Listed by Matthews
$800,000
Two-Tenant Strip Center
Details
Property Type Retail
Sub Type Storefront, Shopping Center
Square Footage 16,020
Cap Rate 7.50%
Tenancy Multi
Lease Type NN
Lease Expiration 05/31/2029
Rent Bumps Yes
Year Built 1985
Lot Size (SqFt) 67,518
Investment Type Value Add
Ground Lease No
Ownership Fee Simple
Retail | 7.50% CAP | 16,020 SqFt
Investment highlights
- Well-Trafficked Signalized Hard Corner Parcel - The property benefits from steady traffic patterns (+/-12,000 VPD) at the Tebeau St and State St signalized hard corner, supporting tenant visibility and long-term leasing viability.
- Value-Add Potential - Opportunity exists to enhance NOI through lease-up of vacancy, mark-to-market rent adjustments, or re-tenanting with stronger operators.
- Service-Oriented Tenant Demand - The surrounding area supports a mix of necessity-based and service-oriented retailers, which are generally more resistant to e-commerce disruption and drive consistent daily traffic. Additionally, there is a concentration of small scale medical practices in the local area driving additional traffic.
- Limited Retail Competition in a Smaller Market - Waycross serves as the primary retail & thoroughfare hub for Ware County and surrounding rural communities, creating a captive consumer base with minimal competing retail corridors.
- Proximity to Regional Retail Drivers - The asset benefits from its location within the broader Waycross retail ecosystem, including nearby regional shopping destinations that draw consumers from a wide radius.
- Consistent Demand from Local and Regional Tenants - Strip centers in markets like Waycross typically attract stable local and regional operators, often resulting in longer tenancy durations due to limited alternative space.
Listing Contacts
Listed by Matthews
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Zoning
C2 CommercialSpecial CommercialHighway Commercial
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