100% Absolute NNN STNL Walgreens
13,824 SF | Retail Building | Rocky Mount, NC 27804 | $4,000,000 ($289/SF) | 7% Cap Rate
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $4,000,000
- Property Type
-
Retail
- Square Feet
- 13,824 SF
- Price / Square Foot
- $289
Listing Contacts
David Chasin
Verified Profile
Daylin Ackerman
Verified Profile
Corey Allen
Verified Profile
Andrew Leon
Verified Profile
- Property Info
Property Overview
Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive investment sales advisors to seller, are pleased to present the opportunity to acquire a single-tenant Walgreens secured by a 100% absolute NNN lease located in Rocky Point, North Carolina (the “Property”). This Walgreens Property, which formerly operated as Rite Aid prior to the merger, has a 20-year operating history at the location and already exercised its first renewal option which runs through May 2029. The lease includes a rare five percent (5.0%) rent increase in the next option period and then $0.50 PSF increases in each of the remaining two (2) five (5) year option periods thereafter. In an ongoing inflationary environment, investors will benefit from the ownership of one of the best pieces of real estate in Rocky Mount leased to an investment grade tenant (S&P ‘BBB-’) with long-term occupancy and near-term rent increases.
The Property is situated on a large 1.6-acre parcel at a prominent signalized hard corner intersection in Rocky Mount which boasts extremely high traffic counts of 44,000 vehicles per day on average. The Property shares an intersection with a Harris Teeter grocery anchored shopping center – the only Harris Teeter grocery store in the city and less than one mile from UNC Health-backed Nash General Hospital. UNC Nash General Hospital has a 50-year operating history in Rocky Mount and the 280-bed hospital is the largest health provider and third-largest employer in the city.
Located along Sunset Avenue halfway between Interstate 95 and Highway 301, two of the most critical north/south highway systems in the state of North Carolina, the Property benefits from its proximity to regional and national access ways. Rocky Mount is located approximately 45 miles east of Raleigh and has a rich economy backed by manufacturing, textiles, and bio-pharmaceutical services. Rocky Mount is also home to North Carolina Wesleyan University, ranked the 15th Best Value School in the country by U.S. News & World Report in 2024.
The Property is situated on a large 1.6-acre parcel at a prominent signalized hard corner intersection in Rocky Mount which boasts extremely high traffic counts of 44,000 vehicles per day on average. The Property shares an intersection with a Harris Teeter grocery anchored shopping center – the only Harris Teeter grocery store in the city and less than one mile from UNC Health-backed Nash General Hospital. UNC Nash General Hospital has a 50-year operating history in Rocky Mount and the 280-bed hospital is the largest health provider and third-largest employer in the city.
Located along Sunset Avenue halfway between Interstate 95 and Highway 301, two of the most critical north/south highway systems in the state of North Carolina, the Property benefits from its proximity to regional and national access ways. Rocky Mount is located approximately 45 miles east of Raleigh and has a rich economy backed by manufacturing, textiles, and bio-pharmaceutical services. Rocky Mount is also home to North Carolina Wesleyan University, ranked the 15th Best Value School in the country by U.S. News & World Report in 2024.
Property Details
- Class
- C
- Year Built
- 2004
- Stories
- 1
- Property Subtype
- Drug Store, Freestanding
- Lot Size (sq. ft)
- 69,696 SF
Highlights
- 100% Absolute Triple Net Lease Structure to Investment Grade Tenant
- Signalized Hard-Corner Location on Large 1.6 Acre Parcel - High-Traffic Intersection Seeing 44,000+ Vehicles Daily
- Rare Walgreens Lease Featuring Increases in Each Option Period - 5% Rent Increase at Next Option in 2029
- Over 20 Year Historical Occupancy at the Subject Property
- Adjacent to Kroger-Backed Harris Teeter Grocery-Anchored Shopping Center – Only Harris Teeter in a 20+ Mile Radius
- Directly Between I-95 and Highway 301 – Two of North Carolina’s Main North/South Freeways
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