Description
Positioned roughly 22 miles southwest of downtown Charlotte, the property is located along Arden Lane, right off Herlong Avenue (23,400 VPD) and less than 4 miles from Interstate 77. LA Fitness anchors the ±184,000-square-foot Millwood shopping center, which is home to a wide variety of shops, restaurants, and medical office tenants. The site is within feet from the Millwood Plantation neighborhood and the 71,256-square-foot Food Lion-anchored Village Square Shopping Center.
LA Fitness is strategically located north of downtown Rock Hill where you will find the majority of Rock Hill’s residential neighborhoods as you begin to “bleed” into Charlotte proper. There are over 3,890 households within a 1-mile radius, no other national gyms servicing Rock Hill to the west and the closest national competition being ±3 miles east at Interstate 77.
The property benefits from its neighborhood location along with the proximity to Winthrop University (1.6 miles southeast) and the continued new construction of multi-family including Allston townhomes (97 units) and Auden townhomes (41 units) within a half-mile. Just 7 miles from the property is Fort Mill, the largest US Army base with over 52,000 military personnel.
Key Metrics
- Purchase Price: $7,365,000
- Purchase Price / SF: $193
- Est. Replacement Cost*: $275
- Acquisition Cap Rate : 8.9%
- Projected Yr 1 Cash-on-Cash: 8.5%
- Projected Net IRR : 15.8%
- Projected MOIC: 1.9X
- Distribution Frequency: Quarterly
- Projected Investment Period : 5.0 Years
Property Information
- Property Type: Retail
- Class: A
- Year Built / Renovated: 2015
- Net Rentable SF : 38,000
- Acreage: 5.23
- Occupancy : 100%
- Lease Term Remaining: 9 Years
- Parking: 324 spaces
- Location : 745 Arden Lane Rock Hill SC 29732