Shopping Neighborhood
COVINGTON SPRINGS SHOPPING CENTER
3842 Austin Peay Hwy, Memphis, TN 38128
Listing Price: $7,990,000
Cap Rate
7.39%
Gross SF
73,129
Rentable SF
73,129
Price/Gross SF
$109.26
Lot Size
12.57 acres
Year Built
1994
Investment Overview
SUBMARKET OCCUPANCY OF 97.2% - RETAIL OVER 63,500 RESIDENTS WITHIN THREE MILES AVERAGE HOUSEHOLD INCOME OF $67,130 WITHIN THREE MILES AUSTIN PEAY HWY TRAFFIC COUNTS – 25,500 (2020)
COVINGTON SPRINGS SHOPPING CENTER
Investment Highlights
- OVER 93% OCCUPIED - 16 UNITS (14 LEASED / 2 VACANT)
- LONG TERM TENANCY - DOLLAR TREE (20.51% GLA) – OCCUPIED SINCE 2001 / FRESENIUS KIDNEY CARE (13.61% GLA) – OCCUPIED SINCE 1996 / TJ BEAUTY DEPOT (20.51% GLA) – OCCUPIED SINCE 2001
- SHADOW ANCHORED BY - WALMART – PUBLIC COMPANY - NYSE: WMT / KROGER - PUBLIC COMPANY - NYSE: KR / GOODWILL – PRIVATE COMPANY - 4,000+ LOCATIONS
- SIGNIFICANT VALUE-ADD UPSIDE (RE-LEASE TJ BEAUTY SPACE AT MARKET RENT, SET TO ROLL OVER IN 2024 - SEVERAL TENANTS ALREADY HAVE SIGNIFICANT INTEREST)
- NEW ROOF OVER DOLLAR TREE & TJ BEAUTY SUPPLY UNITS (2021)
- MAJOR PARKING LOT REPAIRS IN 2021 & 2022
- LEASE STRUCTURES - MIX OF TRIPLE-NET AND GROSS
Exclusively Listed By
Broker of Record
Listing Price: $7,990,000
Cap Rate
7.39%
Gross SF
73,129
Rentable SF
73,129
Price/Gross SF
$109.26
Lot Size
12.57 acres
Year Built
1994
Investment Highlights
- OVER 93% OCCUPIED - 16 UNITS (14 LEASED / 2 VACANT)
- LONG TERM TENANCY - DOLLAR TREE (20.51% GLA) – OCCUPIED SINCE 2001 / FRESENIUS KIDNEY CARE (13.61% GLA) – OCCUPIED SINCE 1996 / TJ BEAUTY DEPOT (20.51% GLA) – OCCUPIED SINCE 2001
- SHADOW ANCHORED BY - WALMART – PUBLIC COMPANY - NYSE: WMT / KROGER - PUBLIC COMPANY - NYSE: KR / GOODWILL – PRIVATE COMPANY - 4,000+ LOCATIONS
- SIGNIFICANT VALUE-ADD UPSIDE (RE-LEASE TJ BEAUTY SPACE AT MARKET RENT, SET TO ROLL OVER IN 2024 - SEVERAL TENANTS ALREADY HAVE SIGNIFICANT INTEREST)
- NEW ROOF OVER DOLLAR TREE & TJ BEAUTY SUPPLY UNITS (2021)
- MAJOR PARKING LOT REPAIRS IN 2021 & 2022
- LEASE STRUCTURES - MIX OF TRIPLE-NET AND GROSS
Investment Overview
SUBMARKET OCCUPANCY OF 97.2% - RETAIL OVER 63,500 RESIDENTS WITHIN THREE MILES AVERAGE HOUSEHOLD INCOME OF $67,130 WITHIN THREE MILES AUSTIN PEAY HWY TRAFFIC COUNTS – 25,500 (2020)
Exclusively Listed By
Broker of Record
