7131 Market St Wilmington, NC 28411-9731

Property Details for 7131 Market St

Year built

2005

Construction

WOOD FRAME

Lot size

1.67 lot acres

Property size

11,957 SF

Zone code

B-2,BUSINESS DISTRICT

Property type

Day care centers

APN

R04400-002-042-000

APU

R04400002042000

Description

This exceptional investment opportunity presents a 12,355-square-foot daycare center in Wilmington, NC, at 7131 Market Street, zip code 28411. The property, built in 2005 and situated on a 1.67-acre lot, is 100% occupied by Cadence Academy Preschool, a prominent national childcare provider with over 30 years of experience and more than 300 locations. The current lease, a triple-net (NNN) agreement, commenced December 2, 2005, and expires December 31, 2034, leaving approximately 10.1 years remaining. The lease includes a favorable 2% annual rent escalation, ensuring consistent income growth. The current annual rent is $25.22 per square foot, totaling $324,212 in net operating income (NOI), representing a 6.00% cap rate on the asking price of $5,403,534. The tenant is backed by a corporate guarantee, mitigating risk. The property boasts a prime location off Highway 17, offering high visibility and convenient access to Wilmington International Airport (within 15 minutes). Strong demographics further enhance the investment's appeal, with an average household income of $92,319 and a population of 44,108 within a 3-mile radius. Nearby amenities include major retailers like Publix, Costco, Target, and Walmart, as well as several elementary schools. This presents a stable, high-yield investment with significant long-term potential in a desirable location. The property's price per square foot is $437.36. There are no lease options at the end of the current term.