Northpark Village
US - Lubbock, TX
MYR 46,727,000 | 6,548 m²
Asset Description
241,283 SF Discount and Service Oriented Neighborhood center in Kokomo, IN. The center is 99% occupied - anchored by Ollie's Bargain Outlet and Vendor City and supported by Dollar Tree and Aaron's. Kokomo Plaza boasts low market rental rates and is located in a strong retail corridor.
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Attributes
Building area Gross
8,319 m²
Occupancy
100.00%
Year built
1988
Media
Investment Highlights
Below Market Rental Rates Allow for Mark to Market Opportunity
- Weighted Average In-Place Rents of $6.16 are at significant discount to market average
- Weighted Average Rent of $4.90/SF for box tenants greater than 10,000 SF are 43% Below Market
Tenancy Mix of Discount and Service Oriented Tenancy Fits Consumer Demographic Profile
- 64% of income is attributed to discount or dollar stores
- Supported by 36% blue collar workforce and $61,324 average household income in 3-mi radius
Strong Retail Fundamentals Within 3-miles
- Market retail rent of $12.28 grew 3% YoY, consistent with trailing 3-year average
- Retail vacancy of 3.2% sits 100 bps below national average, with no new to market product since 2020
Strategically Located at Main & Main Retail Location
- Located within 1-mile radius of Walmart, Target, Sam's Club, Meijer, Best Buy, FiveBelow, Burlington, and more, generating 8.6+mm annual visits
Attractive Basis Well Below Replacement Cost
Contact brokers
Kokomo Plaza (0 Properties)
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Last updated
19 May 2023
