100% Leased, Multi-Tenant Retail - Sale

Shopping Center for Sale
Catylist Listing ID: 30733752
Property Subtypes: Strip Center
Building Size (RSF): 4,200 SF
Gross Land Area: 0.53 Acres
Sale Price: $699,000
Unit Price: $166.43 PSF
Ceiling: 9 ft.
Property Use Type: Net Leased Investment (NNN)
Building Name: Cumberland Place
Usable Size (USF): 4,200 SF
Sale Terms: Cash to Seller
Cap Rate: 7.42%
Average Occupancy Rate: 100
Last Updated: 6/4/2021

Overview / Comments

Stirling Properties is pleased to present Cumberland Place as exclusive listing agents. 100% leased multi-tenant retail shopping center located on Cottage Hill Road near Schillinger Road in one of Mobile's highest income areas and heavily trafficked retail corridors of Mobile's suburbs. This attractive center is 100% leased and is well maintained. It offers upfront parking for tenants and their patrons, bright wide storefronts, pylon signage, and a great tenant mix. The roof is currently under warranty, all interiors have been renovated in the past 2 years, and all the HVAC have been replaced in the past 10 years. This center has enjoyed a proven track record of high interest and quick, painless leasing when turn over occurs.

*100% Leased, Multi-Tenant Retail
*Located on Cottage Hill Rd at Schillinger Rd
*Heavily Trafficked, High Income Area
*Triple Net Leases
*Nationally and Regionally Branded service tenants
*Pride of Ownership, Well Maintained
*Upside on renewals as rents have rose to $14 to $16/psf in the area for second generation space. Competition for space is high as market is tightening.

Current Tenants

Tenant Business Name Class 101
Industry Type Education Services
Is Renting? Yes
Year Founded 1997
Suite Number D
SF of Space Occupied 1,200 SF
Tenant Notes Class 101 is a National Franchise with over 49 locations and growing. Class 101 is a franchise that provides families with expert guidance in the college search, admissions, and financial aid process. Counselors help high school students identify their college goals as well as support them in the steps necessary to achieve those goals in the most cost-effective manner possible. Class 101 franchises have been assisting students with college coaching and planning for over 20 years. Their clients have received hundreds of millions of dollars in scholarship money. Additionally, their college advisors have helped place students in a majority of the top tier universities in the United States.
Tenant Business Name The 4 Queens
Industry Type Retail Trade
Employees Total 4
Employees at Location 2
Suite Number C
SF of Space Occupied 1,200 SF
Tenant Notes Popular family owned Women’s Clothing Boutique, consisting of a mother and her three daughters. The 4 Queen's. They always offer the newest trendy items!
Tenant Business Name Edward Jones
Industry Type Finance and Insurance
Is Renting? Yes
Employees Total 49,000
Employees at Location 3
Year Founded 2008
Suite Number B
SF of Space Occupied 1,200 SF
Tenant Notes Edward Jones is a national financial services firm with over 15,000 locations and more than 49,000 associates across the U.S. and Canada. With a total of $1.6 trillion in client assets under care, Edward Jones financial advisors help clients achieve their most important financial goals.
Tenant Business Name United Healthcare
Employees Total 1
Employees at Location 1
Year Founded 2012
Suite Number A
SF of Space Occupied 600 SF
Tenant Notes United Healthcare offers Medicare coverage for medical, prescription drugs, and other benefits like dental — and offer the only Medicare plans with the AARP name.

Additional Details

Nearest MSA: Mobile
County: Mobile
Taxing Authority: Mobile County Revenue Commission
Tax ID/APN: 33 03 06 3 000 033.049
Zoning: COUNTY
Retail Clientele: General, Family, Business
Property Located Between: Schillinger and Cody Rd
Property Visibility: Excellent
Largest Nearby Street: Schillinger Rd.
Feet of Frontage: 146
Traffic/Vehicle Count: 21,000
Airports: Mobile Municipal Airport
Site Description: Site is irregularly shaped with 146' feet of frontage, 229' length, and 88.5' in the rear. Building layout is on the back portion of lot, offering majority parking in the front with some employee parking in the rear. Entrance is shared with a popular veterinarian office, but properties are divided with a grass median, and there are no access or parking easements existing between the two. Building is a prefabricated, column built, metal building with a stucco style front façade. All storefronts are standard retail with storefront glass. Each space has its own utilities, except water which is on a house meter and paid through CAM.
Area Description: This area is in West Mobile and offers a dense housing demographic, high incomes, apartments, shopping centers, QSR's, Banks, Churches, Baseball parks and Medical all within a 1/4 mile of the property. The intersection of Cottage Hill and S Schillinger boast upwards of 50,000 cpd and the site has 23,738 CPD. Cottage Hill Road is a major E/W corridor stretching from Mid-Town Mobile to Mississippi. The area is experiencing growth in residential, restaurant, retail and service retail and has tightened to almost 100% occupancy. Rents are rising as a result with averages moving from $12 to $14/$16 psf.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 1,200 SF
Property Condition: Excellent
Year Built: 2000
Year Renovated: 2020
Roof Type: Other
Construction/Siding: Metal Siding, Stucco
Exterior Description: Prefabricated metal structure with Stucco Facade
Parking Ratio: 4 (per 1000 SF)
Parking Type: Surface
Parking Description: Asphalt parking loaded mainly to the front with some parking in rear of building.
Total Parking Spaces: 19
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: DSL, Satellite, Fiber Optic
Zoning Description: None - located in the County
Lot Frontage: 146
Lot Depth: 229
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Fee Simple
Legal Description: LOT 2 CUMBERLAND COMMERCIAL PARK UNIT THREE MBK 68 P 98 #SEC 06 T5S R2W #MP33 03 06 3 000

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,785 58,678 121,794
Median Age: 38.97 37.99 37.02
Households: 4,287 23,564 48,748

Contact

Photograph of Listing Agent

Angela McArthur

Stirling Properties Mobile Gulf Coast CMLS Member
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.