669 Mckenzie StFoley, AL 36535

Property Details for 669 Mckenzie St

Year built

1999

Lot size

1.33 AC

Property size (Sq ft)

7,833 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

54-08-28-3-000-105.001

APU

5408283000105001

Description

This exceptional investment opportunity presents a brand-new, 3,600-square-foot retail property in Foley, Alabama, currently leased to Fast Pace Health, a leading national urgent care provider. The property, constructed in 2024, boasts a Class A designation and a highly desirable Net Lease (NNN) structure, minimizing landlord responsibilities. The 15-year lease commenced January 1, 2025, and includes annual rent bumps of 2%, ensuring consistent income growth. The tenant, Fast Pace Health, provides a strong corporate guarantee, mitigating risk. The property generates a substantial Net Operating Income (NOI) of $227,000 annually, translating to a compelling 7.25% capitalization rate. The strategic location on a busy thoroughfare with an average daily traffic count of 34,945, coupled with proximity to major national retailers like Publix, Walmart, and Tanger Outlets, ensures high visibility and strong foot traffic. The lease further includes three 5-year renewal options, each with a 2% annual rent increase, providing long-term stability and significant return on investment. This is a rare opportunity to acquire a high-performing, low-maintenance asset in a thriving market. The property's occupancy date was December 30, 2024, and the asking price is $3,131,034.

• CAP approach

  CAP return

  Valuation

  6%

  $1,315,466

  6.5%

  $1,214,276

  7%

  $1,127,542

• Comparable approach

  Method

  Valuation

  Relative Method

  $821,737

  Geo Method

  $863,114

• Alternative Use

  Use

  Valuation

  Residential

  $1,214,276

  Hospitality

  $1,112,270

  Educational

  $925,396

  Medical

  $957,222

  Retail

  $1,439,505

Location Insight

City

Foley

County

Baldwin

State

Alabama

Latitude

30.4002

Longitude

-87.6828

CBSA code

19300

CBSA name

DAPHNE-FAIRHOPE, AL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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