9948 Airport BlvdMobile, AL 36608

Property Details for 9948 Airport Blvd

Year built

1997

Lot size

10.09 AC

Property size (Sq ft)

71,880 SF

Property type

Investment properties

Property subtype

Retail residential properties

APN

27 08 28 0 000 003.XXX

APU

2708280000003XXX

Description

This Mobile, Alabama shopping center presents a compelling investment opportunity. The 66,125 square foot property, situated on 10.09 acres at 9948 Airport Blvd (zip code 36608), boasts 100% occupancy with 11 tenants, including Winn-Dixie and Walgreens as anchors. Built in 1997, the single-story center benefits from a strong tenant mix, including service-oriented businesses. Winn-Dixie recently renovated and extended its lease, demonstrating commitment to the location. The property enjoys high visibility due to its location on a hard-signalized intersection, experiencing significant daily traffic. An absolute NNN lease structure minimizes expense exposure for the owner, with tenants responsible for taxes, insurance, and common area maintenance. The property's strong performance is reflected in its 7.20% cap rate and $643,573 NOI. The asking price is $8,941,013 ($135.21/sq ft). Synergistic outparcels, including McDonald's and Whataburger, further enhance the property's appeal. This is a fee simple ownership opportunity with rent bumps included. The property's location within the Mobile MSA offers significant potential for future growth. The center's strong sales and limited competition contribute to its overall value.

• CAP approach

  CAP return

  Valuation

  6%

  $14,134,559

  6.5%

  $13,047,286

  7%

  $12,115,337

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,498,759

  Geo Method

  $7,920,422

• Alternative Use

  Use

  Valuation

  Residential

  $13,047,286

  Hospitality

  $11,951,243

  Educational

  $9,943,294

  Medical

  $10,285,259

  Retail

  $15,467,347

Location Insight

City

Mobile

County

Mobile

State

Alabama

Latitude

30.6721

Longitude

-88.2773

CBSA code

33660

CBSA name

MOBILE, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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