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401 - 407 George Wallace Drive - Riverview Plaza, Gadsden, AL

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401 - 407 George Wallace Drive - Riverview Plaza

Gadsden, AL 35903-2282 - Etowah County Submarket


Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:1990
Building Size:148,860 SF Land Area:16 AC (696,960 SF)
For Sale Price:$9,000,000 Price/SF:$60.46
Cap Rate:8.52 %
Parking:Free Surface spaces are available; Ratio of 6.39/1,000 SF Anchor Tenants:Dollar Tree, Tuesday Morning
Features:Pylon Sign



Sale Notes:
NATIONAL CORPORATE TENANTS
Riverview Plaza is a 148,860 SF shopping center on 15.55 acres leased to national tenants including Harbor Freight Tools, CATO, Dollar Tree, Aarons, Tuesday Morning, and Bargain Hunt.

SEASONED TENANTS AND LEASING MOMENTUM
Riverview has enjoyed a stable tenant mix with 40% of the Tenants in Occupancy for 10+ Years. In the past 6 months Harbor Freight and Express Steakhouse have signed new leases creating strong momentum.

STRONG RETURN PLUS UPSIDE
Priced at an 8.52% CAP on in place income, the property offers a strong return as-is. There is currently 12,600 SF of leasable shop space available. Leasing these shops at $8/SF will yield an investor a 10% CAP and 17% return. There is also 28,159 SF of contiguous Back Space that is not included in the numbers.

ATTRACTIVE 2007 RENOVATION
The center was renovated in 2007 and features attractive brick and block construction with updated facades and roof.

STRATEGIC LOCATION
Riverview is strategically located along the high traffic George Wallace Drive (21,500 VPD) off State Route 759 (27,210 VPD) in the heart of Gadsden. The center is adjacent to Gadsden Mall (500,000 SF), Academy Sports, and Lowes Home Improvement.

DENSE POPULATION
This location boasts a 5 Mile population of nearly 50,000+.

GADSDEN, AL
Gadsden is the largest city and county seat of Etowah County. Etowah county is one of the most densely populated in the state. The Gadsden MSA is home to 100,000 people and the trade area is over 470,000 people. Home to Goodyear Tire Manufacturing and eight other automotive suppliers, Gadsden plays a vital role in the Alabama Automotive Corridor.

Marcus & Millichap Inc
Whitney Crowley
(678) 808-2700

Don McMinn
(678) 808-2762

Zach Taylor
(678) 808-2700 x2780




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