For Sale
$2,417,000

188 Starlyn AveNew Albany, MS 38652

High-yield NNN shopping center, 100% occupied.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional Class A, 8,941 square-foot shopping center in New Albany, Mississippi, presents a compelling investment opportunity. Boasting a 100% occupancy rate with four tenants, each under a new NNN lease signed in early 2023, this property offers a stable and predictable income stream. The 2017-built plaza features a 7.1-year weighted average lease term (WALT) with built-in rent bumps, providing future revenue growth. Situated on a 0.78-acre lot at 188 Starlyn Ave, New Albany, MS 38652, this prime location benefits from high visibility just off Interstate 22, exit 61, and enjoys proximity to major retailers including Walmart, Lowe's, and Baptist Memorial Hospital - Union County. The pro-forma net operating income (NOI) is $157,125, yielding a 6.50% cap rate at the asking price of $2,417,000 ($270.33/sq ft). The property's strong tenant mix, including urgent care and dental end caps, ensures consistent demand and long-term value. The leases include personal guarantees, further mitigating risk. This is a rare opportunity to acquire a high-performing, multi-tenant shopping center in a thriving Mississippi market. The property consists of one single-story building.

Highlights

  • 100% occupied shopping center with new, triple-net (NNN) leases.
  • Recently constructed (2017) with urgent care and dental anchor tenants.
  • High-traffic corner location near I-22 Exit 61, offering excellent visibility from Highway 30, situated in a densely populated area with strong national tenants and proximity to Baptist Hospital.
  • 7.1-year weighted average lease term (WALT) featuring replaceable rent rates and personal guarantees.

Property Details for 188 Starlyn Ave

Property type
Lifestyle centers, Power centers
Square Feet
8,941 SF
Class
A
Year Built
2017
Buildings
1
Stories
1
Lot Size (sq. ft)
33,977 SF
Units
4

Location Insight

City
New Albany
County
Union
State
Mississippi
Latitude
34.4958409
Longitude
-89.0359466
188 Starlyn Ave, New Albany, Mississippi

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188 Starlyn Ave
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