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Shopping Strip

Timbuck II Shopping Village

785, 790, 794 Sunset Blvd, Corolla, NC 27927

Listing Price: $10,900,000

Cap Rate
7.51%
Gross SF
37,264
Rentable SF
37,264
Price/Gross SF
$292.51
Lot Size
1.33 acres
Year Built
1993

Investment Overview

Marcus & Millichap is pleased to present for sale three multi-tenant retail buildings, as part of a condo association, within the Timbuck II Shopping Village located in Corolla, North Carolina. The three buildings are the West Building, South Building, and East Building, total 37,264 square feet. The West Building was constructed in 1994 and consists of 15,332 square feet, and includes 53 covered parking spaces underneath the building. The South Building was constructed in 1995 and is 6,192 square feet. The East Building is 15,740 square feet and was constructed in 1993 and includes 51 covered parking spaces underneath the building. The entire Timbuck II Shopping Village has a total of 728 parking spaces which are shared among the owners in the condo association. The property is 95-percent leased with local and regional tenants, and the investment benefits from a loyal tenant base with 55-percent of the GLA least for at least 10-years. The subject property is part of the premier shopping, dining, and entertainment destination on the Outer Banks of North Carolina. Timbuck II Shopping Village is located on Ocean Trail/Highway 12 with two points of ingress/egress (Albacore Street and Orions Way). Timbuck II Shopping Village is made up of over 60 shops, restaurants, and recreational activities including mini-golf, Kites, and a Go Kart track. The subject property is located directly across the street from Buck’s Island, a private community, as well as Food Lion, Dairy Queen, and Dunkin’. Additional retailers and attractions in the area include Ace Hardware, Super Wings Corolla, and Corolla Adventure Golf.

Investment Highlights

  • Timbuck II Shopping Village | Three-Buildings | 37,364 Square Feet
  • 95-Percent Leased | 23-Suites | Average Suite Size: 1,620 Square Feet
  • Ease of Ownership via Condo Association
  • Premier Shopping, Dining, and Entertainment Destination on Outer Banks of North Carolina
  • Nearly 1.24 Million Visits and More than 766,000 Visitors in Past 12-Months
  • Loyal Tenancy: 55-Percent of GLA Has Been Leased for 10+ Years
  • Strong, Consistent Cashflow History
  • High Barrier to Entry with Limited Retail Competition

Exclusively Listed By

Shopping Strip

Timbuck II Shopping Village

Listing Price: $10,900,000

Cap Rate
7.51%
Gross SF
37,264
Rentable SF
37,264
Price/Gross SF
$292.51
Lot Size
1.33 acres
Year Built
1993

Investment Highlights

  • Timbuck II Shopping Village | Three-Buildings | 37,364 Square Feet
  • 95-Percent Leased | 23-Suites | Average Suite Size: 1,620 Square Feet
  • Ease of Ownership via Condo Association
  • Premier Shopping, Dining, and Entertainment Destination on Outer Banks of North Carolina
  • Nearly 1.24 Million Visits and More than 766,000 Visitors in Past 12-Months
  • Loyal Tenancy: 55-Percent of GLA Has Been Leased for 10+ Years
  • Strong, Consistent Cashflow History
  • High Barrier to Entry with Limited Retail Competition

Investment Overview

Marcus & Millichap is pleased to present for sale three multi-tenant retail buildings, as part of a condo association, within the Timbuck II Shopping Village located in Corolla, North Carolina. The three buildings are the West Building, South Building, and East Building, total 37,264 square feet. The West Building was constructed in 1994 and consists of 15,332 square feet, and includes 53 covered parking spaces underneath the building. The South Building was constructed in 1995 and is 6,192 square feet. The East Building is 15,740 square feet and was constructed in 1993 and includes 51 covered parking spaces underneath the building. The entire Timbuck II Shopping Village has a total of 728 parking spaces which are shared among the owners in the condo association. The property is 95-percent leased with local and regional tenants, and the investment benefits from a loyal tenant base with 55-percent of the GLA least for at least 10-years. The subject property is part of the premier shopping, dining, and entertainment destination on the Outer Banks of North Carolina. Timbuck II Shopping Village is located on Ocean Trail/Highway 12 with two points of ingress/egress (Albacore Street and Orions Way). Timbuck II Shopping Village is made up of over 60 shops, restaurants, and recreational activities including mini-golf, Kites, and a Go Kart track. The subject property is located directly across the street from Buck’s Island, a private community, as well as Food Lion, Dairy Queen, and Dunkin’. Additional retailers and attractions in the area include Ace Hardware, Super Wings Corolla, and Corolla Adventure Golf.

Exclusively Listed By

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