Fort Benning Road Plaza & Pinewood Apartments | 931 Fort Benning Rd
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Fort Benning Road Plaza & Pinewood Apartments 931 Fort Benning Rd
12,344 SF 73% Leased Retail Building Columbus, GA 31903 £665,083 (£54/SF) 7.51% Net Initial Yield
Investment Highlights
- Upside with leasing efforts and increasing the rents
- Low price point at only $850,000
- Shopping center along with 11 small apartments and an additional building
- Massive high school across the street
Executive Summary
Fully Leased NOI: $98,537
Fully Leased Cap Rate: 11.6%
Fort Benning Road Plaza and the Pinewood Apartments are an excellent opportunity for an investor to acquire an attractive multi-tenant shopping center and an adjacent apartment complex, and an additional 1,500 square foot free standing building. The shopping center and apartments were built in 1970, has a gross leasable area of 12,344 square feet, and is situated on 0.86 acres, and is zoned "GC" - General Commercial Zoning District.
Apartments 1-10 have been completely renovated, including new paint, flooring, fixtures, and lighting (in 2023). The shopping center has new gutters and has been painted inside and out. Additionally, the center has been thoroughly inspected and repairs have been completed (also in 2023). NOTE: the awning of the shopping center was damaged during a storm; however, repairs have been called in and will be completed in a timely manner.
The property has excellent road visibility on Fort Benning Road with over 11,000 vehicles passing per day. It benefits from easy access to I-185 and is directly across the street from Spencer High School. Fort Benning Road Plaza benefits from the density of the surrounding residential real estate and national retail. This investment opportunity offers exceptional value-add potential in leasing Suite F, vacant building, and vacant apartment units, totaling 3,358 square feet.
Fully Leased Cap Rate: 11.6%
Fort Benning Road Plaza and the Pinewood Apartments are an excellent opportunity for an investor to acquire an attractive multi-tenant shopping center and an adjacent apartment complex, and an additional 1,500 square foot free standing building. The shopping center and apartments were built in 1970, has a gross leasable area of 12,344 square feet, and is situated on 0.86 acres, and is zoned "GC" - General Commercial Zoning District.
Apartments 1-10 have been completely renovated, including new paint, flooring, fixtures, and lighting (in 2023). The shopping center has new gutters and has been painted inside and out. Additionally, the center has been thoroughly inspected and repairs have been completed (also in 2023). NOTE: the awning of the shopping center was damaged during a storm; however, repairs have been called in and will be completed in a timely manner.
The property has excellent road visibility on Fort Benning Road with over 11,000 vehicles passing per day. It benefits from easy access to I-185 and is directly across the street from Spencer High School. Fort Benning Road Plaza benefits from the density of the surrounding residential real estate and national retail. This investment opportunity offers exceptional value-add potential in leasing Suite F, vacant building, and vacant apartment units, totaling 3,358 square feet.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
12,344 SF
Building Class
C
Year Built/Renovated
1970/2023
Price
£665,083
Price Per SF
£54
Net Initial Yield
7.51%
NOI
£49,978
Percent Leased
73%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.33
Lot Size
0.86 AC
Opportunity Zone
Yes
Zoning
GC - General Commercial Zoning District
Frontage
250 ft on Fort Benning Road
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 064-030-022 | Improvements Assessment | £28,982 |
| Land Assessment | £13,772 | Total Assessment | £42,754 |
PROPERTY TAXES
Parcel Number
064-030-022
Land Assessment
£13,772
Improvements Assessment
£28,982
Total Assessment
£42,754
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Fort Benning Road Plaza & Pinewood Apartments | 931 Fort Benning Rd
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