Address: 8269 US Highway 431 North, Albertville, Alabama, United States 35950
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $86,529
Net Operating Income: $86,529
Lease Term Remaining: 20 Years
Rental Increases: 2.0% Annually Starting In Year Six
Options: Four, Five-Year Option Periods
Rentable Sq/Ft: 1,390 SF
Rent Sq/Ft: $62.25
Price Sq/Ft: $1038
Lot Size: +/-0.68 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Sonic Drive-In located in Albertville, Alabama. This property is subject to a brand new Triple-Net (NNN) lease that will commence at the close of escrow. The offering consists of 1,390 rentable square feet of building space and sits on approximately 0.68 acres of land. The current annual rent is $86,529 and is subject to 2.0% annual rental increases starting in year six, and continuing through the four (4), five (5)-year tenant renewal option periods.
This subject investment property is situated at 8269 US Highway 431 North in Albertville, Alabama. US Highway 431 North has an average daily traffic count of 34,000 vehicles. US Highway 431 North intersects with South Broad Street, which brings an average additional 10,000 vehicles, per day, into the immediate area There are approximately 20,257 people living within a three-mile radius of the subject property and 31,912 people living within a five-mile radius.
The subject property is well-positioned in a highly dense retail corridor consisting of shopping centers and national and local retail tenants, which are all situated in the immediate surrounding area. Major national tenants in the area include: Ross, T.J.Maxx, “Big-K” K-Mart, Hobby Lobby, Piggly Wiggly, Walgreens, KFC, Little Caesars, McDonald’s, Shoney’s, Bojangles’, Arby’s, Peoples’ Bank of Alabama, Huddle House, and Vantage Bank, as well as many other national and local retail and restaurant concepts. There are four schools within a two-mile radius of the subject property: Albertville Elementary School, Evans Elementary School, Big Spring Elementary School, and Albertville High School. Together, these schools have a total enrollment of over 3,200 students. Additionally, the Marshall Medical Center South is located approximately five miles southeast of the property. The facility features a state-of-the-art 204-bed acute care facility.
Albertville, Alabama is a city in Marshall County, and is included in the Huntsville-Decatur Combined Statistical Area. The city was incorporated in 1891, but its history is believed to date back to 1540, when Spanish explorer Hernando de Soto traversed the area. Albertville is home to the Mueller Company, which produces fire hydrants, thus the city holds the title of “Fire Hydrant Capital of the World.” Albertville is also home to poultry plants operated by Wayne Farms, Pilgrim’s Pride, and Tyson Foods. Mitchell Grocer Corporation, located in Albertville, is a wholesale grocery distribution center serving more than 200 independent supermarkets in the Southeast. In 2012, Newman Technology, a subsidiary of the Japanese company Sankei Giken Kogya Co., Ltd., and an auto parts manufacturer, broke ground on a plant in Albertville. This plant builds component parts for Honda, Acura, and Subaru. Over the last year the Albertville economy has seen an increase in jobs by over 2%, and the ten-year forecast is expected to reach 38.2% growth.
Broker of Record: Eddie Greenhalgh – License # 00008-8298