Murphy USA 140 Us Highway 321 NW 2,824 SF Retail Building Hickory, NC 28601 £1,936,991 (£685.90/SF) 5.25% Net Initial Yield
INVESTMENT HIGHLIGHTS
- STRONG LEASE FUNDAMENTALS
- INVESTMENT GRADE TENANT
- NEARBY ECONOMIC DEVELOPMENT
EXECUTIVE SUMMARY
STRONG LEASE FUNDAMENTALS
- 10% rental increases every 5 years of initial term
- 8% rental increases every 5 years during options periods
- Absolute NNN Ground lease providing no Landlord Responsibilities
- Four (4) - Five (5) year option periods
INVESTMENT GRADE TENANT
- Murphy USA has a Market Cap of over $10.45B
- Has over 1,700 locations
- Corporate Lease with a strong investment tenant
- HIGH GROWTH AND AFFLUENT TRADE AREA
- Site is positioned in high growth Hickory, NC
- The Murphy Oil is located in between three large North Carolina Cities, Charlotte, Asheville, and Winston-Salem
- The town of Hickory, NC has seen rapid growth over the past few years with an average growth rate of 1.22% annually
POSITIONED IN A DENSE INDUSTRIAL NODE
- Within a 1-mile radius of the Murphy Oil is more than 3.7MSF of industrial Space
- Nearby National Industrial Employers Include: Pepsi Bottling Group, Trane Supply, Master Tech Auto Supplies, Performance Food Group, United Beverages (Broke ground on a 67,000 Sqft expansion)
- Nearby retailers include: McDonalds, Dunkin’, Starbucks, and more
NEARBY ECONOMIC DEVELOPMENT
- Located 1-mile from the Appalachian State University - Hickory Campus
- More than 500 students attend this location
- More than 21K students were enrolled in fall 2024 at all campuses
- There are proposed plans between the city of Hickory and Appalachian State University to create an additional 30 acre satellite campus
HICKORY, NC DEMOGRAPHIC GROWTH INDICATORS
- The city of Hickory, NC is recognized as the economic center of the Catawba River Valley
- Hickory has 2 universities driving growth (LenoirRhyne and App State)
- Average household income within 5-miles of the site is over $86K and population in the same radius is over 68K
- 10% rental increases every 5 years of initial term
- 8% rental increases every 5 years during options periods
- Absolute NNN Ground lease providing no Landlord Responsibilities
- Four (4) - Five (5) year option periods
INVESTMENT GRADE TENANT
- Murphy USA has a Market Cap of over $10.45B
- Has over 1,700 locations
- Corporate Lease with a strong investment tenant
- HIGH GROWTH AND AFFLUENT TRADE AREA
- Site is positioned in high growth Hickory, NC
- The Murphy Oil is located in between three large North Carolina Cities, Charlotte, Asheville, and Winston-Salem
- The town of Hickory, NC has seen rapid growth over the past few years with an average growth rate of 1.22% annually
POSITIONED IN A DENSE INDUSTRIAL NODE
- Within a 1-mile radius of the Murphy Oil is more than 3.7MSF of industrial Space
- Nearby National Industrial Employers Include: Pepsi Bottling Group, Trane Supply, Master Tech Auto Supplies, Performance Food Group, United Beverages (Broke ground on a 67,000 Sqft expansion)
- Nearby retailers include: McDonalds, Dunkin’, Starbucks, and more
NEARBY ECONOMIC DEVELOPMENT
- Located 1-mile from the Appalachian State University - Hickory Campus
- More than 500 students attend this location
- More than 21K students were enrolled in fall 2024 at all campuses
- There are proposed plans between the city of Hickory and Appalachian State University to create an additional 30 acre satellite campus
HICKORY, NC DEMOGRAPHIC GROWTH INDICATORS
- The city of Hickory, NC is recognized as the economic center of the Catawba River Valley
- Hickory has 2 universities driving growth (LenoirRhyne and App State)
- Average household income within 5-miles of the site is over $86K and population in the same radius is over 68K
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,824 SF
Building Class
C
Year Built/Renovated
1982/2024
Price
£1,936,991
Price Per SF
£685.90
Net Initial Yield
5.25%
NOI
£101,709
Tenancy
Single
Number of Floors
1
Building FAR
0.04
Lot Size
1.57 AC
Zoning
C-2 - Commercial
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Murphy USA
- Retailer
- 2,824 SF
- -
- NNN
- Dec 2044
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Murphy USA | Retailer | 2,824 SF | - | NNN | Dec 2044 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £241,465 | |
| Land Assessment | £235,664 | Total Assessment | £477,128 |
CONTACTS
-
David Hoppe -
Mike Lucier -
Ben Olmstead -
Ben McCarter -
Atlantic Capital Partners
