For Sale
$6,347,800

1702-1796 Carter Hill RdMontgomery, AL 36106

High-yield, multi-tenant retail center near ASU

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional retail investment opportunity, located at 1702-1796 Carter Hill Road in Montgomery, Alabama, presents a compelling case for investors seeking strong returns. The 67,662 square foot center sits on a 4.8-acre lot and boasts 3 buildings constructed in 1991, featuring 350 parking spaces. Currently 86.26% occupied, the property includes 17 units and is anchored by a Winn-Dixie, representing over 53% of total rent. The property benefits from a corporate guaranteed lease with a remaining term of 5 years, offering stability and security. The current Net Operating Income (NOI) stands at $453,869, yielding a 7.15% cap rate, with an asking price of $6,347,800 ($93.82/sq ft). The property's prime location, just blocks from Alabama State University (nearly 4,000 students), Huntingdon College (1,100 students), and Montgomery Academy (805 students), ensures high foot traffic and visibility. Its proximity to I-85 (115,800 vehicles per day), Jackson Hospital, and major retail centers further enhances its appeal. The property offers potential upside through leasing up approximately 14% of vacant space, immediately increasing NOI. Detailed lease options and rent bump information are available upon request. This is a rare opportunity to acquire a well-positioned, multi-tenant retail center in a thriving Montgomery, Alabama market.

Highlights

  • University location, proximate to Alabama State University (3,964 students).
  • Winn-Dixie-anchored center, 53%+ of rent from a corporately guaranteed lease.
  • Low rent of $6/SF.
  • High visibility and access from Carter Mill Rd, Mulberry St, and Narrow Lane Rd (combined ±74,430 VPD).
  • Significant upside potential through leasing 14% of vacant GLA, boosting NOI.
  • Excellent location near I-85 (115,800 VPD), Jackson Hospital (344 beds), Huntingdon College (1,100 students), and Midtown Plaza (Walmart-anchored).

Property Details for 1702-1796 Carter Hill Rd

Property type
Lifestyle centers, Power centers
Square Feet
67,662 SF
Class
B
Year Built
1991
Buildings
3
Lot Size (sq. ft)
209,088 SF
Units
17

Location Insight

City
Montgomery
County
Montgomery
State
Alabama
Latitude
32.3584643
Longitude
-86.2841851
1702-1796 Carter Hill Rd, Montgomery, Alabama

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1702-1796 Carter Hill Rd
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