Melody Mountain Strip Center
Retail | 7.00% CAP | 16,000 SqFt
Marketing description
CBRE is proud to offer for sale the fee simple interest in the Melody Mountain Strip Center located in Ashland, Kentucky. Melody Mountain Strip Center offers a purchaser the opportunity to acquire a dominant “core,” high quality, modernly constructed strip center in a high barrier to enter market within Ashland, Kentucky.
Ashland is located in the foothills of the Appalachian Mountains. The city functions as the dominant financial, medical, retail, entertainment, and government sector of northeastern Kentucky. Ashland is part of the Ashland-Huntington-Ironton metropolitan area, which has a population of 369,671. Ashland is the regional trade area for the MSA, the largest city within Boyd County, and the fifth-largest city in the State of Kentucky. While the area has historically been known as a manufacturing and transportation hub, Ashland has also transformed itself into a leading provider of healthcare services for the tri-state region. Ashland’s convenient access to world-class healthcare facilities, sophisticated transportation infrastructure, nationally recognized schools, low cost of living, and abundance of employment opportunities ensure the city’s positive population and income growth into the future.
Ashland is home to over 1.5 million square feet of retail shopping center space. Melody Mountain, the newest development in the area, is currently 100% occupied. Overall, the market vacancy rate is 2.8% across 11 properties, including the Ashland Town Center Mall.
Investment highlights
Melody Mountain was constructed atop a mountain and is located directly adjacent to the Ashland Town Center, a 1.1 million square foot Washington Prime Group-owned mall. While in development, over 1.1 million cubic yards of rock was removed to develop the power center, making the development extremely costly to duplicate.
+
Fresenius and Verizon, which comprise over 81% of the center’s GLA and 83% of the gross revenue, are original tenants at the center from its original construction date. Shogun opened in 2013 and has been operating at the center for twelve years, providing long-term security and success at this location. In addition, Verizon just exercised their five year renewal and Fresenius renewed two years early and extended their term an additional five years to 2032.
+
Demographics are strong, including over 4,212, 33,193, and 62,914 within a one, three, and five-mile radius. Additionally, the average household incomes within the same radius are $52,361, $73,768 $77,014.
+
The Melody Mountain Walmart Supercenter is the top local location in visits and sales and ranks in the 93rd and 95th percentile nationally and in the State of Kentucky, respectively. Additionally, the neighboring single-tenant Chick-fil-A ranks in the 91st and 87th percentile nationally and in the State of Kentucky.
+
With Shogun expiring in 2028 without any additional renewal options, there is a mark-to-market opportunity on their current $17/SF base rent and ability to convert additional upside in the short term.
+
The roof was replaced in February 2025 and has a 20-year warranty and the parking lot was repaved in June 2025. In addition, all of the tenants are responsible for the repair and replacement of their HVAC; thus, limiting any capital expenditures to the owner.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
