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1390 S Forest Ave 4,800 SF 100% Leased Retail Building Luverne, AL 36049 $499,000 ($103.96/SF) 9.60% Cap Rate
Investment Highlights
- 75% occupancy
- High-visibility corridor with easy access
- Located on US Hwy. 331
- 2023 AADT of 12,695 VPD on US Hwy. 331
Executive Summary
Prime Investment Opportunity! This multi-tenant retail center with State Farm anchor tenant (credit-rated) is located on high-traffic US Hwy. 331 in Luverne, AL. 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.
Diverse tenant mix: Suite 1 (Vape Shop) with a lease expiring 3/31/2027, Suite 2 (long-term anchor tenant State Farm) leased through 12/31/2032 with scheduled rent increase, and Suite 3 (Bill Henry's Wings) with a lease expiring 7/31/2026. Suite 4 is newly vacant and available for a new tenant at $1,250/monthly or ideal for owner-user - previously occupied by Subway and Fountain Bar & Grill, with a new HVAC installed in 2024. This sale offers a proforma NOI of $47,875.70 at full occupancy and a 9.6% cap rate.
Diverse tenant mix: Suite 1 (Vape Shop) with a lease expiring 3/31/2027, Suite 2 (long-term anchor tenant State Farm) leased through 12/31/2032 with scheduled rent increase, and Suite 3 (Bill Henry's Wings) with a lease expiring 7/31/2026. Suite 4 is newly vacant and available for a new tenant at $1,250/monthly or ideal for owner-user - previously occupied by Subway and Fountain Bar & Grill, with a new HVAC installed in 2024. This sale offers a proforma NOI of $47,875.70 at full occupancy and a 9.6% cap rate.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
4,800 SF
Building Class
C
Year Built
1993
Price
$499,000
Price Per SF
$103.96
Cap Rate
9.60%
NOI
$47,904
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.31
Lot Size
0.36 AC
Zoning
OT - In Alabama, "OT" zoning likely refers to a "Other" or "Open Tract" classification, which is not a standard zoning designation like residential
Parking
25 Spaces (5.21 Spaces per 1,000 SF Leased)
Frontage
150’ on S FOREST AVE
Property Taxes
| Parcel Number | 15-03-05-1-000-018-0000 | Improvements Assessment | $62,360 |
| Land Assessment | $12,020 | Total Assessment | $74,380 |
Property Taxes
Parcel Number
15-03-05-1-000-018-0000
Land Assessment
$12,020
Improvements Assessment
$62,360
Total Assessment
$74,380
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1390 S Forest Ave
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