Investment Summary
Price | $1,690,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | |
Rental Increases | 10% Rental Increases in Year 11 and At The Beginning |
Year Built | 2016 |
Building Size | 8,320 sq. ft. |
Lot Size | 2.05 Acres (89,298 sq. ft.) |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Executive Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 |
Investment Highlights
LONG TERM LEASE WITH SCHEDULED RENT INCREASES
» The lease is guaranteed for 15 years by Family Dollar Stores, Inc. – rated “BB” by S&P
» Scheduled rent increases of 10% after year 10 and every 5 years thereafter, providing a hedge against inflation
ABSOLUTE TRIPLE NET LEASE
» Tenant is responsible for taxes, insurance, and all maintenance
» No landlord management
» Ideal investment opportunity for an out-of-area investor
BRAND NEW CONSTRUCTION
» Building was built in 2016 to Tenant’s exact specifications
» Located on hard corner, allowing for great visibility and access
» Features latest Family Dollar prototype
LOCATED IN DESIRABLE JACKSONVILLE MARKET
» Forbes ranked Jacksonville the fifth-fastest growing small city in the U.S. in 2014
» Demographically, Jacksonville is the youngest city in the U.S. – average age of 22.8 years old
» Future job growth in Onslow County over the next ten years is projected to be over 34%
Click Here to Download Offering Memorandum
Property Description
SOLD
The property is located at the hard corner of Pony Farm Road and Burgaw Highway, with 17,000 vehicles per day directly in front of the site. Pony Farm Road connects directly to Wilmington Highway, which boasts a traffic count of 34,000 vehicles per day. Nearby retailers include Dunkin’ Donuts, Advance Auto Parts, Walgreens, Walmart Supercenter, Food Lion, and many others.
The property benefits from its close proximity to Marine Corps Bases Air Station New River and Camp Lejeune, which are three and ten miles from the property, respectively. These military bases are the largest employers in the region and are home to over 144,000 military personnel, military family members, and civilian employees, providing a strong customer base for Family Dollar. Additionally, the property is located near multiple residential neighborhoods and is in a prime position to benefit from future growth in Jacksonville, one of the nation’s fastest growing cities.