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Shopping Strip

Philadelphia Center

200 S Lewis Ave, Philadelphia, MS 39350

Listing Price: $1,284,000

Cap Rate
7.50%
Gross SF
10,882
Rentable SF
10,882
Price/Gross SF
$117.99
Lot Size
1.15 acres
Year Built
2003

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a 100 percent occupied, 10,882-square-foot retail center located in Philadelphia, Mississippi. Anchored by Advance Auto Parts, other tenants consist of Nail One and American Deli. Advance Auto Parts, which comprises 64 percent of the gross leasable area, has a triple-net lease and has ten years remaining on the term. The remaining tenants are on gross leases. All leases have options for renewal remaining. Originally constructed in 2003, the building is situated on a 1.15-acre parcel with a highly visible pylon sign for Advance Auto Parts. Philadelphia Center is uniquely positioned between West Beacon Street and Main Street, both two-lane, one-way roads that are part of a major east-west thoroughfare in the city. The property benefits from two signalized hard corners on South Lewis Avenue at the intersections with West Beacon Street and Main Street. Philadelphia Center is easily accessible from multiple ingress and egress points, and cumulative traffic counts exceed 28,160 vehicles per day. Neighboring retailers include Walmart Supercenter, Dollar Tree, GameStop, O’Reilly Auto Parts, Cricket Wireless, Walgreens, Wendy’s, Taco Bell, Little Caesars Pizza, Sonic Drive-In, Hardee’s, Popeyes Louisiana Kitchen, AutoZone Auto Parts, Huddle House, Sherwin-Williams, and others. The school campuses for Neshoba Central Elementary, Middle School, and High School are located two and one-half miles southeast of the subject property.

Investment Highlights

  • 10,882-Square-Foot, Three-Tenant Retail Center
  • 100% Occupied | 64% of the Gross Leasable Area has Triple-Net Terms
  • Anchored by Advance Auto Parts | Publicly Traded on the New York Stock Exchange (AAP) | Long-Term Lease Since 2004 | Recently Exercised an Early Extension, Providing 10 Years Remaining on the Term
  • Nail One and American Deli Have Gross Leases | Future Upside Potential in Converting to Triple-Net Leases
  • Enjoys Two Signalized Hard Corners on South Lewis Avenue at the Intersections of West Beacon Street and West Main Street | Easily Accessible from Multiple Ingress and Egress Points

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Associate

    (901) 620-3600

    License(s) MS: 15586

    Mississippi

Listing Price: $1,284,000

Cap Rate
7.50%
Gross SF
10,882
Rentable SF
10,882
Price/Gross SF
$117.99
Lot Size
1.15 acres
Year Built
2003

Investment Highlights

  • 10,882-Square-Foot, Three-Tenant Retail Center
  • 100% Occupied | 64% of the Gross Leasable Area has Triple-Net Terms
  • Anchored by Advance Auto Parts | Publicly Traded on the New York Stock Exchange (AAP) | Long-Term Lease Since 2004 | Recently Exercised an Early Extension, Providing 10 Years Remaining on the Term
  • Nail One and American Deli Have Gross Leases | Future Upside Potential in Converting to Triple-Net Leases
  • Enjoys Two Signalized Hard Corners on South Lewis Avenue at the Intersections of West Beacon Street and West Main Street | Easily Accessible from Multiple Ingress and Egress Points

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a 100 percent occupied, 10,882-square-foot retail center located in Philadelphia, Mississippi. Anchored by Advance Auto Parts, other tenants consist of Nail One and American Deli. Advance Auto Parts, which comprises 64 percent of the gross leasable area, has a triple-net lease and has ten years remaining on the term. The remaining tenants are on gross leases. All leases have options for renewal remaining. Originally constructed in 2003, the building is situated on a 1.15-acre parcel with a highly visible pylon sign for Advance Auto Parts. Philadelphia Center is uniquely positioned between West Beacon Street and Main Street, both two-lane, one-way roads that are part of a major east-west thoroughfare in the city. The property benefits from two signalized hard corners on South Lewis Avenue at the intersections with West Beacon Street and Main Street. Philadelphia Center is easily accessible from multiple ingress and egress points, and cumulative traffic counts exceed 28,160 vehicles per day. Neighboring retailers include Walmart Supercenter, Dollar Tree, GameStop, O’Reilly Auto Parts, Cricket Wireless, Walgreens, Wendy’s, Taco Bell, Little Caesars Pizza, Sonic Drive-In, Hardee’s, Popeyes Louisiana Kitchen, AutoZone Auto Parts, Huddle House, Sherwin-Williams, and others. The school campuses for Neshoba Central Elementary, Middle School, and High School are located two and one-half miles southeast of the subject property.

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Associate

    (901) 620-3600

    License(s): MS: 15586

    Mississippi

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