1900 Croatan Hwy, Kill Devil Hills, NC 27948
6,000 SF | Retail Building | Kill Devil Hills, NC 27948 | $6,147,000 ($1,025/SF) | 4.75% Cap Rate
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 9 days
Asking Price $6,147,000
- Sale Condition
- 1031 Exchange
- Property Type
-
Retail
- Square Feet
- 6,000 SF
- Price / Square Foot
- $1,025
Listing Contacts
David Hoppe
Verified Profile
Eric Suffoletto
Verified Profile
Danny Griffin
Verified Profile
Ben Olmstead
Verified Profile
- Property Info
Property Overview
EXTENSIVE LEASE TERM
- Tenant has a base lease term of 20 Years with 6 extension options thereafter, making this a stable, cash-flowing asset for a long-term hold.
ZERO LANDLORD RESPONSIBILITIES
- The in-place lease holds an NNN Ground Lease structure where the tenant is responsible for all CAM, Taxes, and Insurance making this an ideal, management-free investment for passive owners
STRONG MARKET DEMOGRAPHICS
- Kill Devil Hills is an affluent town with a 3-mile average household income of $100K and a population of over 10K which swells to more than 40,000 during the summer months
DOMINAT RETAIL CORRIDOR
- The asset is within immediate proximity to the market’s top retailers: Target (1.2M Visits), Publix (753K Visits) & Lowe’s (747K Visits).
BEST-IN-CLASS TENANT
- Wawa, Inc. (Fitch: BBB) is a nationally recognized and established gas/convenience store brand with more than 1,000 locations along the east coast. The chain is a major employer and had $18.9B in revenue in 2023
EXCELLENT EXPOSURE
- 1900 North Croatan Highway sits on Kill Devil Hills’ main retail thoroughfare that sees 36,184 vehicles per day. It is located strategically across from Target with strong regional draw.
- Tenant has a base lease term of 20 Years with 6 extension options thereafter, making this a stable, cash-flowing asset for a long-term hold.
ZERO LANDLORD RESPONSIBILITIES
- The in-place lease holds an NNN Ground Lease structure where the tenant is responsible for all CAM, Taxes, and Insurance making this an ideal, management-free investment for passive owners
STRONG MARKET DEMOGRAPHICS
- Kill Devil Hills is an affluent town with a 3-mile average household income of $100K and a population of over 10K which swells to more than 40,000 during the summer months
DOMINAT RETAIL CORRIDOR
- The asset is within immediate proximity to the market’s top retailers: Target (1.2M Visits), Publix (753K Visits) & Lowe’s (747K Visits).
BEST-IN-CLASS TENANT
- Wawa, Inc. (Fitch: BBB) is a nationally recognized and established gas/convenience store brand with more than 1,000 locations along the east coast. The chain is a major employer and had $18.9B in revenue in 2023
EXCELLENT EXPOSURE
- 1900 North Croatan Highway sits on Kill Devil Hills’ main retail thoroughfare that sees 36,184 vehicles per day. It is located strategically across from Target with strong regional draw.
Property Details
- Class
- B
- Year Built
- 2024
- Stories
- 1
- Property Subtype
- Grocery/Convenience Store
- Lot Size (sq. ft)
- 100,188 SF
Highlights
- Extensive Lease Term
- Best In Class Tenant - First Wawa in NC
- Positioned in Dominant Retail Corridor
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