Investment Sale - Regional Power Center Outparcel - Two Tenants

Shopping Center for Sale
Catylist Listing ID: 30757639
Property Subtypes: Free-Standing Store, Net Leased, Strip Center
Building Size (RSF): 3,795 SF
Sale Price: $3,550,000
Unit Price: $935.44 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Usable Size (USF): 3,795 SF
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 1/12/2022

Overview / Comments

Located on S College Road, at the traffic controlled entry to University Centre, This outparcel is up for sale! A once in a lifetime chance to purchase premier Wilmington Property. There is no more highly trafficked corridor then S College Road in South Eastern North Carolina with north of 75,000 cars per day, this center is highly recognizable and accessible.

Two Tenants with Great Clips on their final Lease extension. The New Tenant, American Family Care has just leased the adjacent unit with expansion rights once great clips is gone. Minimum of five years before first opportunity for vacancy exists, unless the other tenant expands.

This is a great entry level investment or one for the savvy investor.

Two great "service" tenants who will be solid for the long term, with or without covid. You can't unmask a great opportunity like this all the time. CAP RATE has been blended between the Medical operator and the hair cutter.

Current Tenants

Tenant Business Name American Family Care
Industry Type Health Care and Social Assistance
Is Renting? Yes
Suite Number 1
SF of Space Occupied 2,580 SF
Escalations 10% every five years
Options 3 5 year options
Tenant Business Name Great Clips
Is Renting? Yes
SF of Space Occupied 1,215 SF
Escalations Fixed Escalation every 2 years
Options None Remaning

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R04920-004-001-003
Zoning: RB
Retail Clientele: General, Family, Traveler, Tourist, Recreation
Property Located Between: New Centre Drive and Randall Parkway
Property Visibility: Excellent
Largest Nearby Street: South College Road
Traffic/Vehicle Count: 77,280
Highway Access: Direct
Airports: ILM
Site Description: Retail Outparcel
Area Description: Heavy commercial corridor in midtown/university area of Wilmington
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,785 SF
Property Condition: Excellent
Year Built: 1990
Year Renovated: 2021
Roof Type: Flat
Construction/Siding: Stucco
Exterior Description: Look at the pictures
Parking Type: Surface
Parking Description: Property has dedicated parking on it own parcel.
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: Doesn't matter the tenants are responsible.
Zoning Description: RB - Regional Business - This district is established to accommodate large commercial facilities offering goods and services meeting the needs of the city, county, and regional residents. It is designed to locate at the intersections of major thoroughfares and occur in clustered patterns. The district is intended to encourage one-stop shopping at convenient and safely accessible locations.
Lot Frontage: 130'
Lot Depth: 150'
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Easements Description: Access, Use, Building Size ... Check the deeds for the details.
Legal Description: TRACT 5 NEW CENTRE TRACT

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,239 65,091 141,920
Median Age: 24.77 33.66 36.86
Households: 4,001 28,247 61,177
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