1810 Martin Luther King Jr Pkwy Durham, NC 27707

Property Details for 1810 Martin Luther King Jr Pkwy

Year built

1995

Lot size

1.53 lot acres

Property size

16,650 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional value-add opportunity presents a 16,650 square foot multi-tenant retail shopping center situated on a 1.53-acre lot in Durham, North Carolina. Built in 1995, the property boasts a prime location near major retailers such as Target, Sam's Club, Harris Teeter, At Home, Fresh Market, and Chick-fil-A, ensuring high visibility and foot traffic. The center features three drive-in bays with roll-up doors, offering versatile space for various retail or flex uses. Two units include interior mezzanines and back bays, adding to the functional flexibility. Currently operating at 95% occupancy, with over 50% of the gross leasable area having five years remaining on the lease, plus two five-year options, this property provides immediate cash flow and significant future upside potential. The Commercial Center (CC) zoning allows for multiple uses, enhancing its long-term value. Located in a high-growth area with a median household income exceeding $129,165 within a three-mile radius, this shopping center represents a compelling investment in a thriving market. The property is conveniently located just five miles from downtown Durham. This is a rare opportunity to acquire a well-positioned, income-producing asset with substantial growth potential. The asking price is $2,550,000.