Shopping Community

Poplar Plaza

4922 Poplar Level Rd, Louisville, KY 40219

Listing Price: $3,990,000

Cap Rate
8.75%
Gross SF
66,486
Rentable SF
66,486
Price/Gross SF
$60.01
Lot Size
5.74 acres
Year Built
1969

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire Poplar Plaza, a 66,486-square foot neighborhood shopping center located in Louisville Kentucky. Poplar Plaza is anchored by Family Dollar and Advance Auto Parts and is 91.4% occupied. Built in 1969, the property sits on a 5.74-acre piece of real estate along one of Louisville’s most popular roads, Kentucky Route 864 also known as Poplar Level Road. Poplar Level Road is a north and south thoroughfare that runs from the Jefferson Mall, a regional indoor shopping mall and connects to Interstate 264. The property is in the growing South-Central submarket of Louisville and near a very dense residential, commercial and industrial submarket of Louisville. Eleven Oaks Apartment Complex sits directly behind the neighborhood center and has nearly 240 units. Additionally, there are nearly 70,000 people within a three-mile radius of the property and the Whitner neighborhood is one of the densest industrial submarkets in the area with over 7 million square feet of industrial space. Poplar Plaza is also only fifteen minutes away from downtown Louisville and just four miles away from the Watterson Expressway, which serves as the main road for east-west travel throughout Louisville. Family Dollar and Advance Auto Parts have been at this location for over a decade and recently extended their leases for five years, showing strong commitment to the location. Other tenants in the center have shown their ability to withstand hard times; during the pandemic, every tenant paid their rent in full and on time. Given the fact that Poplar Plaza is in a growing submarket of Louisville and has tenants able to pay rent during difficult times, Poplar Plaza offers an incoming investor the opportunity to capitalize on rental rate and vacancy upside while having a sense of “safety” as all tenants have been paying rent during the pandemic.

Investment Highlights

  • Four Tenants On NNN Leases, Allowing Future Upside Of Converting Remaining Spaces To NNN Leases
  • Strong Credit Tenant Anchored Shopping Center With Strong Historical Occupancy
  • Advance Auto Parts In First Of Three 5-year Renewal Options
  • Family Dollar Entering 5-year Renewal Term In January Of 2021 Need Based Retailers With A Synergistic Tenant Mix
  • No Missed Or Late Rent Payments During COVID Pandemic (February-Present)
  • Within Walking Distance Of Eleven Oaks Apartments, A Newly Developed Apartment Complex With 240 Units
  • Five Miles From Louisville International Airport And Less Than Seven Miles From Downtown Louisville

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

Shopping Community

Poplar Plaza

Listing Price: $3,990,000

Cap Rate
8.75%
Gross SF
66,486
Rentable SF
66,486
Price/Gross SF
$60.01
Lot Size
5.74 acres
Year Built
1969

Investment Highlights

  • Four Tenants On NNN Leases, Allowing Future Upside Of Converting Remaining Spaces To NNN Leases
  • Strong Credit Tenant Anchored Shopping Center With Strong Historical Occupancy
  • Advance Auto Parts In First Of Three 5-year Renewal Options
  • Family Dollar Entering 5-year Renewal Term In January Of 2021 Need Based Retailers With A Synergistic Tenant Mix
  • No Missed Or Late Rent Payments During COVID Pandemic (February-Present)
  • Within Walking Distance Of Eleven Oaks Apartments, A Newly Developed Apartment Complex With 240 Units
  • Five Miles From Louisville International Airport And Less Than Seven Miles From Downtown Louisville

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire Poplar Plaza, a 66,486-square foot neighborhood shopping center located in Louisville Kentucky. Poplar Plaza is anchored by Family Dollar and Advance Auto Parts and is 91.4% occupied. Built in 1969, the property sits on a 5.74-acre piece of real estate along one of Louisville’s most popular roads, Kentucky Route 864 also known as Poplar Level Road. Poplar Level Road is a north and south thoroughfare that runs from the Jefferson Mall, a regional indoor shopping mall and connects to Interstate 264. The property is in the growing South-Central submarket of Louisville and near a very dense residential, commercial and industrial submarket of Louisville. Eleven Oaks Apartment Complex sits directly behind the neighborhood center and has nearly 240 units. Additionally, there are nearly 70,000 people within a three-mile radius of the property and the Whitner neighborhood is one of the densest industrial submarkets in the area with over 7 million square feet of industrial space. Poplar Plaza is also only fifteen minutes away from downtown Louisville and just four miles away from the Watterson Expressway, which serves as the main road for east-west travel throughout Louisville. Family Dollar and Advance Auto Parts have been at this location for over a decade and recently extended their leases for five years, showing strong commitment to the location. Other tenants in the center have shown their ability to withstand hard times; during the pandemic, every tenant paid their rent in full and on time. Given the fact that Poplar Plaza is in a growing submarket of Louisville and has tenants able to pay rent during difficult times, Poplar Plaza offers an incoming investor the opportunity to capitalize on rental rate and vacancy upside while having a sense of “safety” as all tenants have been paying rent during the pandemic.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

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