For Sale
$4,232,000

21000 Town Ctr Ave Spanish FtSpanish Fort, AL 36527

Alabama Kohl's: NNN Lease, Strong ROI

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a leased fee interest (land ownership) in a freestanding Kohl's department store in Spanish Fort, Alabama, within the Mobile MSA. The 86,970 square foot property, built in 2008, sits on a 7.2-acre lot and boasts 479 parking spaces. Currently operating under a NNN lease with limited landlord responsibilities, the property offers a strong 7.50% cap rate and a substantial NOI of $317,422. The lease, signed by Kohl's corporate entity, has 3.9 years remaining with six 5-year option periods, each including a 5% rent increase. This provides significant long-term income growth and inflation hedging. The property enjoys excellent visibility and access, situated along Town Center Avenue with direct access to major highways including US 98 and US 31, and proximity to Interstate 10. It's strategically located as a co-anchor to Spanish Fort Town Center, a 461,000+ square foot lifestyle center anchored by Bass Pro Shops, and benefits from the strong tenant synergy and high traffic of nearby major retailers such as The Home Depot, Walmart, and Publix. The property is also surrounded by numerous residential communities, supporting a robust consumer base. The 5-mile trade area boasts over 43,100 residents and 19,700 daytime employees, with an average household income exceeding $106,757. The property is zoned B-3: General Business and has an asking price of $4,232,000 ($48.66/sq ft). This is an ideal, low-management investment opportunity for a passive investor seeking strong returns and long-term stability.

Highlights

  • 4 Years Remaining Lease; Scheduled Rent Increases; Corporate Guarantee; Strong National Brand.
  • NNN Lease; Leased Fee Ownership; Limited Landlord Responsibilities.
  • Co-anchor to 461,000+ SF Spanish Fort Town Center; Strong National Tenant Presence; Nearby Major Retailers.
  • Excellent Visibility & Access on Town Center Avenue; Mobile MSA Location; Major Highway Access.
  • Strong Demographics; Affluent 5-Mile Trade Area; High Density Residential Population.

Property Details for 21000 Town Ctr Ave Spanish Ft

Property type
Retail properties
Square Feet
86,970 SF
Year Built
2008
Lot Size (sq. ft)
313,632 SF

Location Insight

City
Spanish Fort
County
Baldwin
State
Alabama
Latitude
30.6623361
Longitude
-87.9040642
21000 Town Ctr Ave Spanish Ft, Spanish Fort, Alabama

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21000 Town Ctr Ave Spanish Ft
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