4623 Birchwood Dr Wilmington, NC 28405
- Retail properties
- 4,650 SF
- 2.50 lot acres
Current Use by Public Records
- Retail properties
Property Details for 4623 Birchwood Dr
- Year built
- 2024
- Lot size
- 2.50 lot acres
- Property size
- 4,650 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 4,650-square-foot 7-Eleven convenience store and gas station in Wilmington, North Carolina. Located on a prominent retail corridor at a signalized intersection on Market Street (37,500 vehicles per day), this Class A property boasts unparalleled visibility and accessibility. The property sits on a 2.5-acre lot and is part of a thriving retail area with over 2.7 million square feet of commercial space within a one-mile radius, including major national retailers such as Walmart, Target, Lowe's, Costco, and Sam's Club. The 15-year absolute NNN lease, commencing April 30, 2024, and expiring April 29, 2039, includes a corporate guarantee from 7-Eleven, providing significant tenant credit strength. The lease features built-in rent bumps of 10% every five years, further enhancing the investment's long-term value. The property's Net Operating Income (NOI) is $516,475, resulting in an attractive 5.15% cap rate. Built in 2024, this single-story building is constructed to 7-Eleven's latest prototype, with warranties covering the roof and mechanical systems. Four five-year lease options are included, providing additional long-term security. This is a passive investment opportunity with minimal landlord responsibilities, offering significant potential for appreciation and strong cash flow. The asking price is $10,029,000, translating to $2,156.77 per square foot.
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
- Wilmington
- County
- New Hanover
- State
- North Carolina
- Longitude
- -77.8877
- Latitude
- 34.2433
