101 Main St Havelock, NC 28532-2223

Property Details for 101 Main St

Year built

1989

Lot size

2.88 lot acres

Property size

11,000 SF

Property type

Auto shops

APN

6-061 -041

APU

6061041

Description

This exceptional investment opportunity presents a freestanding Walgreens pharmacy located at 101 W Main St, Havelock, NC 28532. The property boasts a substantial 13,813 square feet on a 1.76-acre lot, built in 2004. Currently operating under a triple-net (NNN) lease with Walgreens Boots Alliance, Inc., the largest retail pharmacy in the US and Europe, this property offers a secure and stable income stream. The lease commenced on May 13, 2008, and has a remaining term of 4.5 years, with eight 5-year renewal options. The current annual rent is $16.89 per square foot, replaceable and below the chainwide average, increasing the likelihood of lease renewal. The property enjoys 100% occupancy, generating a strong net operating income (NOI) of $233,288, resulting in a 7.50% cap rate. The asking price is $3,110,500, translating to $204.72 per square foot. This prime retail location on Route 70 sees over 30,000 vehicles daily and benefits from its proximity to Marine Corps Air Station Cherry Point, supporting a large population base. The property's strong fundamentals, including multiple points of access and attractive curb appeal, further enhance its investment value. The tenant, Walgreens, is considered an essential retailer, demonstrating resilience against economic downturns and pandemics. The property is situated in a dense retail corridor with other national tenants such as McDonald's and Starbucks. This is a rare opportunity to acquire a high-performing, low-risk investment property with significant long-term potential.