Fully Leased NOI: $98,537
Fully Leased Cap Rate: 11.6%
Fort Benning Road Plaza and the Pinewood Apartments are an excellent opportunity for an investor to acquire an attractive multi-tenant shopping center and an adjacent apartment complex, and an additional 1,500 square foot free standing building. The shopping center and apartments were built in 1970, has a gross leasable area of 12,344 square feet, and is situated on 0.86 acres, and is zoned "GC" - General Commercial Zoning District.
Apartments 1-10 have been completely renovated, including new paint, flooring, fixtures, and lighting (in 2023). The shopping center has new gutters and has been painted inside and out. Additionally, the center has been thoroughly inspected and repairs have been completed (also in 2023). NOTE: the awning of the shopping center was damaged during a storm; however, repairs have been called in and will be completed in a timely manner.
The property has excellent road visibility on Fort Benning Road with over 11,000 vehicles passing per day. It benefits from easy access to I-185 and is directly across the street from Spencer High School. Fort Benning Road Plaza benefits from the density of the surrounding residential real estate and national retail. This investment opportunity offers exceptional value-add potential in leasing Suite F, vacant building, and vacant apartment units, totaling 3,358 square feet.