Net Leased Investment - Leland, NC

Retail-Commercial for Sale
Catylist Listing ID: 30717674
Property Subtypes: Restaurant
Building Size (RSF): 1,600 SF
Gross Land Area: 0.24 Acres
Sale Price: $300,000
Unit Price: $187.50 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Usable Size (USF): 1,600 SF
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Average Occupancy Rate: 100
Last Updated: 6/17/2021

Overview / Comments

7.5% Cap Rate. Leased Restaurant Investment in a high visibility corner location. Tenant is in the first year of a 5 year lease.

The property consists of a 1,600 sf stand-alone retail building on a .24 corner acre lot. Primarily stick-built, the property has been recently updated and is in good condition. Great visibility and access, with a nearby signaled intersection at Village Rd and S Navassa Rd, make this a central location for Brunswick County. The town of Leland recently adopted a new Gateway Rezoning Plan. Consequently, the property was rezoned to T4 General Urban Open. T4 GUO is a mixed-use district for live-work spaces, duplexes, and townhomes, which will allow for more opportunities in the area for new residents and development.

This property is also bordered by another approximately .25 acre NCDOT property. Due to its shape, the parcel being considered un-buildable for another owners or use. Therefore, NCDOT has agreed to donate or sell for a minimal price to the offered property. This would potentially make the total acreage 0.49± acres.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $1,937 (Annual)
Potential Rental Income $24,000 (Annual)
Net Operating Income $20,000 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Myrtle Beach-Conway-North Myrtle Beach
County: Brunswick
Taxing Authority: Leland, NC
Tax ID/APN: 038AA008
Zoning: T-4O GENERAL URBAN OPEN
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Visibility: Excellent
Largest Nearby Street: Village road
Feet of Frontage: 300
Traffic/Vehicle Count: 8,546
Site Description: Corner location at the intersection of Village Rd and S Navassa Rd
Area Description: Leland has been in a period of transition and growth for the past 15 years & is on the path to maintain the tremendous growth potential for the foreseeable future. Over that 15 year time period, the southern portions of the Leland area, which is south of Hwy 74/76 & is often referred to as the Waterford area, has exploded with growth in all categories. Property values have also increased in this area due to the rapid expansion. Some properties have gone from selling at $30K per acre to $300K per acre or more. The northern older, more established portion of Leland has grown at a much slower pace & smaller price range during those 15 years until recently. This area had a development boom earlier than the southern portion & changed very little over the past 10-15 years. However, within the last year the newly built Herrington Apartments, new townhomes, a new community center, and other area improvements have renewed interest in this portion of Leland. The area real estate prices are starting to see increases & most people anticipate a long term increase to catch up to the nearby drastic property value escalation. The subject property is located in the heart of this revitalized Northern section of Leland. Leland NC is the largest town in Brunswick County which is in the top 5 fastest growing counties in the country. The 10 Fastest-Growing Counties in the U.S. Williams County, North Dakota. Comal County, Texas. Kaufman County, Texas. Brunswick County, North Carolina. Walton County, Florida. Midland County, Texas. Osceola County, Florida. St. Johns County, Florida.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 1,600 SF
Property Condition: Excellent
Year Built: 1969
Year Renovated: 2020
Parking Type: Surface
Zoning Description: T4 GUO is a mixed-use district for live-work spaces, duplexes, and townhomes, which will allow for more opportunities in the area for new residents and development.
Water Service: Municipal
Sewer Type: Septic

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,838 13,454 56,474
Median Age: 34.93 39.68 39
Households: 780 5,592 24,585

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