11317 State Highway 1056McCarr, KY 41544
- Retail properties
- 44,448 SF
Property Details for 11317 State Highway 1056
- Year built
- 1988
- Property size (Sq ft)
- 44,448 SF
- Property type
- Retail properties
- Property subtype
- Lifestyle centers
Description
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.
Location Insight
- City
- McCarr
- County
- Pike
- State
- Kentucky
- Latitude
- 37.6195
- Longitude
- -82.1662
Comparable in this City
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