3706 Mercer University DrMacon, GA 31204

Property Details for 3706 Mercer University Dr

Year built

1989

Lot size

0.02 AC

Property size (Sq ft)

794 SF

Zone code

C-2

Property type

Retail space

APN

M084-0247

APU

M0840247

Description

Mission Square, a 24,200 square foot, two-story shopping center in Macon, Georgia, presents a compelling value-add investment opportunity. This Fee Simple property, built in 1989, boasts a diverse tenant mix within its 27 units, including a dental office, hair salons, a barber shop, and a tattoo studio. Currently operating at 64% occupancy, the property generates a Net Operating Income (NOI) of $149,351, representing a 6.49% cap rate based on the $2,300,000 asking price. However, a pro-forma analysis projects a significantly higher NOI of $225,588 and a 9.81% cap rate, indicating substantial upside potential through increased occupancy and lease optimization. The property is situated at 3706 Mercer University Dr, Macon, GA 31204, in Bibb County, benefiting from high traffic counts (24,675 vehicles per day) on Mercer University Drive and a strong demographic base of 53,004 people within a three-mile radius. The property is zoned for commercial use and offers a gross lease structure. This Class B shopping center represents a rare chance to acquire a well-located retail asset with significant potential for growth and enhanced profitability. The property's location near several universities ensures long-term stability and consistent demand.

• CAP approach

  CAP return

  Valuation

  6%

  $148,458

  6.5%

  $137,038

  7%

  $127,250

• Comparable approach

  Method

  Valuation

  Relative Method

  $390,292

  Geo Method

  $390,292

• Alternative Use

  Use

  Valuation

  Residential

  $115,597

  Hospitality

  $105,886

  Educational

  $88,096

  Medical

  $91,126

  Retail

  $137,038

Location Insight

City

Macon

County

Bibb

State

Georgia

Latitude

32.8217

Longitude

-83.6982

CBSA code

31420

CBSA name

MACON, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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