Excellent opportunity to own a highly stable, highly visible asset in the Wilmington, NC market. This offering consists of three buildings, all single tenant. The primary building is occupied by Miller-Motte Technical College. Two smaller buildings are leased by Coastal Jewelry and Pawn and All Good Auto detail, respectively. For purposes of calculating cap rate, the All Good Auto detail income has been disregarded due to their short term lease. This package is being offered at a 8.75% cap rate, and the property offers upside through rental increases and stabilization of the All Good building. Sales Info: ■ Cap rate: 8.75% ■ Commision split: 2.0% ■ NOI: $937,039 Location Description: This property is located on a highly visible main corridor in Wilmington North Carolina. Market Street (US Hwy 17) is a main north-south corridor through the city, and is a major retail corridor. In close proximity to this location are retailers such as Target, Chick-fil-a, Arby's, and Costco along with many regional and local tenants. Highlights: ■ Net leased investment property for sale ■ Credit anchor tenant through 2021 ■ Second tenant renewed for 5 years in 2012 ■ Upside in stabilizing the smaller building in the rear « show less
Excellent opportunity to own a highly stable, highly visible asset in the Wilmington, NC market. This offering consists of three buildings, all... show more »
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