For Sale
$15,400,000

2540 Eastern BlvdMontgomery, AL 36117

High-Yield Shopping Center in Montgomery, AL

Overview

Added:
Dec 11, 2024
Days on market:
118
This exceptional 221,065 square foot shopping center in Montgomery, Alabama, presents a compelling investment opportunity. Boasting a 7.14% cap rate and a pro-forma cap rate of 8.07%, the property offers significant upside potential. Currently 89.82% occupied, the center features 21 tenants, including national brands like Ollie's, Guitar Center, Dollar Tree, and Rainbow. The property benefits from a prime location at a heavily trafficked intersection on Eastern Boulevard. Recent renovations (2021 & 2022) encompass roof replacement, parking lot improvements, and landscaping enhancements. The stabilized investment features a Net Lease (NNN) structure and a strong Net Operating Income (NOI) of $1,099,788, projected to increase to $1,242,288. A key asset is Floor & Decor's 15-year lease. The property, built in 1990, sits on a 21.12-acre lot and is priced at $15,400,000 ($69.66/sq ft). One junior box vacancy and below-market rents offer further growth opportunities. This multi-tenant retail center represents a rare chance to acquire a well-positioned, high-performing asset with substantial future income potential. The property's strong tenant mix, recent renovations, and prime location make it an attractive investment for discerning buyers.

Highlights

  • Floor & Decor: 15-year NNN lease.
  • National credit tenant occupancy.
  • Significant upside potential for future rent growth.
  • High-traffic intersection location.

Property Details for 2540 Eastern Blvd

Property type
Lifestyle centers, Power centers
Square Feet
221,065 SF
Year Built
1990
Lot Size (sq. ft)
919,987 SF

Location Insight

City
Montgomery
County
Montgomery
State
Alabama
Latitude
32.347099
Longitude
-86.22459
2540 Eastern Blvd, Montgomery, Alabama

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2540 Eastern Blvd
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