This exceptional investment opportunity presents a fee-simple, 12,014 square foot Walgreens located at 2901 Wakefield Pines Dr, Raleigh, NC 27614. The property sits on a 1.48-acre lot and boasts a strong 6.50% cap rate with a current NOI of $255,000. Built in 2001, this absolute NNN net lease features a single tenant, Walgreens, with a lease expiration date of June 30, 2035, providing a remaining lease term of 10.6 years. The lease includes four 5-year options with a 5% rent increase every five years, ensuring consistent income growth. The property benefits from its location in a high-traffic retail corridor, surrounded by complementary businesses such as Food Lion, Subway, and Dunkin' Donuts. Furthermore, it's situated in a densely populated residential area with over 2,000 apartment units within a one-mile radius and is near over one million square feet of medical facilities, including WakeMed Hospital. The affluent demographics, with household incomes exceeding $139,000 within a one-mile radius and $124,000 within three miles, contribute to the exceptional sales volumes reported by Walgreens at this location. The asking price is $3,923,076, translating to a price per square foot of $326.54. This is a truly exceptional opportunity for a long-term, passive income investment. The property is 100% occupied.
Highlights
Walgreens recently signed a 10-year lease extension (March 2024), demonstrating strong commitment to this location.
Strong demographics: $117,632 average household income within a 5-mile radius, encompassing 128,470 residents.
High concentration of medical facilities within 5 miles, including WakeMed Hospital and UNC Rex Healthcare Surgery Center.
Dense residential area: Over 2,000 apartment units within 1 mile, including proximity to a 121-unit senior living community.
Absolute triple-net (NNN) lease; no landlord responsibilities.
Walgreens reports high sales volume at this property.
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Contacts
Jason Pongsrikul
Chris Barry
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2901 Wakefield Pines Dr, Raleigh, North Carolina, 27614
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
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2901 Wakefield Pines Dr
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