For Sale
$6,395,000

3365 Martha Berry HwyRome, GA 30165

Georgia Shopping Center, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
115
This 120,754 square foot shopping center in Rome, Georgia, presents a compelling value-add investment opportunity. Anchored by a Food Lion and CVS Pharmacy, both tenants for nearly 30 years, the property boasts 11 tenants with 90.99% occupancy and a strong NOI of $575,504, yielding a 9.00% cap rate at an asking price of $6,395,000. Built in 1972 and renovated in 2016, the center sits on a 6.7-acre lot at a high-traffic, signalized intersection. The Food Lion anchor generates approximately $600 per square foot in sales, ranking among the top performers in Georgia. The property features a mix of national and local tenants, with a majority of leases structured as NNN. Significant upside potential exists through three scheduled rent bumps, low current rents, and the possibility of developing future outlot spaces. Approximately 80% of the roof is under warranty until 2036. This well-located, county seat center offers a unique blend of stability and growth potential, priced below replacement cost. The property includes 15 units and is comprised of a mix of credit term and month-to-month tenants. Financial data indicates that this Food Lion location is in the top 26% nationally and is one of the top 5 CVS locations within a 15-mile radius.

Highlights

  • $6,395,000 asking price for a value-add retail investment opportunity.
  • 120,754 square foot shopping center anchored by Food Lion and CVS Pharmacy, with 11 total tenants.
  • 9.00% cap rate with a 90.99% occupancy rate and $575,504 NOI.
  • Food Lion and CVS have been tenants for nearly 30 years; Food Lion generates approximately $600/SF in sales.
  • Strong tenant mix including national and local businesses; below replacement cost pricing.
  • Located in Rome, GA, at a signalized intersection with future outlot potential.

Property Details for 3365 Martha Berry Hwy

Property type
Lifestyle centers, Power centers
Square Feet
120,754 SF
Year Built/Renovated
1972/2016
Lot Size (sq. ft)
291,852 SF
Units
15

Location Insight

City
Rome
County
Floyd
State
Georgia
Latitude
34.318375014447
Longitude
-85.173225902247
3365 Martha Berry Hwy, Rome, Georgia

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3365 Martha Berry Hwy
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