1900 Croatan Hwy Kill Devil Hills, NC 27948

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 6,000 square foot Wawa convenience store and gas station located at 1900 N Croatan Hwy, Kill Devil Hills, NC 27948. The property boasts a 20.1-year absolute NNN ground lease with a corporate guarantee from Wawa, Inc., a nationally recognized and established brand with over 1,000 locations. The lease commenced May 15, 2024, and expires May 31, 2044, offering a substantial remaining term of 19.5 years. Rent bumps of 10% every 5 years ensure consistent income growth. The property sits on a 2.32-acre lot in a high-traffic retail corridor, experiencing 36,184 vehicles per day, and is strategically positioned across from a Target store. With a 4.75% cap rate and a net operating income (NOI) of $292,000, this asset offers a compelling return on investment. The asking price is $6,147,000, translating to $1,024.50 per square foot. The property's location in Kill Devil Hills, an affluent town with a strong average household income, further enhances its appeal. The lease includes six 5-year renewal options, providing long-term stability and predictable cash flow. This is a truly exceptional opportunity for passive investors seeking a management-free, high-yield investment with a best-in-class tenant. The property is suitable for a 1031 exchange.