1828 Croatan Hwy Kill Devil Hills, NC 27948
- Lifestyle centers
- 4,000 SF
- 0.72 lot acres
Current Use by Public Records
- Sherwin-Williams Paint Store / Paint Store
Property Details for 1828 Croatan Hwy
- Year built
- 2024
- Lot size
- 0.72 lot acres
- Property size
- 4,000 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Exceptional investment opportunity: a brand-new, 4,000 square foot Sherwin-Williams store in Kill Devil Hills, North Carolina. This net-lease property boasts a 10-year lease commencing April 5, 2024, and expiring April 30, 2034, with a strong corporate guarantee from Sherwin-Williams (NASDAQ: SHW). The property features built-in rent bumps of 8% in each of the eight, five-year renewal options, ensuring consistent income growth. With a current NOI of $201,425 and a 6.15% cap rate, this investment offers significant potential for return. The property is situated on a 0.72-acre lot at 1828 N Croatan Hwy, 27948, in a prime location across from Target and adjacent to Dare Centre, a shopping center anchored by Belk, Food Lion, and Rack Room Shoes. This high-quality, 2024-built retail space benefits from its location in the heart of North Carolina's Outer Banks, a popular tourist destination with an estimated 7,600 residents in Kill Devil Hills alone. The asking price is $3,275,000, translating to $818.75 per square foot. This is a rare opportunity to acquire a stable, high-performing retail asset with a blue-chip tenant and significant long-term growth potential. The property's 100% occupancy and strong tenant financials, including Sherwin-Williams' over $23 billion in 2023 revenue and a 17.5% increase in EBITDA to $4.24 billion, further solidify this investment's attractiveness.
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
- Kill Devil Hills
- County
- Dare
- State
- North Carolina
- Longitude
- -75.6738792
- Latitude
- 36.0354776
