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Hobby Lobby

1871 Southwest 14th Avenue, Albany, OR 97322

$6,418,077

Cap Rate 6.50%

Views: 98 DOM: 370 Updated: 09.24.24 Posted: 11.11.23 Status: Active

Summary

Price $6,418,077
Built/Renov 1988
Tenant Hobby Lobby
Cap Rate 6.50%
Lease Type Double NN
Guarantor Corporate
Size/SF 62,100
Lease Start 07-01-2014
#Units 994
Price/SF $103.35
Expiration 06-30-2034
Tenant Type Big Box Retail
NOI $417,175
R. Term 9.7
Ownership Fee Simple
Rent/SF $6.72
Increases 7.5%/5/yrs
Pop 5Mi 65,992
Lot/AC 1.62
Options 3/5yrs/7%
AHHI 5Mi $95,674

Christopher Twist
Colliers NNN Investments
Contact

Lease Highlights

  • Hobby Lobby has 10+ years remaining on the current lease term with 3 (5-year) options to extend
  • Lease features $0.50/SF increases at the start of option 1 and 3, $0.75/SF at the start of option 2
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Hobby Lobby is strategically located on 14th Avenue, with access to 22,000 vehicles passing by daily. The property is situated within the Heritage Mall with other anchors such as Ross, Old Navy, Famous Footwear, and Target. Conveniently located south of Santiam Highway SE, which connects to Interstate 5, the property benefits from excellent visibility due to its exposure within a power center...

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Key Features

  • Dense retail corridor

  • Near major nationals

  • Big Box center

  • Strategically located

  • Top 100 MSA

  • Affluent suburb location

  • Absolute NNN

  • Long 10+ yr lease

  • Corporate Guarantee

  • Over 500 units backed

    • ...

Links

Hobby Lobby Wikipedia Hobby Lobby Wikipedia Albany, Oregon Zip Code 97322 Broker Site Page

Documents

Download OM

Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Hobby Lobby
  • Guarantor:Corporate
  • Company:Hobby Lobby Stores, Inc.
  • # Units:994
  • Stock:Private

About Tenant

Hobby Lobby Stores, Inc. is an industry-leading home decor and craft retailer. The company operates a retail chain offering craft & jewelry supplies, picture framing, fashion fabrics, artificial...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 6,064 48,810 65,601
2023 Total Population : 6,034 48,214 64,241
2023 Employed Civilian Pop : 3,141 22,279 29,927
2023 Total Businesses : 268 1,865 2,377
2023 Average Household Income : $ 91,800 $ 93,060 $ 95,366
2023 Total Consumer Spending : $ 186 M $ 1542 M $ 2081 M
2023 Median Age : 39 39 39
2023 Total Households : 2,368 19,168 25,263
2023 Pop Age 25+: Bachelor's Degree : 893 7,278 9,622
2023 Average Home Value : $ 355,947 $ 368,771 $ 375,591
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Broadway Street SW 15th Ave SW 2020 1,122 0.15 mi
Broadway St SW 16th Ave SW 2004 1,981 0.18 mi
Queen Avenue SW 17th Ave SW 2020 5,749 0.19 mi
Queen Avenue SW Broadway St SW 2020 6,124 0.21 mi
Broadway St SW Queen Ave SW 2004 492 0.23 mi
Queen Avenue Southwest 2018 6,800 0.25 mi
9th Avenue Southwest 2018 1,500 0.31 mi
Queen Avenue Southwest Queen Ave SW 2018 6,400 0.44 mi
Elm St SW 13th Ave SW 2020 2,902 0.52 mi
Queen Avenue Southwest 2018 10,600 0.54 mi

Listing Broker

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