Shopping Strip
Kings Bay Crossing
801-805 E King Ave, Kingsland, GA 31548
Listing Price: $950,000
Investment Overview
Marcus & Millichap is pleased to present Kings Bay Crossing, a +/- 12,000 SF shopping center and 1,500 SF storage unit located on the signalized corner of E King Ave, 18,500 Vehicles Per Day (VPD), and N Grove Blvd. Situated on 1.51 acres, the center was built in 1990, and the storage unit in 2010. This property has three points of ingress/egress from E King Ave and N Grove Blvd. The center hosts ten local tenants in 1,200 SF suites and is priced significantly below the replacement cost for one of this size and quality at approximately $79/SF. The Base Rent/SF for this center is ~40% below market at $7.20/SF with substantial rent growth potential, providing an environment where a 11.65% cap rate is achievable in year 2 of ownership.
Within 5 miles of this property, there are 25,371 people, and the Kings Bay Naval Base is 7 miles away. The base’s population is over 9,000, which includes navy personnel, their family members, and civilians. The base serves as the east coast home of the Trident nuclear-powered submarine program, powered by state-of-the-art Atlantic Fleet’s Ballistic and Guided Missile Submarines.
Investment Highlights
- Base Rent/SF For Center is ~40% Below Market at $7.10/SF
- Pro-Forma Cap Rate at 12.80% With Market Rents
- Well Below Replacement Cost, Price/SF $79.17
- Vacant 1,500 SF Storage Unit Included
- Located Approximately 7 Miles from King's Bay Naval Base, Which Encompasses +/- 16,000 acres and Employs 9,000 Service Members
Exclusively Listed By
Broker of Record
Financing By
Listing Price: $950,000
Investment Highlights
- Base Rent/SF For Center is ~40% Below Market at $7.10/SF
- Pro-Forma Cap Rate at 12.80% With Market Rents
- Well Below Replacement Cost, Price/SF $79.17
- Vacant 1,500 SF Storage Unit Included
- Located Approximately 7 Miles from King's Bay Naval Base, Which Encompasses +/- 16,000 acres and Employs 9,000 Service Members
Investment Overview
Marcus & Millichap is pleased to present Kings Bay Crossing, a +/- 12,000 SF shopping center and 1,500 SF storage unit located on the signalized corner of E King Ave, 18,500 Vehicles Per Day (VPD), and N Grove Blvd. Situated on 1.51 acres, the center was built in 1990, and the storage unit in 2010. This property has three points of ingress/egress from E King Ave and N Grove Blvd. The center hosts ten local tenants in 1,200 SF suites and is priced significantly below the replacement cost for one of this size and quality at approximately $79/SF. The Base Rent/SF for this center is ~40% below market at $7.20/SF with substantial rent growth potential, providing an environment where a 11.65% cap rate is achievable in year 2 of ownership. Within 5 miles of this property, there are 25,371 people, and the Kings Bay Naval Base is 7 miles away. The base’s population is over 9,000, which includes navy personnel, their family members, and civilians. The base serves as the east coast home of the Trident nuclear-powered submarine program, powered by state-of-the-art Atlantic Fleet’s Ballistic and Guided Missile Submarines.