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What $1 Million Can Buy in Retail Real Estate

Small Towns to Metropolitan Areas Offer Opportunity
Photo: Pixabay
Photo: Pixabay

If you had $1 million, what would you buy? A house? Art? How about investing in retail real estate?

Never mind the headlines that show stores closing. Retail hasn't died. It's just changing, and retail real estate is adjusting. Consumers can't get their nails trimmed or hair cut over the internet. Dining out can't be done online either. Small towns and big metropolitan areas still have income-producing investment opportunities, if you're willing to take the risk.

Here’s some of what you can get for $1 million.

4824 Hixson Pike, Chattanooga, Tennessee

The 12,000-square-foot shooting range was constructed in 1970. (CoStar)

Shooter's Supply & Indoor Range's owner, Larry Hopper, is offering to sell the real estate and lease it back for five years through a net lease, meaning he pays insurance, property taxes and most of the maintenance on the building.

The business has operated at the location for more than 30 years. Hopper bought the building in late 2015. The price includes the range fixtures and equipment as well as the 12 lanes for the indoor shooting range. As part of the deal, Hopper’s offered to assign life insurance to support the lease agreement.

600 N. Austin Ave., Georgetown, Texas

Middletown Plaza shopping center is 20 years old with four tenants in place. (CoStar)

The 4,800-square-foot Middletown Plaza is fully leased with can't-be-found-on-the-internet tenants. It has a sushi restaurant, a nail salon, a hair salon and a tattoo parlor.

Georgetown, which is about 30 miles north of Austin next to Round Rock, is home to Sun City Texas, a 4,100-acre retirement community. Middletown Plaza, built in 1999, sits just off Interstate 35 next to a larger retail center anchored by a gym called House of Gainz.

730 W. Centerville Road, Garland, Texas

Should Boston Market close its Garland location, redevelopment potential remains. (CoStar)

This property has been home to a Boston Market for more than 25 years. It is one of the chain's restaurants that has remained open even as the company has scaled back to get in better financial shape.

The chain has the option to end the lease in December 2022, according to Marcus & Millichap’s marketing material on the property. Its rent is “well-below market” and has “strong redevelopment potential." Walmart and others are in the area, which has more than 333,000 people in a five-mile radius.

101-115 S. 3rd St., Sterling, Colorado

The storefront on South Third Street are almost 120 years old. (CoStar)

Built in 1900, the 8,800-square-foot retail space runs along a block on the town square across from the Logan County courthouse. Sterling, a city once known for sugar beet farming, is about 130 miles northeast of Denver. It is home to the Sterling Correctional Facility, the largest state prison in Colorado.

According to CoStar, the property is 100% leased, housing a hair salon, nail salon, and a waxing studio. The office space above the retail is full as well.