2901 Wakefield Pines Dr Raleigh, NC 27614

Property Details for 2901 Wakefield Pines Dr

Year built

2001

Lot size

1.48 lot acres

Property size

12,014 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple, 12,014 square foot Walgreens located at 2901 Wakefield Pines Dr, Raleigh, NC 27614. The property sits on a 1.48-acre lot and boasts a strong 6.50% cap rate with a current NOI of $255,000. Built in 2001, this absolute NNN net lease features a single tenant, Walgreens, with a lease expiration date of June 30, 2035, providing a remaining lease term of 10.6 years. The lease includes four 5-year options with a 5% rent increase every five years, ensuring consistent income growth. The property benefits from its location in a high-traffic retail corridor, surrounded by complementary businesses such as Food Lion, Subway, and Dunkin' Donuts. Furthermore, it's situated in a densely populated residential area with over 2,000 apartment units within a one-mile radius and is near over one million square feet of medical facilities, including WakeMed Hospital. The affluent demographics, with household incomes exceeding $139,000 within a one-mile radius and $124,000 within three miles, contribute to the exceptional sales volumes reported by Walgreens at this location. The asking price is $3,923,076, translating to a price per square foot of $326.54. This is a truly exceptional opportunity for a long-term, passive income investment. The property is 100% occupied.