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3801 - 3815 Ross Clark Circle - Plaza North Shopping Center - Plaza North Shopping Center, Dothan, AL

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3801 - 3815 Ross Clark Circle - Plaza North Shopping Center - Plaza North Shopping Center

Dothan, AL 36303

(3.2 MB)

Property Type:Retail Sub Type:- Status:Existing Year Built:1981
Building Size:79,400 SF Land Area:7.57 AC (329,749 SF)
For Sale Price:$3,395,000 Price/SF:$42.76
Cap Rate:10.00 %
Parking:371 Surface spaces are available; Ratio of 4.67/1,000 SF



Sale Notes:
Plaza North provides an excellent opportunity for an investor to purchase a Neighborhood Center with stable, long-term tenants at an outstanding cap rate based on current income of 10%.

The center consists of seven units (5 occupied) and a six-bay auto repair facility occupied by Master Mechanix (which just exercised a 5-year option through August 2021). The five tenants are Burnham Shoes, Dothan Deal, Billiards, M&R Clothing, and Surplus Warehouse, which serves as anchor and occupies about half of the center. Surplus Warehouse (over 100 stores in 16 states) provides long-term stability to the center, as they have occupied the space since 1981 and will sign a long-term lease with the new owner.

Potential upside opportunities include increasing rents to market rate, leasing out the two vacant spaces (4,551 SF), and realizing the 10% rent escalation in Burnham' s lease next year.
Tenants benefit from prime location at the signalized intersection with Denton Road, large monument signage on Ross Clark Circle (26K VPD), and a recently rescaled and restriped parking lot. The center is also conveniently located less than a mile from Dothan Mall (636K GLA) and Northside Mall (358K GLA).

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

Michael Wess
(404) 876-1640 x150




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