FOR SALE
Property Description
- Tenants commitment to center: Many of the tenants have been in the center for many years. Landlord recently extended many tenants to new leases with annual increases and options
- New roof & facade: Seller has invested hundreds of thousands in recent capital improvements including 5 of the 6 buildings have brand new roofs installed in 2022 and all 6 buildings have brand new facades
- Increasing cash-flow: Many of the tenants are on single net or double net leases and the current Landlord does not charge for insurance or admin fee – this provides the new owner immediate upside
- Low rent: Majority of tenants are paying far below market rents and have leases with no options remaining providing the opportunity to negotiate renewals at market rates to increase cash flow
- Memphis msa growth: The populations in a 5-mile radius grew over 7% from 2010-2022 and is expected to continue to grow over 1% annually through 2027
- Portfolio opportunity: An 8-parcel opportunity consisting of 6 newly renovated buildings and 2 land parcels for potential future retail expansion. New owner will have control of almost the entire street.
- High-traffic visibility: Located just off Interstate 55 with over 124,000 VPD and with access from Main Street with over 27,000 VPD
58,053
3 MILE RADIUS
POPULATION
$59,131
3 MILE RADIUS
AVERAGE HH INCOME
