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Shopping Strip

Kings Bay Crossing

801-805 E King Ave, Kingsland, GA 31548

Listing Price: $950,000

Cap Rate
7.91%
Gross SF
12,000
Rentable SF
12,000
Price/Gross SF
$79.17
Lot Size
1.51 acres
Year Built
1990

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

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s) GA: 252904

    Georgia

Financing By

Shopping Strip

Kings Bay Crossing

Listing Price: $950,000

Cap Rate
7.91%
Gross SF
12,000
Rentable SF
12,000
Price/Gross SF
$79.17
Lot Size
1.51 acres
Year Built
1990

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.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s): GA: 252904

    Georgia

Financing By

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