For Sale
$2,022,200

900 Montlimar DrMobile, AL 36609

High-yield, NNN-leased medical building.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 4,979 square foot Class A retail building in Mobile, Alabama, currently leased to American Family Care under a new 15-year absolute NNN lease (expiring July 31, 2038). The property boasts a strong 6.18% cap rate and a substantial net operating income (NOI) of $124,972. Situated within Mobile's Festival shopping center (398,441 square feet GLA), this location benefits from high visibility and traffic, positioned near the intersection of I-65 and Airport Boulevard, a major retail corridor with a combined 144,116 vehicles per day. The tenant, American Family Care, is backed by a corporate guarantee, mitigating risk. The lease includes annual rent increases based on CPI, with a 2% floor and no cap, ensuring consistent income growth. Nearby national retailers include Home Depot, Academy Sports + Outdoors, Walk-On's Sports Bistreaux, and JOANN Fabrics, further enhancing the property's desirability and value. The asking price is $2,022,200, representing a price per square foot of $406.15. This is a single-tenant property with a lease commencement date of August 1, 2023, offering a remaining lease term of approximately 13.7 years and a 10-year option. This presents a secure and lucrative investment opportunity in a prime retail location.

Highlights

  • High-traffic location in Mobile's Festival Shopping Center (398,441 SF GLA).
  • Strong co-tenancy with Home Depot, Academy Sports + Outdoors, Walk-On's, and JOANN Fabrics.
  • Excellent visibility and access via I-65 and Airport Blvd. (144,116 VPD).
  • Situated on Mobile's primary retail thoroughfare, Airport Blvd.
  • Investment-grade 15-year NNN lease to American Family Care with annual CPI adjustments (2% floor).

Property Details for 900 Montlimar Dr

Property type
Retail properties, Medical centers
Square Feet
4,979 SF
Class
A

Location Insight

City
Mobile
County
Mobile
State
Alabama
Latitude
30.672842141725
Longitude
-88.135398047717
900 Montlimar Dr, Mobile, Alabama

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900 Montlimar Dr
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