For Sale
$3,985,000

740 Museum DrMobile, AL 36608

High-yield retail investment, 100% occupied.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional retail investment opportunity presents a 42,440 square foot, single-story shopping center located at 740 Museum Dr, Mobile, AL 36608. The property, built in 1970 and extensively renovated in 2022, sits on a 3.37-acre lot and boasts 225 parking spaces. Currently operating at 100% occupancy with six tenants, including Ace Hardware and USA Health, this Class B property offers a strong net operating income (NOI) of $367,689, resulting in a compelling 9.23% capitalization rate. The asking price is $3,985,000, translating to $93.90 per square foot. The property features a diverse tenant mix, including national retail, medical, and general office tenants, with several long-term leases in place. Recent upgrades include facade, interior, and landscaping improvements. The property is zoned B-3 Community Business and benefits from a prime location at the intersection of Spring Hill Ave and Museum Drive, experiencing approximately 81,000 daily vehicles. Its proximity to Interstate 65 and downtown Mobile ensures excellent visibility and accessibility. Rent bumps are included in the lease agreements. This fee-simple ownership opportunity provides investors with a stable, high-performing asset with significant value-add potential. The property's strong tenant lineup and strategic location make it an attractive investment for those seeking stability and appreciation.

Highlights

  • Strong tenant mix including national retail, medical, and office users.
  • ACE Hardware: Four-year remaining lease term in a newly renovated space.
  • The Bienville Group (Pulmonology Associates affiliate): Prominent medical billing company.
  • Pediatric Associates of Mobile (USA Health): University of Alabama affiliated tenant with a recently renovated space.
  • Coastal Contours: Established medical spa providing body contouring and skincare services.

Property Details for 740 Museum Dr

Property type
Lifestyle centers, Power centers
Square Feet
42,440 SF
Class
B
Year Built/Renovated
1970/2022
Buildings
1
Stories
1
Lot Size (sq. ft)
146,797 SF

Location Insight

City
Mobile
County
Mobile
State
Alabama
Latitude
30.705218528394
Longitude
-88.148068510545
740 Museum Dr, Mobile, Alabama

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740 Museum Dr
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