4.45 Cap - Renovation - Dental Tenant - University Centre Outparcel

Shopping Center for Sale
Catylist Listing ID: 30757639
Property Subtypes: Free-Standing Store, Net Leased
Building Size (RSF): 3,740 SF
Sale Price: $4,410,000
Unit Price: $1,179 PSF
Property Use Type: Net Leased Investment (NNN)
Usable Size (USF): 3,740 SF
Sale Terms: Cash to Seller
Cap Rate: 4.45%
Average Occupancy Rate: 100
Last Updated: 9/17/2021

Overview / Comments

This is a redevelopment play with a NNN Lease in hand with a major national brand. Rental rate and terms justify the 4.5 asking Cap Rate.

The property is situated prominently on S College Road, at the traffic controlled entrance to University Centre, a regional power center with numerous National, regional and local tenants. The visibility of the property is tremendous.

The Property currently is finalizing a long term NNN lease with a national tenant. Seller is seeking to line up a purchaser to sell the property to once the Lease is completed.

Call for a NDA to receive a Cut Sheet on the lease terms and financial as well as Tenant information.

Current Tenants

Tenant Business Name Dental
Industry Type Health Care and Social Assistance
Is Renting? Yes
Annual Revenue $198,450 (Annual)
Suite Number 1
SF of Space Occupied 3,780 SF
Current Rent $198,450 PSF (Annual)
Escalations 10% every five years
Options 3 5 year options

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: 3,780 SF
Property Condition: Excellent
Year Built: 1990
Year Renovated: 2021
Roof Type: Flat
Construction/Siding: Stucco
Parking Type: Surface
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: To be delivered in Vanilla Shell Condition
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 and cross parking agreement with University Centre
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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