College Rd Retail Investment

Retail-Commercial for Sale
Catylist Listing ID: 30738616
Property Subtypes: Street Retail
Building Size (RSF): 2,460 SF
Gross Building Area: 25,000 SF
Gross Land Area: 5.50 Acres
Sale Price: $375,000
Unit Price: $152.44 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: University Landing Suite 39
Usable Size (USF): 2,640 SF
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 100
Last Updated: 6/24/2021

Overview / Comments

8% Cap - Income producing unit at University Landing with a 13 year tenant. Current lease expires August of 2022 with a 5 year renewal option taking the term out to 2027.
Tenant has been in place since 2008.

POA dues are $5,640 annually. Covers trash, water, sewer, roof and all common area maintenance etc.

HVAC unit was replaced in December 2017.

DO NOT DISTURB TENANT. Call broker for more info.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington
Tax ID/APN: R05508-002-001-016
Zoning: RB
Retail Clientele: General, Business
Property Visibility: Good
Largest Nearby Street: College Rd
Tenancy: Single Tenant
Number of Stories: 1
Property Condition: Average
Year Built: 1986
Construction/Siding: Brick
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: RB
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Condo
Legal Description: South College D-5 R05508-002-001-016

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,239 69,804 141,920
Median Age: 24.77 34.11 36.86
Households: 4,001 30,203 61,177
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