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1000 W Main Street - West Main Plaza - Porter Square, Dothan, AL

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DetailMap
1000 W Main Street - West Main Plaza - Porter Square

Dothan, AL 36301-1447

(1.6 MB)

Property Type:Retail Sub Type:Storefront Retail/Office Status:Existing Year Built:1995
Building Size:71,106 SF Land Area:5.5 AC (239,580 SF)
For Sale Price:$1,895,000 Price/SF:$26.65
Cap Rate:4.25 %
Parking:192 Surface spaces are available; Ratio of 2.7/1,000 SF Anchor Tenants:Dollar General



Sale Notes:
Pro Forma NOI - $250,000
Pro Forma Cap Rate - 13.19%

Porter Square provides an excellent opportunity for an investor or user to acquire a value-add center with 71,106 GLA for less than $27 per foot. Located less than a mile west of downtown Dothan on Main Street, Porter Square sits on 5.5 acres and is the centerpiece of what was formerly Porter Square Mall, which has been divided into three separate parcels that are individually owned. Anchored by Citi Trends, Porter Square is comprised of a mix of retail (42%) and office (58%) which provides huge potential upside in income given leasing efforts. This mix of space also provides an excellent opportunity for redevelopment given the current layout of the structure and large size of the parcel.

Citi Trends (over 500 stores in 31 states) provides a consistent flow of traffic to the center, and confirmed its commitment to the site by recently executing a 5-year extension of its lease. The left portion of Porter Square Mall (different ownership) is occupied by Dollar General, Shur-Valu Foods, and Builders Lighting & Appliance, which, in addition to Citi Trends, drives traffic into the center. The right portion of the mall (also different ownership) is vacant.

Bull Realty Inc.
Michael Bull
(404) 876-1640 x101

Michael Wess
(404) 876-1640 x150




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