455 Pirates Rd New Bern, NC 28562
- Retail space
- 9,016 SF
- 1.15 lot acres
Current Use by Public Records
- FedEx OnSite / Mailing Service
- Dollar General / Dollar Store / Beauty Supply Store
- Western Union / Money Transfer Service
Property Details for 455 Pirates Rd
- Year built
- 2007
- Lot size
- 1.15 lot acres
- Property size
- 9,016 SF
- Property type
- Retail space
- APN
- 8-206 -8003
- APU
- 82068003
Description
This exceptional investment opportunity presents a 9,014-square-foot Dollar General convenience store located at 455 Pirates Rd, New Bern, NC 28562. The property boasts a strong 7.73% cap rate and a substantial net operating income (NOI) of $73,416. The single-tenant building, constructed in 2007, sits on a 1.15-acre lot and is zoned C. The lease is a Net Lease (NN) structure, minimizing landlord responsibilities, and features a corporate guarantee from Dollar General, Inc., providing significant security. The current lease, commencing August 1, 2007, has a remaining term of approximately 2.7 years, with four (5-year) lease options, each including a 10% rent increase. The property benefits from its strategic location near US Highway 17 S, a high-traffic area with over 18,750 vehicles per day. The surrounding area demonstrates strong demographics, with an average household income exceeding $78,000 within a 3-mile radius. This presents a compelling investment opportunity for those seeking a stable, high-yielding asset with a nationally recognized, financially sound tenant. The property's 100% occupancy and proven profitability make it an attractive option for 1031 exchange buyers.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,820,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,285,000
- 6.5%
- $1,510,000
- 7%
- $1,395,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,460,000
- Geo Method
- $1,390,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,450,000
- Retail
- $1,315,000
- Mixed-Use
- $1,200,000
- Hospitality
- $1,275,000
- Educational
- $1,365,000
- Residential Income
- $1,175,000
- Energy
- $1,265,000
- Income-Based Land
- $1,175,000
- Food Service
- $1,305,000
Location Insight
- Map
- Local Demand
- City
- New Bern
- County
- Craven
- State
- North Carolina
- Longitude
- -77.1477
- Latitude
- 35.0845
- CBSA code
- 35100
- CBSA name
- NEW BERN, NC MICROPOLITAN STATISTICAL AREA
