900 Montlimar DrMobile, AL 36609

Property Details for 900 Montlimar Dr

Year built

1994

Lot size

0.74 AC

Property size (Sq ft)

5,240 SF

Property type

Healthcare properties

Property subtype

Medical offices

APN

28 07 25 2 000 005.006

APU

2807252000005006

Description

This exceptional investment opportunity presents a 4,979 square foot Class A retail building in Mobile, Alabama, currently leased to American Family Care under a new 15-year absolute NNN lease (expiring July 31, 2038). The property boasts a strong 6.18% cap rate and a substantial net operating income (NOI) of $124,972. Situated within Mobile's Festival shopping center (398,441 square feet GLA), this location benefits from high visibility and traffic, positioned near the intersection of I-65 and Airport Boulevard, a major retail corridor with a combined 144,116 vehicles per day. The tenant, American Family Care, is backed by a corporate guarantee, mitigating risk. The lease includes annual rent increases based on CPI, with a 2% floor and no cap, ensuring consistent income growth. Nearby national retailers include Home Depot, Academy Sports + Outdoors, Walk-On's Sports Bistreaux, and JOANN Fabrics, further enhancing the property's desirability and value. The asking price is $2,022,200, representing a price per square foot of $406.15. This is a single-tenant property with a lease commencement date of August 1, 2023, offering a remaining lease term of approximately 13.7 years and a 10-year option. This presents a secure and lucrative investment opportunity in a prime retail location.

• CAP approach

  CAP return

  Valuation

  6%

  $830,967

  6.5%

  $767,046

  7%

  $712,258

• Comparable approach

  Method

  Valuation

  Relative Method

  $399,712

  Geo Method

  $372,512

• Alternative Use

  Use

  Valuation

  Residential

  $951,138

  Hospitality

  $871,237

  Educational

  $724,859

  Medical

  $749,788

  Retail

  $1,127,558

Location Insight

City

Mobile

County

Mobile

State

Alabama

Latitude

30.6729

Longitude

-88.135

CBSA code

33660

CBSA name

MOBILE, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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