For Sale
$1,968,000

3233 Airport BlvdMobile, AL 36606

High-traffic, multi-tenant retail center

Overview

Added:
Dec 11, 2024
Days on market:
114
This fee-simple, net-lease shopping center in Mobile, Alabama presents a compelling investment opportunity. The property, totaling 9,000 square feet on a 1.23-acre lot, features a single, one-story building constructed in 2000. Currently, it houses two tenants, with Men's Wearhouse occupying one suite and a 4,500 square foot vacancy. Men's Wearhouse recently extended their lease for five years, securing a 6.5-year remaining lease term with built-in rent increases of 10% at each option period. Two five-year lease options are included. This anchor tenant has a 25+ year history at this location, demonstrating strong commitment and market stability. The property enjoys exceptional visibility and accessibility on Airport Boulevard (CR 56), boasting 28,000 vehicles per day, and is conveniently located half a mile from I-65 (102,000 VPD). Its prime location within a bustling retail corridor is further enhanced by the proximity of numerous national retailers, including Walmart, Home Depot, Lowe's, and a wide array of restaurants. Performance data from Placer.ai indicates that many nearby retailers rank in the top percentiles nationally and within Alabama. The surrounding area is densely populated, with over 164,000 people and 69,000 households within a 5-mile radius, situated in a city recognized for its business-friendly environment. The asking price is $1,968,000, translating to $218.67 per square foot. The significant vacancy presents a value-add opportunity for increased cash flow through lease-up.

Highlights

  • Men's Wearhouse recently extended their lease for five years, resulting in a 6.5-year remaining lease term with a rent increase.
  • Men's Wearhouse has occupied this location for over 25 years.
  • Excellent visibility and accessibility on Airport Blvd (CR 56), with 28,000 VPD, and a half-mile from I-65 (102,000 VPD).
  • Strong retail location with nearby national retailers including Walmart, Home Depot, Lowe's, and numerous restaurants.
  • High-performing nearby retailers rank in top national and Alabama percentiles (Placer.ai data).
  • Densely populated area (5-mile radius): over 164,000 people and 69,000 households; located in a city recognized for business growth.

Property Details for 3233 Airport Blvd

Property type
Lifestyle centers, Power centers
Square Feet
9,000 SF
Year Built
2000
Buildings
1
Stories
1
Lot Size (sq. ft)
53,579 SF

Location Insight

City
Mobile
County
Mobile
State
Alabama
Latitude
30.675559182094
Longitude
-88.121532698746
3233 Airport Blvd, Mobile, Alabama

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3233 Airport Blvd
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