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Super 10 310 W Main St 14,847 SF Retail Building Gramercy, LA 70052 $499,000 ($33.61/SF) 7.95% Cap Rate
EXECUTIVE SUMMARY
Available for sale, 310 E Main Street offers a stabilized single tenant NNN investment property with strong tenancy history. The tenant, Variety Wholesalers (operating as Roses Express), has hundreds of stores nation wide and has roots at this site since 1989. Additionally, Variety Wholesalers recently announced that they will be purchasing an additional 200-400 former Big Lots stores throughout the nation. The lease was most recently extended for a new 5 year term in 2021, and tenant has no plans of relocating. The property, standing at nearly 15,000 SF, features ample off-street parking, strong street presence along Main Street, new roof c. 2022, and major renovation after Hurricane Ida to modernize and repair the building.
The tenant is currently paying $38,500/year + NNN in addition to a percentage rent (which in recent years has been averaged ±$1,200/year).
The site is located in Gramercy and provides one of the only shopping outlets in the area. Gramercy is located between New Orleans and Baton Rouge and sits right on the Mighty Mississippi.
The tenant is currently paying $38,500/year + NNN in addition to a percentage rent (which in recent years has been averaged ±$1,200/year).
The site is located in Gramercy and provides one of the only shopping outlets in the area. Gramercy is located between New Orleans and Baton Rouge and sits right on the Mighty Mississippi.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
14,847 SF
Building Class
C
Year Built
1960
Price
$499,000
Price Per SF
$33.61
Cap Rate
7.95%
NOI
$39,671
Tenancy
Single
Building Height
1 Story
Building FAR
0.34
Lot Size
1.00 AC
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Variety Wholesalers
- Retailer
- 14,487 SF
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Variety Wholesalers | Retailer | 14,487 SF | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 100059900 | Improvements Assessment | $41,731 |
| Land Assessment | $9,110 | Total Assessment | $50,841 |
PROPERTY TAXES
Parcel Number
100059900
Land Assessment
$9,110
Improvements Assessment
$41,731
Total Assessment
$50,841
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Super 10 | 310 W Main St
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