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DOM: 117 Updated: 04.30.24 Posted: 11.21.23 Status: Sold 03.18.24

Summary

Price $6,600,000 $6,600,000
Built/Renov 2007
Tenant Ashley Furniture
Cap Rate 10.00% 10.00%
Lease Type NN+
Guarantor Franchisee
Size/SF 40,004
Lease Start 10-01-2007
#Units 1
Price/SF $164.98 $164.98
Expiration 03-01-2026
Tenant Type General Retail
NOI $660,000
R. Term 0.9
Ownership Fee Simple
Rent/SF $16.50
Increases 8.0%/2/yrs
Pop 5Mi 59,139
Lot/AC 4.00
Options 3/5yrs/8%
AHHI 5Mi $65,793

Lease Highlights

  • Ashley Furniture has been operating in this location since 2007
  • The tenant has 2 years of firm term remaining with an additional 3 (5-year) option periods left to extend
  • The lease features 8% rental increases at the beginning of each option period
  • Favorable NN+ lease with landlord responsible for maintenance
  • Personal guaranteed lease

Location Description

Ashley Furniture is strategically located near the signalized, hard corner intersection of Lowery Parkway and Decatur Highway, averaging a combined 22,900+ vehicles passing by daily. The asset also benefits from direct access to Interstate 65 (105,100 VPD), making this a centralized location with direct access into Downtown Birmingham (8 miles). The property is ideally situated within a dense...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Ashley Furniture
  • Guarantor:Franchisee
  • Company:Red Mountain Retail, Inc.
  • # Units:1
  • Stock:Private

About Tenant

Ashley Furniture or Ashley HomeStore is one of the largest American home furnishing retailers and one of the world’s best-selling furniture store brands. The parent company, Ashley Furniture...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,761 21,452 58,807
2023 Total Population : 2,757 21,657 59,139
2023 Employed Civilian Pop : 1,520 9,878 25,421
2023 Total Businesses : 180 704 2,035
2023 Average Household Income : $ 71,327 $ 68,390 $ 65,793
2023 Total Consumer Spending : $ 76 M $ 531 M $ 1386 M
2023 Median Age : 36 38 40
2023 Total Households : 1,233 8,880 24,122
2023 Pop Age 25+: Bachelor's Degree : 339 1,900 5,757
2023 Average Home Value : $ 201,259 $ 187,171 $ 197,542
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Decatur Hwy Central Ave 2011 21,167 0.35 mi
Decatur Highway Whaley Rd 2021 22,946 0.38 mi
I- 65 2021 7,320 0.47 mi
Walker Chapel Rd 2021 1,612 0.51 mi
Decatur Hwy Costner Dr 2002 15,370 0.53 mi
Walker Chapel Road Stouts Rd 2021 21,038 0.61 mi
Walker Chapel Road I- 65 2021 9,534 0.63 mi
Old Walker Chapel Rd Cody Cir 2001 14,500 0.63 mi
Decatur Hwy Stouts Rd 2000 16,500 0.65 mi
Stoney Brooke Ln 2021 5,091 0.70 mi

Listing Broker

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