Current Use by Public Records
- Lifestyle centers
Property Details for 2737 State Hwy
- Year built
- 2023
- Lot size
- 1.22 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 10,900 square foot Petco Neighborhood Farm & Pet Supply store, situated on a 1.22-acre lot in Hampstead, North Carolina (2737 State Hwy 210, 28443). Built in 2023, this single-story building boasts a 100% occupancy rate under a 15.1-year absolute NNN lease, commencing April 14, 2023, and expiring April 30, 2038. The lease includes five, 5-year renewal options with attractive 8.5% rent bumps every five years, ensuring consistent income growth. The property offers a strong 6.00% cap rate and a substantial net operating income (NOI) of $329,105, with an asking price of $5,485,000 ($503.21 per square foot). The tenant, Petco, is credit-rated and backed by a corporate guarantee, minimizing risk. This investment is ideal for those seeking a secure, long-term, passive income stream from a well-established national brand in a thriving retail environment. The property benefits from high traffic counts and a substantial population within a 10-mile radius. This is a rare opportunity to acquire a high-quality, net-leased retail property with significant upside potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hampstead
- County
- Pender
- State
- North Carolina
- Longitude
- -77.5656
- Latitude
- 34.4501
