Listed by CBRE - Atlanta, CBRE Atlanta
$1,500,000
Verizon Wireless: Anniston, AL
Details
Property Type Retail
Sub Type Storefront
Square Footage 3,022
Cap Rate 8.08%
NOI $121,155
Occupancy 100%
Tenancy Single
Brand/Tenant Verizon Wireless
Lease Type NN+
Lease Term 15
Lease Expiration 05/31/2029
Remaining Term 2.9
Rent Bumps Yes
Lease Options Two, 5-Year Options
Price per SqFt $496
Year Built 2014
Acreage 0.640
Parking Spaces 22 spaces
Parking per 1,000 SqFt 7.28
Investment Type Net Lease
Lease Commencement 05/28/2014
Ground Lease No
Retail | 8.08% CAP | 3,022 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the 3,022-square-foot Verizon Wireless situated on 0.64 acres in Anniston, Alabama (MSA Population: 114,730). Originally built in 2014, the building features a sales showroom and a corporate training room used for local/regional meetings. Verizon recently exercised its first renewal option through May 2029, and the lease enjoys a corporate guaranty from Cellular Sales of Knoxville, Inc., 1.5% annual rent increases through the remainder of the term and 3.0% annual increases in the two, 5-year renewal options.
Investment highlights
- Excellent Access & Visibility: Verizon is positioned along Quintard Avenue (29,758 VPD), just north of downtown Anniston. Additionally, the property is 4.5 miles north of the on-ramp to I-20, which provides direct access to Birmingham (65 miles southwest) and Atlanta (92 miles east). The property is located amongst a concentration of freestanding retailers along Quintard Avenue including Jack’s, Burger King, KFC, Popeyes, McDonald’s, Arby’s, Pic N Save, Marathon and Family Dollar, among others.
- Dense Retail & Commercial Corridor: In total, there are 6.7 MSF of retail, 2.3 MSF of office, 5.8 MSF of industrial and 2,688 multifamily units within a 5-mile radius. Retailers with a presence in the area include Ollie’s Bargain Outlet, Ashley Store, Harbor Freight, O’Reilly Auto Parts, Mavis Tires & Brakes, Hyundai, Chevrolet, GMC, Chrysler, Dodge, Jeep, RAM and Fiat dealerships, among others. Furthermore, the site is just over 4 miles north of the Quintard Mall ( 388,797 SF). which is anchored by Dillard’s and JCPenney and is further tenanted by Hibbett Sports, Shoe Dept., Bath & Body Works, American Eagle, Kay Jewelers, Claire’s and Firestone, to name a few.
- 11 Miles to Anniston Army Depot: Anniston is home to the 1,500-acre Anniston Army Depot (ANAD)—a major U.S. Army facility specializing in the maintenance, repair and overhaul of ground combat vehicles, small arms and military equipment. The facility is one of the top employers in the greater Anniston- Oxford, AL metro area and boasts over 3,800 personnel and 3.5 MSF of maintenance and production space. Anniston Army Depot has a total economic impact of approximately $1 billion on the local economy, with a payroll of $245 million for depot employees alone. The depot is a major regional economic engine, with a plant and building replacement value of about $2.2 billion.
- Surrounded by Traffic Drivers: The property is proximate to several of the area’s traffic drivers including Regional Medical Center’s Springfellow Campus (<1 mile southeast; 125 beds), Anniston High School (1.0 mile southeast; 480 students), Anniston Country Club (1.7 miles southeast) and the Northeast Alabama Regional Medical Center (1.2 miles southeast; 323 beds), among others.
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$121,155.00
$10,096.25/mo
Valuation Metrics
0
DSCR
8.08%
Cap Rate
8.08%
ROI
Map
Zoning
SC MixedMixed UseSuburban Corridor
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