For Sale
$980,000

11317 State Highway 1056McCarr, KY 41544

Kentucky Shopping Center, High Potential

Overview

Added:
Dec 11, 2024
Days on market:
116
Northside Plaza, a 44,448-square-foot retail property in McCarr, Kentucky (41544), presents a compelling value-add investment opportunity. This Class B shopping center, built in 1988, boasts a strong anchor tenant lineup, including a Quality Foods grocery store with a 22-year history at this location and a Dollar Tree/Family Dollar combo store occupying 30% of the gross leasable area (GLA). Dollar Tree, a Fortune 500 company with an S&P investment-grade credit rating, recently exercised an 8-year lease option, demonstrating long-term commitment. The grocery anchor generated $6,019,031 in sales in 2023, with a rent-to-sales ratio of 1.50%. The two anchors currently account for 63% of the space and 88% of the revenue. Currently, the property has 67% occupancy, with seven vacant units under 2,000 square feet and one vacant unit of approximately 5,000 square feet. The asking price is $980,000, representing a price per square foot of $22.05 and an 8.00% capitalization rate based on a net operating income (NOI) of $78,382. Limited small shop space competition in the area suggests significant potential for increased occupancy and rental income through leasing the vacant units at an average of $8 per square foot, potentially yielding a pro forma cap rate of 23%. The property's location in McCarr, a town situated along the Tug Fork River, benefits from a stable economy driven by nearby mining operations and tourism.

Highlights

  • 44,448 SF Class B retail property in McCarr, KY.
  • Strong anchor tenants including Quality Foods (22-year history, $6M+ 2023 sales) and Dollar Tree/Family Dollar (8-year lease extension).
  • 67% occupancy with several small vacant units and one 5,000 SF space available.
  • Asking price: $980,000 ($22.05/SF), 8.00% cap rate based on $78,382 NOI.
  • Significant upside potential through leasing vacant space at $8/SF, potentially yielding a 23% pro forma cap rate.

Property Details for 11317 State Highway 1056

Property type
Lifestyle centers, Power centers
Square Feet
44,448 SF
Class
B
Year Built
1988
Stories
1

Location Insight

City
McCarr
County
Pike
State
Kentucky
Latitude
37.6194728
Longitude
-82.16615
11317 State Highway 1056, McCarr, Kentucky

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11317 State Highway 1056
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