10779 Us 15-501 Hwy Southern Pines, NC 28387
- Lifestyle centers
- 11,414 SF
- 2.52 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 10779 Us 15-501 Hwy
- Year built
- 2023
- Lot size
- 2.52 lot acres
- Property size
- 11,414 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional Class A retail property in Southern Pines, NC, offers a compelling investment opportunity with a strong 5.90% cap rate and a substantial NOI of $494,296. The 11,414 square foot center, built in 2023, sits on a 2.52-acre lot and features two buildings housing four national tenants: Chipotle, Sleep Number, Vitamin Shoppe, and Freddy's Frozen Custard & Steakburgers. All tenants are credit-rated, with corporate or franchisee guarantees, ensuring a stable income stream. The property boasts 100% occupancy with a remaining lease term of 12 years, including embedded rent growth of 10% every five years. Freddy's has a separate 20-year ground lease with options, extending well into the future. The strategic location on a high-traffic retail corridor (31.8K VPD) near Pinehurst and Fort Bragg, coupled with affluent demographics and proximity to major economic drivers, ensures long-term value and growth potential. The ground lease expires on December 31, 2062. This is a rare opportunity to acquire a high-performing, multi-tenant retail center with significant long-term upside. The asking price is $8,378,000. Lease options are available
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Southern Pines
- County
- Moore
- State
- North Carolina
- Longitude
- -79.422
- Latitude
- 35.1647
