Mattress Firm
Closed2255 Memorial Dr, Waycross, GA 31501
Property type
Retail
Unit / Space count
1
Price
$1,546,560
Building size
5,031 sf
Rentable area
5,031 SF
Year built
2016
Year renovated
Occupancy
Zoning code
Lot size
0.52 Acres
Sold/status
Sold · Date unknown
Sale price
$1546560
CAP
8.09%
Net Operating Income
$125,056
Property description
Franklin Street is pleased to present this single tenant Mattress Firm location in Waycross, Georgia. Waycross is located in Southeast Georgia, 80 miles northwest of Jacksonville. Waycross is home to the largest CSX computerized rail yard on the East Coast, which means that Waycross is still the center of all rail traffic coming through the southeast area. It serves at a logistics hub for the Savannah port taking goods to major cities in the region. Waycross has a low unemployment rate of 3.8% while the national average is 6%. Mattress Firm is located on an outparcel to the Waycross Mall and the center of the main retail corridor for the surrounding area. Daily drivers being traffic to the corridor include: Walmart, Lowe's, Kroger, Chick-fil-A, TJMaxx, among many others. The property has an easily replaceable rent number at $24.86 PSF, with several new developments on Memorial Drive asking $30+ PSF. Mattress Firm emerged from bankruptcy in 2018 and closed 700 unprofitable and duplicate stores across the country, leaving the company in a much stronger position. Landlord's only responsibilities are to maintain & repair structural components of the roof (but not roof membrane) and building (including exterior walls, foundations, columns, and floor slab), all other repairs & maintenance is the responsibility of the tenant.
Property highlights
- Single-tenant Mattress Firm with 6+ years remaining
- Recently developed in 2016 and an outparcel to the Waycross Mall
- Easily replaceable rent for outparcel building - $24.86 PSF
- Excellent visibility on Memorial Drive: 16,000 VPD
- Outparcel to the Waycross Mall: Belk, TJMaxx, Planet Fitness, Ashley Homestore, Staples, and Aaron's
- Surrounded by other national retailers including: Lowe's, Walmart, Hobby Lobby, Bealls Outlet, Kroger, among many others
- 10% rental bumps in each of the two 5-year options to renew
- Debt can be assumed or buyer can source their own financing