This multi-tenant retail center with State Farm anchor tenant (credit-rated) is located on high-traffic US Hwy. 331 in Luverne, AL. 2023 AADT of 12,695 VPD. The building is approximately 4,800 sq. ft. with four +- 1,200 sq. ft. retail suites (75% occupancy). Positioned across from Ramey's Marketplace and near AutoZone, Luverne Parks & Recreation, DG Market, McDonald's, Jack's, Roses and more. Diverse tenant mix: Suite 1 (Vape Shop) with a lease expiring 3/31/2027, Suite 2 (long-term anchor tenant State Farm) leased through 12/31/2032 with scheduled rent increase, and Suite 3 (Bill Henry's Wings) with a lease expiring 7/31/2026. Suite 4 is newly vacant and available for a new tenant at $1,250/mo or ideal for owner-user - previously occupied by Subway and Fountain Bar & Grill, with a new HVAC installed in 2024. This sale offers a proforma NOI of $47,875.70 at full occupancy and a 9.6% cap rate.
Luverne is located in Alabama. Luverne, Alabama has a population of 2,716. Luverne is less family-centric than the surrounding county with 24.87% of the households containing married families with children. The county average for households married with children is 26.7%.
The median household income in Luverne, Alabama is $49,148. The median household income for the surrounding county is $43,103 compared to the national median of $69,021. The median age of people living in Luverne is 41.9 years.
The average high temperature in July is 90.4 degrees, with an average low temperature in January of 33 degrees. The average rainfall is approximately 55.9 inches per year, with 0.1 inches of snow per year.
