5712 Castle Hayne Rd Castle Hayne, NC 28429

Property Details for 5712 Castle Hayne Rd

Year built

2007

Construction

STEEL FRAME

Lot size

1.87 lot acres

Property size

11,941 SF

Zone code

B-2,BUSINESS DISTRICT

Property type

Drug stores

APN

R01113-005-005-000

APU

R01113005005000

Description

This exceptional investment opportunity presents a fee-simple, 12,062 square foot CVS Pharmacy in Castle Hayne, NC. The property boasts a strong 5.25% cap rate and a substantial net operating income (NOI) of $195,200. Situated on a 2.2-acre lot at a signalized intersection with high traffic volume (18,280 VPD), this single-tenant, absolute NNN lease offers significant long-term stability. The lease, with a corporate guarantee from a credit-rated tenant, commenced December 1, 2019, and extends for a total of 20 years, leaving 15 years remaining. Rent bumps are included in the lease structure, providing further income growth potential. The property benefits from its location within a rapidly growing area, with thousands of new residential units planned for development. Its proximity to a major employer, General Electric Aviation, further enhances its value. The absence of rent holidays and the 8 x 5-year lease options add to the investment's appeal. Built in 2007, this CVS Pharmacy is the only one within a five-mile radius, ensuring its continued success in serving the expanding community. This is a rare opportunity to acquire a high-performing, low-maintenance retail investment with significant upside potential.

Location Insight

City

Castle Hayne

County

New Hanover

State

North Carolina

Longitude

-77.8994

Latitude

34.3541

CBSA code

48900

CBSA name

WILMINGTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments