Greenville Plaza
Retail | 11.94% CAP | 99,700 SqFt
Investment highlights
CORE PLUS WITH MODERATE VALUE-ADD
1. Attractive Basis: Priced significantly below replacement cost at $16 per SF
2. Immediate Leasing Upside: Opportunity to lease up existing 4,000 SF of
vacancy potentially adding $46,000 of NOI.
3. Lease Structure Conversion: As leases roll or tenants leave, this presents a
new owner the opportunity to convert gross leases to NNN, which would add
roughly $70,822 to the bottom line.
4. Below-Market Rents: Tenants are currently leasing at below market rents,
with smaller spaces (2,000-5,000 SF) leasing for approximately $3.50/SF
below market, and larger spaces (40,000+ SF) below market by $2-$3 / SF.
This presents opportunity for value-add investors to increase returns through
rent growth, while still offering attractive lease rates for investors focused on
stable cash flow.
5. Lease Rollover and Repositioning: Lisa’s General Store occupies 40% of the
GLA with their lease expiring in 2027, offering value-add potential through
lease restructuring, re-tenanting, or owner-user repositioning.
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