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 & Spaces

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.

Location Insight

City

Raleigh

County

Wake

State

North Carolina

Longitude

-78.5589

Latitude

35.9427