For Sale
$1,750,000

17 Main StWendell, NC 27591

Downtown Wendell, NC retail & bar investment.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional value-add opportunity presents a two-tenant, 9,500 square foot retail building located at 17-21 N Main Street in the heart of rapidly growing Wendell, North Carolina. The property, built in 1911 and extensively renovated in 2023, boasts a Class B designation and features a mix of bar and storefront spaces. Currently operating at 100% occupancy with a new lease signed, the building offers a strong, stable income stream. Recent improvements include a complete sprinkler system installation (2023), the addition of new bathrooms (2023), new HVAC units (2020), and roof sealing (2020). The property is zoned DMX and sits on a single, two-story building. The current lease is a NNN lease with a remaining term of approximately 0.9 years, expiring October 31, 2025, and commenced January 1, 2019. The current Net Operating Income (NOI) is $50,000, while the pro-forma NOI is projected at $142,500, reflecting a significant potential for increased profitability. The asking price is $1,750,000, representing a current cap rate of 2.86% and a pro-forma cap rate of 8.14%. The property's prime location in downtown Wendell, adjacent to the substantial Wendell Falls housing development, ensures strong future growth potential. The property's APN is 1783697993. This is a rare opportunity to acquire a well-maintained, high-potential commercial property in a thriving North Carolina market.

Highlights

  • 9,500 SF retail building at 17-21 N Main St, Wendell, NC.
  • Class B building, extensively renovated in 2023, 100% occupied with a NNN lease expiring 10/31/2025.
  • Recent improvements include new sprinkler system, bathrooms, and HVAC.
  • Current NOI $50,000, pro-forma NOI $142,500.
  • Asking price $1,750,000, current cap rate 2.86%, pro-forma cap rate 8.14%.

Property Details for 17 Main St

Property type
Retail properties, Bars
Square Feet
9,500 SF
Class
B
Year Built/Renovated
1911/2023
Buildings
1
Stories
2

Location Insight

City
Wendell
County
Wake
State
North Carolina
Latitude
35.7814525
Longitude
-78.3702279
17 Main St, Wendell, North Carolina

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17 Main St
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