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Shopping Strip

Henderson Commons

735 N Main St, Alpharetta, GA 30009

Listing Price: $10,400,000

Cap Rate
5.30%
Gross SF
32,990
Rentable SF
32,884
Price/Gross SF
$315.25
Lot Size
7.10 acres
Year Built
2008

Investment Overview

Henderson Commons is a 32,884 square foot retail center on 7.1 acres located on Highway 9 (North Main Street) in the city of Alpharetta, GA. This investment opportunity represents a unique value add component with the ability to not only improve on the currently low rental basis but also to complete ground-up development for two street-grade level pad sites with frontage on Highway 9. The current conceptual site plan shows a 7,000 square foot inline retail building + additional 4,200 square foot freestanding retail building with drive through use zoning permitted by the city. The rental market in the immediate area has seen significant demand among retailers especially for new and build to suit projects with some ranging $40/sf + for shop space retail. The current tenant rent profile of Henderson Commons is among some of the lowest rental comps in the area. The center was constructed in 2008 with full interior build out completed in 2020. Over $500k+ has recently been invested in unit finish, exterior enhancements and HVAC install.

Investment Highlights

  • Phenomenal Value Add Opportunity | 32,884 Square Foot Retail Center at 96% Occupancy on 7.1 Acres
  • Below Market Rent | Subject Property Average is $16/Square Foot | Comparable Retail Rent in Immediate Area Ranges from High $20-$40/Square Foot
  • Prime Land Included | 2.5 +/- Acres of Pad-Ready Land with Street Level Visibility and Frontage | Conceptual Site Plan Allows for 7,000 SF of Inline Retail + 4,200 SF Retail w/Drive Through Use Permit
  • Newer Construction | Exterior Shell of Building Completed in 2008 - Final Buildout Finished in 2020 | New HVAC Units Installed | All Brick Construction
  • Desirable North Atlanta Submarket | Alpharetta Features High-Growth and High Income Demographics
  • Excellent Location | Frontage Along Recently Expanded Highway 9 Has Improved Center Access With Dedicated Turn Lane and Multiple Points of Ingress/Egress

Exclusively Listed By

Listing Price: $10,400,000

Cap Rate
5.30%
Gross SF
32,990
Rentable SF
32,884
Price/Gross SF
$315.25
Lot Size
7.10 acres
Year Built
2008

Investment Highlights

  • Phenomenal Value Add Opportunity | 32,884 Square Foot Retail Center at 96% Occupancy on 7.1 Acres
  • Below Market Rent | Subject Property Average is $16/Square Foot | Comparable Retail Rent in Immediate Area Ranges from High $20-$40/Square Foot
  • Prime Land Included | 2.5 +/- Acres of Pad-Ready Land with Street Level Visibility and Frontage | Conceptual Site Plan Allows for 7,000 SF of Inline Retail + 4,200 SF Retail w/Drive Through Use Permit
  • Newer Construction | Exterior Shell of Building Completed in 2008 - Final Buildout Finished in 2020 | New HVAC Units Installed | All Brick Construction
  • Desirable North Atlanta Submarket | Alpharetta Features High-Growth and High Income Demographics
  • Excellent Location | Frontage Along Recently Expanded Highway 9 Has Improved Center Access With Dedicated Turn Lane and Multiple Points of Ingress/Egress

Investment Overview

Henderson Commons is a 32,884 square foot retail center on 7.1 acres located on Highway 9 (North Main Street) in the city of Alpharetta, GA. This investment opportunity represents a unique value add component with the ability to not only improve on the currently low rental basis but also to complete ground-up development for two street-grade level pad sites with frontage on Highway 9. The current conceptual site plan shows a 7,000 square foot inline retail building + additional 4,200 square foot freestanding retail building with drive through use zoning permitted by the city. The rental market in the immediate area has seen significant demand among retailers especially for new and build to suit projects with some ranging $40/sf + for shop space retail. The current tenant rent profile of Henderson Commons is among some of the lowest rental comps in the area. The center was constructed in 2008 with full interior build out completed in 2020. Over $500k+ has recently been invested in unit finish, exterior enhancements and HVAC install.

Exclusively Listed By

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