The Cottonwood Plaza shopping center in Lakewood is on the market for $13,150,000. This retail property spans 65,100 square feet and includes 20 tenants, featuring a diverse mix of national anchors, retail outlets, restaurants, and service providers. The shopping center boasts a cap rate of 7.31% and is currently 93.7% occupied, with a net operating income (NOI) of $961,856.
Built in 1983 and renovated in 2017, the building is situated on a single story and has a mixed-use zoning classification. The location benefits from a strong local demographic with an average income of $109,000 and home values around $603,000. Additionally, the area’s population is projected to grow by 1.8%.
The property has primarily NNN leases which include annual rent increases and allow tenants to cover operational expenses. The shopping center is positioned in a high-traffic area with a daily vehicle count of 55,400 on S. Wadsworth Boulevard and a daytime population exceeding 120,000 individuals within three miles, including over 50,000 workers.
Dollar Tree, a key tenant, is secured under a lease that extends through 2034, featuring fixed rent increases. The average remaining lease term across tenants is 5.68 years, contributing to a predictable income stream for potential investors.
