1605 Ashville RdLeeds, AL 35094

Property Details for 1605 Ashville Rd

Year built

1983

Lot size

5.10 AC

Property size (Sq ft)

57,023 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 57,023 square foot shopping center in Leeds, Alabama, presents a compelling investment or owner-occupant opportunity. Currently operating as a thriving 100% occupied flea mall with 400 tenants, this single-story, 1983-built property (renovated in 2013) boasts a strong 8.92% cap rate and a substantial NOI of $321,000. Situated on a 5.1-acre lot with ample parking (300 spaces per 1,000 sq ft), the property benefits from excellent visibility and accessibility, located near major roadways (Hwy 411 and I-20), and within close proximity to Birmingham-Shuttleworth Airport and downtown Birmingham. The property features LED lighting and updated HVAC and roofing systems. The asking price is $3,600,000, translating to $63.13 per square foot. The established flea mall operation has a proven track record of over 15 years, generating income through booth rentals and a percentage of sales. A potential pad site in the front parking lot offers additional development possibilities. This Class B retail property, zoned C, presents a rare opportunity in a rapidly growing market with low retail vacancy. The property is offered fee simple with a gross lease structure. The current tenant mix consists of 400 individual tenants, and there is an experienced management team in place.

Location Insight

City

Leeds

County

St. Clair

State

Alabama

Latitude

33.5559

Longitude

-86.526

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