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503-535 N Hervey St
Hope, AR 71801
Hervey Square Shopping Center · Retail Property For Sale
Executive Summary
Value-Add Neighborhood Shopping Center Anchored by a Brand-New Harbor Freight, Dollar General, and Pafford EMS, Plus a Local Favorite Chinese Panda Buffett
Attractive Go-In Investment Yield of 7.00%, Providing Immediate Income with Long-Term Upside Potential | Pro-Forma 12.07% Cap
Excellent Positioning Fronting N Hervey St & Less Than 1-Mile Off of Interstate 30 – Visible to over 77,000 Vehicles Per Day
New 10 Year Leases for Harbor Freight & Dollar General along with Substantial Renovations done to both
Currently 77% Occupied, Much Upside in Increasing Revenue Through Leasing Up the 23% Vacant GLA
Below-Market Pricing – Priced at Only $34 Per Square Foot, Significantly Under Replacement Cost
Large GLA Located on 6.39 Acres of Prime Real Estate in Hope, Offering Flexible Space Configurations & Ample Parking for Tenants & Customers
Strong National & Local Tenant Mix – Reducing Risk & Increasing Consumer Draw
Harbor Freight, Dollar General, & Pafford EMS Put a Significant Amount of Capital into Their Renovations, Incentivizing Them to Have Long-Term Commitment to the Shopping Center; Landlord Has Also Invested a lot of CapEx Over the Past 2 Years
Attractive Go-In Investment Yield of 7.00%, Providing Immediate Income with Long-Term Upside Potential | Pro-Forma 12.07% Cap
Excellent Positioning Fronting N Hervey St & Less Than 1-Mile Off of Interstate 30 – Visible to over 77,000 Vehicles Per Day
New 10 Year Leases for Harbor Freight & Dollar General along with Substantial Renovations done to both
Currently 77% Occupied, Much Upside in Increasing Revenue Through Leasing Up the 23% Vacant GLA
Below-Market Pricing – Priced at Only $34 Per Square Foot, Significantly Under Replacement Cost
Large GLA Located on 6.39 Acres of Prime Real Estate in Hope, Offering Flexible Space Configurations & Ample Parking for Tenants & Customers
Strong National & Local Tenant Mix – Reducing Risk & Increasing Consumer Draw
Harbor Freight, Dollar General, & Pafford EMS Put a Significant Amount of Capital into Their Renovations, Incentivizing Them to Have Long-Term Commitment to the Shopping Center; Landlord Has Also Invested a lot of CapEx Over the Past 2 Years
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
90,930 SF
Building Class
B
Year Built
1970
Price
$3,125,000
Price Per SF
$34.37
Cap Rate
7%
NOI
$218,750
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
3 Exterior
Slab To Slab
10’
Building FAR
0.33
Lot Size
6.39 AC
Zoning
Commercial
Parking
388 Spaces (4.27 Spaces per 1,000 SF Leased)
Frontage
680’ on Hervey St
Amenities
- Pylon Sign
- Signage
- Drive Thru
Property Taxes
| Parcel Number | 700-05067-000-C | Improvements Assessment | $338,340 |
| Land Assessment | $54,330 | Total Assessment | $392,670 |
Property Taxes
Parcel Number
700-05067-000-C
Land Assessment
$54,330
Improvements Assessment
$338,340
Total Assessment
$392,670
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