Southlake Village
Closed4524 Southlake Pkwy, Birmingham, AL 35244
Property type
Retail
Unit / Space count
19
Price
$5,400,000
Building size
56,796 sf
Rentable area
56,796 SF
Year built
1988
Year renovated
Occupancy
Zoning code
Lot size
7.25 Acres
Sold/status
Sold · Date unknown
Sale price
$5400000
CAP
8.20%
Net Operating Income
$442,640
Property description
Franklin Street is pleased to present Southlake Village, a value add opportunity in Birmingham, Alabama. Birmingham is the most populous city in Alabama and is the county seat of Jefferson County. The Birmingham-Hoover MSA had a population of about 1,151,801 as of 2018, which is approximately one quarter of Alabama's population. Southlake Village Shopping Center is a 56,796 SF retail strip center that is shadow anchored by Faulkner University and Lowes Home Improvement. Located on the highly trafficked Valleydale Road, Southlake Village is home to diverse tenant mix of local and regional operators familiar to the local community. The property is less than a mile from the I-65 exit, which lead to downtown Birmingham. The surrounding area is home to many affluent neighborhoods within the Birmingham MSA, including average household incomes of ~$140,000 within the 1 mile radius. The center is home to many long standing tenants that have been in their spaces 5+ years, and has seen tenants expand their businesses within the center as well. CoreFit Training & Recovery recently expanded from 4,020 SF to 9,000 SF due to the growth in their business. Southlake Village allows a new owner to take advantage of rental appreciation amongst the tenants and gives them the ability to lease 14,290 SF of vacant space to increase the NOI. The property has been professionally managed and has little differed maintenance.
Property highlights
- 56,796-SF retail strip center in desirable Birmingham, AL neighborhood
- Value add opportunity: currently 74.84% leased with many established tenants
- Diverse tenant mix of service tenants and restaurants
- Located on the heavily traveled Valleydale Rd (27,000+ VPD) adjacent to Lowe's Home Improvement
- Shadow anchored by Faulkner University (3,000+ students)
- Affluent area of Birmingham: $110,000+ household incomes within the 5-mile radius
- Densely populated area of the MSA: 158,000+ residents within a 15 min drive
- A short drive from Riverchase Galleria and other major retail drivers in the area