Investment Property near University

Office for Sale
Catylist Listing ID: 30162790
Property Subtypes: Medical, Mixed Use, Office Building
Building Size (RSF): 7,698 SF
Gross Building Area: See Agent
Gross Land Area: 3 Acres
Sale Price: $1,400,000
Unit Price: $181.87 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/25/2019

Overview / Comments

Rare value add investment opportunity near University of South Alabama. Fully leased by 3 medical professionals gross income of $95,376 annually and NOI of $73,800. Average gross lease rate below market value of $12.39/sqft. Situated on approximately 3 acres. This property represents one of the best redevelopment opportunities in the trade area. Recent new developments include several new student living apartment complex with thousands of beds,Chicken Salad Chick, Hibachi Express, Fuzzy Taco, Dunkin Donuts/AT&T center, and Holiday Inn Express coming soon. Enrollment at the University of South Alabama totals approximately 16,699 students.The daily traffic count on University Blvd is 25,500. The daily traffic count on Old Shell Rd is 29,600.

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Additional Details

Nearest MSA: Mobile
County: Mobile
Tax ID/APN: 2805211000088.001
Zoning: B2, R1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,999 82,968 170,528
Median Age: 32.55 35.43 36.54
Households: 2,793 34,905 68,924
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