Trophy Asset in Irreplaceable Location
Merchant’s Plaza sits on Bienville Square in the heart of Downtown Mobile, AL with tremendous walkability to the Downtown/Midtown’s 66,000+ jobs, and numerous restaurants, bars, and entertainment destinations.
Class-A+ Multifamily Units with Top-of-Market Rents
Merchant Plaza’s historic architecture provides character that new developments cannot replicate, yet it does not sacrifice any modern appointments that renters expect with top-of-the-market product. The 79 existing units feature polished concrete flooring; exposed brick; 10’+ ceilings; premium stainless steel appliances; quartz countertops; shaker-style cabinets; and in-unit washers and dryers. This quality and charm comes in high demand, evidenced by the property’s 96% occupancy and leases averaging over $1.87psf.
There is roughly 70,000 square feet of undeveloped space remaining in Merchants Plaza. Current plans call for an additional 27 multifamily units, 30,324 square feet of office, and 16,800 square feet of retail, plus a rooftop terrace that would be a true attraction. The property is also located in an opportunity zone.
Quality In-Place Commercial Leases
Existing leases in the commercial portion total just over 50,000 square feet and produce over $980,000 in annual rent. Two law firms and a bank account for 95% of the occupied space. 76% of commercial leases have 6+ years of term remaining.
Limited Multifamily Inventory Downtown
Just 3% of Mobile’s 20,000+ conventional multifamily units are located Downtown, yet there are 66,000+ jobs in the Downtown and Midtown area.