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Harps 201 Highway 412 W

38,640 SF Retail Building Siloam Springs, AR 72761 £1,773,054 (£46/SF) 6.50% Net Initial Yield

Investment Highlights

  • 100% leased to Harps Food Stores Inc. (NNN)
  • Building Size: 36,783 +/- SF
  • Located along US HWY 412 W (30,000 VPD)
  • Renewed Lease Term: March 2025 - February 2030
  • Cap Rate: 6.5%

Executive Summary

Investment opportunity with renewed NNN lease. 100% leased to Harps Food Stores Inc.

Property Facts Under Contract

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Supermarket
Building Size
38,640 SF
Building Class
B
Year Built/Renovated
1994/2010
Price
£1,773,054
Price Per SF
£46
Net Initial Yield
6.50%
NOI
£115,248
Tenancy
Single
Number of Floors
1
Building FAR
0.32
Lot Size
2.81 AC
Zoning
C - Grocery
Parking
125 Spaces (3.23 Spaces per 1,000 SF Leased)
Frontage
346 ft on U.S. 412

Amenities

  • Freeway Visibility
  • Pylon Sign
  • Drive Thru
  • Air Conditioning

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Retailer
  • 36,783 SF
  • -
  • NNN
  • -

Harvard and Floy Harp founded Harps in 1930. They started the first store with $500 in cash that Harvard had saved while working in the citrus industry in California. The first store was Harps Cash Grocery and was located in Springdale, AR. Over the next 34 years they remodeled, expanded, and moved to bigger buildings as their business continued to grow. Harps is a hometown grocer. When customers are there, they'll always be treated like a neighbor, because that's exactly what they are. Hometown is as much about values as it is convenience. In 2001, the Company did a leveraged buy-out with the Employee Stock Ownership Plan (ESOP) purchasing outstanding stock from the family and management. Harps is the largest employee-owned company headquartered in Arkansas and the 16th largest in the United States. In 2022, Newsweek Magazine ranked Harps Food Stores the 3rd best supermarket retailer in the nation based on their consumer poll.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Retailer 36,783 SF - NNN -

Nearby Major Retailers

Rent-A-Center
Anytime Fitness
Mazzio's
Walmart Neighborhood Market
Arvest Bank

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 03-00255-000
  • 03-00260-000
  • 03-00266-000
Land Assessment
£85,973
Improvements Assessment
£290,708
Total Assessment
£376,681
  • Listing ID: 33140979

  • Date on Market: 11/09/2024

  • Last Updated:

  • Address: 201 Highway 412 W, Siloam Springs, AR 72761

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