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7033 Airport Blvd - Fortis College | Corp NN | Fee Simple 36,049 SF Specialty Building Offered at $6,627,000 at a 8.30% Cap Rate in Mobile, AL 36608
Investment Highlights
- New 10-Year Extension | Corporate Guaranteed | Options To Extend
- Near USA Health Providence Hospital | Airport Blvd (66,700 VPD) | University of South Alabama (14,000 Students) | Retail Corridor
- NN | Fee Simple Ownership
- Strong Demographics In 5-Mile Trade Area | 4th Largest City in AL
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN, freestanding, corporate guaranteed Fortis College investment property located in Mobile, Alabama. The tenant, Fortis College, recently executed a new 10-year lease extension with 2 (5-year) options to extend. The lease features a 10% rental increase in year 5 followed by FMV increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. The roof, HVAC, and parking lot have undergone extensive repairs prior to the lease extension.
Property Facts
| Price | $6,627,000 | Lot Size | 3.79 AC |
| Price Per SF | $189.34 | Building Size | 35,000 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 8.30% | Year Built/Renovated | 1978/1998 |
| Property Type | Specialty | Parking Ratio | 6/1,000 SF |
| Property Subtype | School | No. Drive In / Grade-Level Doors | 2 |
| Building Class | B | ||
| Zoning | B-3 - Community Business | ||
| Price | $6,627,000 |
| Price Per SF | $189.34 |
| Sale Type | Investment |
| Cap Rate | 8.30% |
| Property Type | Specialty |
| Property Subtype | School |
| Building Class | B |
| Lot Size | 3.79 AC |
| Building Size | 35,000 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1978/1998 |
| Parking Ratio | 6/1,000 SF |
| No. Drive In / Grade-Level Doors | 2 |
| Zoning | B-3 - Community Business |
Amenities
- Signage
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 28-04-20-2-000-045 | Improvements Assessment | $686,940 |
| Land Assessment | $349,660 | Total Assessment | $1,036,600 |
Property Taxes
Parcel Number
28-04-20-2-000-045
Land Assessment
$349,660
Improvements Assessment
$686,940
Total Assessment
$1,036,600
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7033 Airport Blvd - Fortis College | Corp NN | Fee Simple
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