Office Depot | Absolute NNN Lease | Corporate Guarantee | Large 3+ Acre Parcel | Value Add Component

2406 Westgate Dr, Albany, GA 31707, USA
$3,163,489

Description

Marcus & Millichap is pleased to present for sale the Fee Simple interest (Land & Building Ownership) in the Absolute Net Leased Office Depot located at 2406 Westgate Drive in Albany, Georgia. The subject property consists of a free-standing building comprised of 29,977 square feet of retail space and is situated on a large 3.38-acre parcel of land. Office Depot currently occupies 19,181 square feet providing an additional 10,796 square feet available for lease thus creating incredible upside potential.
Strategically located along Dawson Road the property is highly visible to 37,893 vehicles per day. Adjacent to the property is the Phoebe Physical Medicine Center, which offers a pillar of services for patients needing orthopedic or sports rehabilitation, chronic pain treatment, cardiac rehab, neurological rehab or even treatment of bowel or bladder dysfunction. The subject property also benefits from its strategic location in a dense retail and transportation corridor. Major national tenants in the surrounding area include Home Depot, Lowe’s, Publix, Target, Sam’s Club, McDonald’s, Kohl’s, Walmart, Burger King, Dominos, Dunkin’ Donuts, Wendy’s, Taco Bell, Ross, Applebee’s and many more. Albany Mall is one mile away also located along Dawson Road.
Office Depot signed their original lease in 1997 when the property was constructed. In 2017, Office Depot extended its lease term by an additional 10 Years showing a strong commitment to the site. Currently there are over six years remaining on the initial term with two 5-year options to extend. The lease is an absolute NNN lease with zero landlord responsibility and offers attractive rental increases in the option periods.
Office Depot, Inc. (NYSE: ODP), one of the world’s largest resellers of office products with annual sales of nearly $13 billion, was founded in 1986. The company conducts business in over 50 countries and has more than 1,140 retail stores in North America. Office Depot is your store for office supplies, equipment and furniture.

  • Dominant Retail Location | High Traffic Counts & Concentration of National Retailers
  • Absolute NNN Lease | No Landlord Responsibility
  • Strong Corporate Guarantee (NASDAQ: ODP) | 1,378 Locations / 38,000+ Employees
  • Incredible Upside | 10,796 SF Available for Lease
  • Large 3+ Acre Parcel
  • Fee Simple Ownership Allowing for Depreciation
  • Attractive Returns
  • Adjacent to Phoebe Physical Medicine Center
  • Over 6 Years Remaining on Absolute NNN Lease
  • Exposure to 37,893 per Day

Property Documents

  • City: Albany
  • State/county: Georgia
  • Zip/Postal Code: 31707
  • Country: United States

Detail

  • Price: $3,163,489
  • Year Built: 1997

Additional details

  • CAP RATE: 7.25%
  • NOI: $229,353

Features