159 N Cooper Dr
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159 N Cooper Dr
7,216 SF 100% Leased Retail Building Henderson, NC 27536 £2,808,840 (£389/SF) 6.75% Net Initial Yield
Investment Highlights
- Nearby National Anchor Retail
- Easy Access from I-85
- Nearby Economic Drivers
- Seasoned Operators
- Limited LL Responsibility
Executive Summary
Proximity to National Anchor Retail
The subject property is located across the street from Walmart Supercenter and Henderson Square, a shopping center containing Belk, Burkes, and Marshalls plus a recently opened Five Below and TJ Maxx. Additionally, Lowe’s Home Improvement and Aldi are a 3-minute drive away. Walmart received 2.2M visits over the past 12 months, helping draw consumers to the immediate area.
Seasoned Operators
100% of the GLA is operated by corporate entities backed by nearly 9,000 combined brand locations.
Easy Access from I-85 & US-158 Bypass
T-Mobile & Mattress Firm are located a 1-minute drive from US-158 Bypass (35,500 VPD) and a 2-minute drive from an interchange of I-85 (39,500 VPD). I-85 is one of the major interstates in the southeastern US connecting Charlotte to Richmond.
Primary Term Rent Growth
T-Mobile & Mattress Firm both feature brand-new 10 year leases with 10% rent escalations beginning year six of their primary term.
Nearby Economic Drivers
The center is located less than a mile away from Maria Parham Health Hospital (205 beds, in the Duke LifePoint network) and Vance Charter School (939 students), and a 7-minute drive from Vance-Granville Community College (3,000+ students).
Limited Landlord Responsibility
Both leases allow for full pass through of Taxes, Insurance and Common Area Maintenance plus an additional 15% Administrative fee on CAM. Additionally, the building underwent a major renovation including all new HVAC units in 2022/2023. An investor can expect limited responsibilities and near term capital expenditure.
The subject property is located across the street from Walmart Supercenter and Henderson Square, a shopping center containing Belk, Burkes, and Marshalls plus a recently opened Five Below and TJ Maxx. Additionally, Lowe’s Home Improvement and Aldi are a 3-minute drive away. Walmart received 2.2M visits over the past 12 months, helping draw consumers to the immediate area.
Seasoned Operators
100% of the GLA is operated by corporate entities backed by nearly 9,000 combined brand locations.
Easy Access from I-85 & US-158 Bypass
T-Mobile & Mattress Firm are located a 1-minute drive from US-158 Bypass (35,500 VPD) and a 2-minute drive from an interchange of I-85 (39,500 VPD). I-85 is one of the major interstates in the southeastern US connecting Charlotte to Richmond.
Primary Term Rent Growth
T-Mobile & Mattress Firm both feature brand-new 10 year leases with 10% rent escalations beginning year six of their primary term.
Nearby Economic Drivers
The center is located less than a mile away from Maria Parham Health Hospital (205 beds, in the Duke LifePoint network) and Vance Charter School (939 students), and a 7-minute drive from Vance-Granville Community College (3,000+ students).
Limited Landlord Responsibility
Both leases allow for full pass through of Taxes, Insurance and Common Area Maintenance plus an additional 15% Administrative fee on CAM. Additionally, the building underwent a major renovation including all new HVAC units in 2022/2023. An investor can expect limited responsibilities and near term capital expenditure.
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Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
7,216 SF
Building Class
B
Year Built/Renovated
1999/2023
Price
£2,808,840
Price Per SF
£389
Net Initial Yield
6.75%
NOI
£189,586
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.17
Land Acres
0.96 AC
Zoning
HB2A
Parking
32 Spaces (4.43 Spaces per 1,000 SF Leased)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 0033A01005 | Improvements Assessment | £352,536 |
| Land Assessment | £252,480 | Total Assessment | £605,016 |
PROPERTY TAXES
Parcel Number
0033A01005
Land Assessment
£252,480
Improvements Assessment
£352,536
Total Assessment
£605,016
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Gus Bowen -
Will Walton -
Berkeley Capital Advisors
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