4401 New Bern Ave Raleigh, NC 27610-1443

Property Details for 4401 New Bern Ave

Year built

2005

Construction

BRICK

Lot size

1.27 lot acres

Property size

6,964 SF

Zone code

CX-3

Property type

Retail space

APN

1724.12-96-8035 0310547

APU

1724129680350310547

Description

This exceptional retail portfolio in Raleigh, NC, presents a compelling investment opportunity. The property comprises six buildings totaling 58,721 square feet on 8.44 acres, featuring a diverse mix of 24 units across multiple tenants. Anchored by prominent national brands such as Starbucks and AutoZone, the portfolio boasts a strong 93% occupancy rate and a compelling 7.57% cap rate. The property includes four multi-tenant retail buildings and two single-tenant buildings, with an average suite size of 2,380 square feet in the multi-tenant structures. Built in 2004, the property benefits from a high-traffic location on New Bern Avenue, experiencing 37,000 vehicles per day. Its strategic infill position near I-440 and I-540, coupled with proximity to a future Bus Rapid Transit (BTR) station, ensures continued growth potential. The surrounding area demonstrates strong demographics, with over 71,000 people within a 3-mile radius and nearly $95,000 average household incomes. The portfolio's adjacency to a recently remodeled Walmart Supercenter, ranked among the top 5 in a 50-mile radius, further enhances its desirability. This is a rare opportunity to acquire a well-established, high-performing retail portfolio in a prime Raleigh location. The asking price is $16,500,000.

Location Insight

City

Raleigh

County

Wake

State

North Carolina

Longitude

-78.5621

Latitude

35.7991

CBSA code

39580

CBSA name

RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments