will Young (ext 141) or Joe Mitchell (ext 185) to discuss the property details or schedule a tour.

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