Catylist ID: #30809659
Shopping Center for Sale
Call for Offers
|Catylist Listing ID:||30809659|
|Property Subtypes:||Community Center, Fashion/Specialty, Neighborhood Center, Net Leased|
|Building Size (RSF):||80,375 SF|
|Gross Building Area:||See Agent|
|Unit Price:||$41.06 PSF|
|In Opportunity Zone?||Yes|
|Property Use Type:||Net Leased Investment (NNN), Investment|
|Sale Terms:||Cash to Seller|
|Call for Offers:||Yes|
|Average Occupancy Rate:||100|
Overview / Comments
The 80,375 +/- square foot Rumford Plaza offers a rare combination yield and value add play with an impressive tenant roll including Tractor Supply Company, Dollar Tree, Marden's and Motor Supply Company.
Its a yield play with its list price providing an unlevered 8.18% cap rate based on the leasing the newly available 3,400 square feet of retail space @ $7.00/SF NNN. .
It's a value play given the rising costs for land, construction and financing to construct an 80,000+ square foot shopping center. It's available @ $41.06/SF, a fraction of its replacement cost. There is no competition in its market area.
Lastly, it's a value-add play given there is sufficient land to construct a mixed-use commercial and residential building in the massive 340 +/- space parking lot. The city of Rumford is motivated to work with qualified buyer-developers to streamline approvals for new development.
2021 common area expenses ($1.70/SF), including FY22 real estate taxes of $53,718, are reimbursed by the NNN tenants.
Attachments & Media
|Finance Data Year||2022|
|Real Estate Taxes - Annual($)||$53,718 (Annual)|
Driving Directions / Aerial Imagery:
Bird's Eye View | Google Maps | Google Street View
|Proximity:||3 miles||5 miles|
Michael RogersBean Group NECPE Member
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