For Sale
$2,600,000

3513 Race Ave Searcy, AR 72143

High-growth area, strong tenant, redevelopment opportunity.

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
139
This fee-simple, Class A retail property in Searcy, Arkansas, offers a compelling redevelopment opportunity. The 4,800-square-foot building, constructed in 2005, sits on a 0.83-acre lot and is currently 100% occupied by an IHOP restaurant under a NNN lease. The lease, commencing March 24, 2005, has a remaining term of approximately 1.4 years, expiring April 1, 2026. The current lease includes rent bumps of 10% every five years. The property boasts a strong location as an outparcel to Walmart and Lowe's, providing excellent visibility and accessibility. With a current NOI of $221,212 and a pro-forma NOI of $190,000, the property offers a current cap rate of 8.51% and a pro-forma cap rate of 7.31%. The asking price is $2,600,000, translating to a price per square foot of $541.67. The property is zoned for commercial use and benefits from the area's high market rents and population growth. The lease includes two five-year options. This investment presents a unique chance to capitalize on a prime location in a thriving market, with potential for significant returns through redevelopment or continued operation under the existing tenant. The property's address is 3513 E Race Ave, Searcy, AR 72143.

Highlights

  • Outparcel building with Walmart and Lowe's as neighbors.
  • Strong rental rates in the local market.
  • Convenient access to Highway 64.

Property Details for 3513 Race Ave

Property type
Retail properties, Restaurants
Square Feet
4,800 SF
Class
A
Year Built
2005
Buildings
1
Stories
1
Lot Size (sq. ft)
36,155 SF
Units
1

Location Insight

City
Searcy
County
White
State
Arkansas
Latitude
35.2493124
Longitude
-91.6869181

FAQs

What type of property is this?
Retail property - High-growth area, strong tenant, redevelopment opportunity.
Where is the retail property located?
The property is located at 3513 Race Ave Searcy, AR.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Outparcel building with Walmart and Lowe's as neighbors.; Strong rental rates in the local market.; Convenient access to Highway 64.
How can I contact the broker?
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3513 Race Ave
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