Jim 'N Nick's 7822 Abercorn St 4,200 SF Retail Building Savannah, GA 31406 $2,957,000 ($704.05/SF) 5.75% Cap Rate
INVESTMENT HIGHLIGHTS
- POSITIONED IN DENSELY POPULATED AREA
- LOCATED IN HUGE RETAIL CORRIDOR
- CORPORATE LEASE W/ A GROWING BRAND
EXECUTIVE SUMMARY
STRONG LEASE FUNDAMENTALS
- Fifteen year initial term
- Above market average 12% rent increase every 5 years and during options periods
- Absolute NNN Ground lease with no early termination clause
- Three (3) - Five (5) year option periods
CORPORATE LEASE W/ A GROWING BRAND
- Lease signed with Jim ‘N Nicks corporate
- Over 40 locations with more than 30 expected to open over the next 3 years
- Strong credit tenant with new fast casual concept
LOCATED IN HUGE RETAIL CORRIDOR
- Over 4.1MSF of retail space located in a 1-mile radius
- Property is an Outparcel to the 936K SF Oglethorpe Mall
- Anchor Tenants include: Belk, JCPenney, and Macy’s
- The mall vacancy rate is currently 0%
- The mall boasts just under four million visits annually bringing clients to Jim ‘N Nick’s daily
SAVANNAH, GA MSA
- The Savannah, GA MSA is the third most populated MSA in Georgia behind only Atlanta and Augusta
- From 2010 to 2020 the Savannah, GA MSA was the fastest growing area in all of Georgia
HUNTER ARMY AIRFIELD
- Site is located next to the 5,370 acre 3rd infantry Division Marine Division Airfield
- The airfield is home to more than 5,700 soldiers and employs more than 25K people providing a significant economic impact on the Savannah, GA area
POSITIONED IN DENSELY POPULATED AREA
- Jim ‘N Nick’s is positioned right off of busy Abercorn St (36.4K VPD)
- The site is surrounded by The Madison Communities which is a 240 unit multifamily development set to deliver in late 2025
- According to there are more than 1,500 multifamily units within a 1-mile radius of the site
- Fifteen year initial term
- Above market average 12% rent increase every 5 years and during options periods
- Absolute NNN Ground lease with no early termination clause
- Three (3) - Five (5) year option periods
CORPORATE LEASE W/ A GROWING BRAND
- Lease signed with Jim ‘N Nicks corporate
- Over 40 locations with more than 30 expected to open over the next 3 years
- Strong credit tenant with new fast casual concept
LOCATED IN HUGE RETAIL CORRIDOR
- Over 4.1MSF of retail space located in a 1-mile radius
- Property is an Outparcel to the 936K SF Oglethorpe Mall
- Anchor Tenants include: Belk, JCPenney, and Macy’s
- The mall vacancy rate is currently 0%
- The mall boasts just under four million visits annually bringing clients to Jim ‘N Nick’s daily
SAVANNAH, GA MSA
- The Savannah, GA MSA is the third most populated MSA in Georgia behind only Atlanta and Augusta
- From 2010 to 2020 the Savannah, GA MSA was the fastest growing area in all of Georgia
HUNTER ARMY AIRFIELD
- Site is located next to the 5,370 acre 3rd infantry Division Marine Division Airfield
- The airfield is home to more than 5,700 soldiers and employs more than 25K people providing a significant economic impact on the Savannah, GA area
POSITIONED IN DENSELY POPULATED AREA
- Jim ‘N Nick’s is positioned right off of busy Abercorn St (36.4K VPD)
- The site is surrounded by The Madison Communities which is a 240 unit multifamily development set to deliver in late 2025
- According to there are more than 1,500 multifamily units within a 1-mile radius of the site
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
4,200 SF
Building Class
B
Year Built/Renovated
1969/2025
Price
$2,957,000
Price Per SF
$704.05
Cap Rate
5.75%
NOI
$170,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
1.20 AC
Zoning
BC - Community Business
Parking
60 Spaces (14.29 Spaces per 1,000 SF Leased)
AMENITIES
- Signalized Intersection
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $989,200 | |
| Land Assessment | $1,585,800 | Total Assessment | $2,575,000 |
CONTACTS
-
David Hoppe -
Mike Lucier -
Ben Olmstead -
Ben McCarter -
Atlantic Capital Partners
