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Property Detail

North Montgomery Avenue
Mixed-use investment, encompassing three buildings and offering proximity to US Highway 72.
$1,200,000

Description

  • Mixed-use investment, encompassing three buildings and offering proximity to US Highway 72.
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  • Within a strong multifamily market, market rent per unit has grown 5% year over year.
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  • 500 N Montgomery Ave is located near national retailers, including Dollar General, Walmart Supercenter, Chick-fil-A, and more.
  • Park Place offers immense value-add potential through residential, retail, and office lease-up.
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  • Residents living within a 2-mile radius have tallied a consumer spending total of over $136 million year-to-date.
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  • Property Includes 507 Nashville Ave, 515 Montgomery Ave, and 501 Montgomery Ave

Executive Summary

Mo Deeb Realty Group Inc., in tandem with Ten-X, is pleased to offer the unique mixed-use opportunity to acquire 500 N Montgomery Avenue, also known as Park Place. Park Place is an iconic facility that encompasses three buildings, an entire city block, and offers multiple skybridges connecting each building.

This three-building offering totals 201,120 square feet and includes 104 residential units, multiple retail storefronts, and spaces that can be used as a general office. Park Place is a mixed-use opportunity boasting value-add potential through lease-up. Future occupants will join a diverse tenant roster that includes, a salon, law offices, medical practices, and a general retail boutique. Investors will benefit from the surrounding population’s reliance on rental properties as their primary residence. With nearly 50% of the population within a 2-mile radius relying on rental properties, ownership will retain access to a stabilized tenant pool that has tallied over $20 million in household spending so far this year.

Lying on the banks of the Tennessee River in northwest Alabama, the quaint city of Sheffield is centrally located just over an hour from Huntsville, and lies between Florence, Muscle Shoals, and Tuscumbia. Nicknamed the “Center of the Shoals,” Sheffield is home to nearly 9,000 residents. The Property is in close proximity to University of North Alabama offering under a 10 minute commute for students. The city exemplifies small-town charm while also providing its residents with the amenities typically seen in larger metropolitan areas. Although Sheffield is primarily regarded as an industrial town, the locality is afforded access to a plethora of restaurants, shops, hospitals, and parks. Sheffield’s proximity to University of North Alabama, Alabama Music Hall of Fame, and Helen Keller’s Birthplace afford the ability to maintain its small-town feel, while also providing its residents with amenity access.

Park Place

Listing ID : 00560

SKU: 560

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Price History

DateEventPrice
December 3 2024Listed$1,200,000.00