717 Broad St Edenton, NC 27932

Property Details for 717 Broad St

Year built

2010

Lot size

2.15 lot acres

Property size

14,821 SF

Property type

Drug stores

Description

This exceptional investment opportunity presents a fee-simple interest in a 14,821-square-foot Walgreens pharmacy in Edenton, North Carolina. The property, built in 2010, sits on a 2.15-acre lot at the signalized intersection of North Broad and Virginia Streets, boasting high traffic counts of 11,000 vehicles per day. Located just blocks from ECU Health Chowan Hospital, this strategically positioned retail asset benefits from proximity to other national retailers including CVS, Taco Bell, McDonald's, Dairy Queen, Sherwin-Williams, and Food Lion. The property is subject to an absolute triple-net (NNN) lease with a corporate guarantee from Walgreens, offering significant security and stability. The current lease, commenced September 1, 2010, has a remaining term of 10.8 years, extending to August 31, 2035, with options for renewal through August 2085. The asking price is $4,923,567, representing a price per square foot of $332.20 and a 7.85% cap rate based on a net operating income (NOI) of $386,500. The property enjoys 100% occupancy since its opening date of September 1, 2010. This is a rare opportunity to acquire a high-performing, long-term net lease investment in a strong retail location.