931 Fort Benning RdColumbus, GA 31903

Property Details for 931 Fort Benning Rd

Year built

1970

Lot size

0.86 AC

Property size (Sq ft)

12,344 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional value-add opportunity presents a multi-tenant shopping center and adjacent apartment complex in Columbus, Georgia. The property, encompassing 12,344 square feet across three buildings on 0.86 acres, includes 11 renovated apartment units and a vacant 1,500 square foot free-standing building. Built in 1970 and extensively renovated in 2023, the property boasts new gutters, paint, flooring, and fixtures in the apartments and shopping center. Currently, the occupancy rate stands at 72.8%, offering significant potential for increased NOI. The shopping center features 12 tenants, and the property benefits from a high-traffic location on Fort Benning Road (over 11,000 vehicles per day), with easy access to I-185 and direct proximity to Spencer High School. The property is zoned GC - General Commercial Zoning District. Minor repairs are pending completion to the shopping center awning. The asking price is $850,000, representing a 7.51% cap rate and a pro-forma cap rate of 11.60%. The current NOI is $63,874, with a pro-forma NOI of $98,537. The property's proximity to Fort Moore (formerly Fort Benning), a major US Army post, further enhances its investment appeal. A total of 3,358 square feet of vacant space, including retail and apartment units, presents a substantial opportunity to increase revenue. This property offers a compelling blend of established income and significant upside potential.

Location Insight

City

Columbus

County

Muscogee

State

Georgia

Latitude

32.4345

Longitude

-84.9402

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