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Drug Store

Walgreens (Family Dollar Sub-Leased) | Tractor Supply + 200k SF Shopping Center Outparcel

2904 Arendell St, Morehead City, NC 28557

Listing Price: $4,195,000

Cap Rate
7.50%
Tenant Name
WALGREEN CO.
Years Remaining On Lease
3.4
Guarantor
Corporate Guarantee
Rentable SF
13,813
Lease Type
Absolute Net
Rent Per Square Feet
$22.78

Investment Overview

Marcus & Millichap is pleased to present a corporately guaranteed Walgreens drugstore, subleased to Family Dollar located in Morehead City, North Carolina. The property was built in 2004 with a total of 13,813 square feet gross leasable area and sits on approximately 0.94 acres of land off of Arendell Street, directly adjacent to US HWY 70 in Morehead City North Carolina. There is excellent visibility from both directions and the property boasts ample parking and a two-lane drive through. The surrounding area features national retailers such as Tuesday Morning, Dunkin Donuts, Hardees, BB&T Bank, Tractor Supply Co., Big Lots and more. The subject property is an outparcel to the Morehead Plaza Shopping Center. The property is located right off of HWY 70, a stone’s throw from the water front. The property is just down the road from Carteret Health Care a 135 bed hospital - a very synergistic relationship. Over 30,000 vehicles pass by the subject property daily, there are over 20,000+ people within five mile radius with an average household income of $60,159. Walgreens currently has just under four years remaining in the lease term. The lease is Absolute Triple Net (NNN) and leaves the landlord zero responsibilities.

Investment Highlights

  • Absolute Net (NNN) - Zero Landlord Responsibilities
  • Just Under Four Years Remaining on Initial Term
  • Visible to ±60,000 Vehicles per day from Arendell Street/Wallace Road
  • Out Parcel to a ±200,000 Square Foot Shopping Center

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s) NC: 303785

    North Carolina

Drug Store

Walgreens (Family Dollar Sub-Leased) | Tractor Supply + 200k SF Shopping Center Outparcel

Listing Price: $4,195,000

Cap Rate
7.50%
Tenant Name
WALGREEN CO.
Years Remaining On Lease
3.4
Guarantor
Corporate Guarantee
Rentable SF
13,813
Lease Type
Absolute Net
Rent Per Square Feet
$22.78

Investment Highlights

  • Absolute Net (NNN) - Zero Landlord Responsibilities
  • Just Under Four Years Remaining on Initial Term
  • Visible to ±60,000 Vehicles per day from Arendell Street/Wallace Road
  • Out Parcel to a ±200,000 Square Foot Shopping Center

Investment Overview

Marcus & Millichap is pleased to present a corporately guaranteed Walgreens drugstore, subleased to Family Dollar located in Morehead City, North Carolina. The property was built in 2004 with a total of 13,813 square feet gross leasable area and sits on approximately 0.94 acres of land off of Arendell Street, directly adjacent to US HWY 70 in Morehead City North Carolina. There is excellent visibility from both directions and the property boasts ample parking and a two-lane drive through. The surrounding area features national retailers such as Tuesday Morning, Dunkin Donuts, Hardees, BB&T Bank, Tractor Supply Co., Big Lots and more. The subject property is an outparcel to the Morehead Plaza Shopping Center. The property is located right off of HWY 70, a stone’s throw from the water front. The property is just down the road from Carteret Health Care a 135 bed hospital - a very synergistic relationship. Over 30,000 vehicles pass by the subject property daily, there are over 20,000+ people within five mile radius with an average household income of $60,159. Walgreens currently has just under four years remaining in the lease term. The lease is Absolute Triple Net (NNN) and leaves the landlord zero responsibilities.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s): NC: 303785

    North Carolina

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