Walmart Neighborhood Market,
Summerville, SC Investment Summary
| Price | $14,475,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years (10 Years Remaining) |
| Lease Type | Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance |
| Rental Increases | 5% Rental Increase Every (5) Five Years In Each Option |
| Year Built | 2016 |
| Building Size | 41,921 SF |
| Lot Size | 6.89 Acres (300,128 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
CORPORATE LONG TERM ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» Absolute NNN lease requires zero landlord management, ideal for an out-of-area investor
» Walmart it the world’s largest retailer with 11,847 stores worldwide and #1 on the Global Fortune 500 list.
» Investment grade tenant, rated “AA” by Standard & Poor’s and “Aa2” by Moody’s
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED AND AFFLUENT AREA
» Located just off the signalized hard corner of Orangeburg Road and Central Avenue, with excellent visibility and access to 27,400 vehicles per day at the intersection
» 83,064 residents within a five-mile radius of the property
» Central location in a robustly affluent area, with an average household income of $87,896 within a five-mile radius of the site
» Projected 11 percent AAHI increase within one mile of the site in the next five years, poising Walmart Neighborhood Market and the Summerville location for significant concurrent growth
HIGH-TRAFFIC LOCATION WITH LARGE CUSTOMER BASE
» The subject property is located adjacent to a Publix anchored shopping center with many other national retailers in the surrounding area including Walgreens, CVS, Advance Auto Parts, AutoZone, Zaxby’s, McDonald’s and many others
» The property additionally benefits from its proximity to many of the areas major employers including Joint Base Charleston (13 miles), Medical University of South Carolina (25 miles) and Boeing (16 miles)
2016 CONSTRUCTION
» High-quality 2016 construction includes fuel center fronting Central Avenue
» Fee simple ownership (depreciate the building, fuel pumps, etc.)
Property Description
SOLD
The subject property is located just off the signalized intersection of Central Avenue and Orangeburg Road with excellent access and visibility to 27,400 vehicles per day. The surrounding area is affluent and densely populated with 83,064 residents and an average household income over $87,000 within a five-mile radius of the property. The area is poised for significant growth with average household income projected to grow by over 13% over the next five years.
The subject property is located adjacent to a Publix anchored shopping center with many other national retailers in the surrounding area including Walgreens, CVS, Advance Auto Parts, AutoZone, Zaxby’s, McDonald’s and many others. The property additionally benefits from its proximity to many of the areas major employers including Joint Base Charleston (13 miles), Medical University of South Carolina (25 miles) and Boeing (16 miles).
