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5712 Castle Hayne Rd

11,941 SF Retail Building Castle Hayne, NC 28429 £2,909,224 (£244/SF) 5.25% Net Initial Yield

Investment Highlights

  • Absolute NNN lease with 15+ years remaining and no rent holiday.
  • Consistent population growth surrounding the property and the entire Wilmington MSA.
  • Directly across from CVS, Circle K is expanding their building and signed a new 15-year lease.
  • Corporate guarantee from investment grade tenant (BBB).
  • Located on a signalized intersection with 18,280 VPD.

Executive Summary

Transwestern is pleased to exclusively offer for sale a single tenant CVS Pharmacy in Castle Hayne, NC. CVS signed a rare, 20-year extension in 2019 on their absolute NNN lease, with no rent holiday. The property sits on 2.20 acers and is located at a signalized intersection with strong traffic counts. The immediate area is experiencing a significant population boom, with thousands of residential units currently proposed for development. CVS is the only pharmacy within a five-mile radius and will capitalize on the population increase. The property is also only 2.8 miles from the General Electric Aviation facility, which just announced a $22M expansion with additional jobs and received approval to handle higher enrichment level fuels. This facility will be the first commercial facility in the US to hold this license.
Broker of Record
Bradley Fulkerson
NC LIC #281422

Attachments

5712 Castle Hayne Rd
Offering Memorandum

Property Facts

Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Drug Store
Building Size
11,941 SF
Building Class
C
Year Built
2007
Price
£2,909,224
Price Per SF
£244
Net Initial Yield
5.25%
NOI
£152,734
Tenancy
Single
Number of Floors
1
Building FAR
0.12
Lot Size
2.20 AC
Zoning
B-2
Parking
50 Spaces (4.15 Spaces per 1,000 SF Leased)
Frontage
149 ft on Blossom St

Amenities

  • Dedicated Turn Lane
  • Pylon Sign
  • Signage
  • Drive Thru
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Nearby Major Retailers

Truist
Hwy 55 Burgers Shakes & Fries

PROPERTY TAXES

Parcel Number R01113-005-005-000 Improvements Assessment £2,372,623
Land Assessment £124,097 Total Assessment £2,496,720

PROPERTY TAXES

Parcel Number
R01113-005-005-000
Land Assessment
£124,097
Improvements Assessment
£2,372,623
Total Assessment
£2,496,720
(310) 793-6069

Contact

  • Listing ID: 33789807

  • Date on Market: 07/11/2024

  • Last Updated:

  • Address: 5712 Castle Hayne Rd, Castle Hayne, NC 28429

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5712 Castle Hayne Rd
(310) 793-6069 x

5712 Castle Hayne Rd

CJ Brill

(310) 793-6069

(310) 793-6069

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