For Sale
$3,923,076

2901 Wakefield Pines DrRaleigh, NC 27614

High-yield Walgreens, 10+ year lease.

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Property Details for 2901 Wakefield Pines Dr

Property type
Retail properties, Drug stores
Square Feet
12,014 SF
Year Built
2001
Lot Size (sq. ft)
64,469 SF

Location Insight

City
Raleigh
County
Wake
State
North Carolina
Latitude
35.942705667453
Longitude
-78.558914434346
2901 Wakefield Pines Dr, Raleigh, North Carolina

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2901 Wakefield Pines Dr
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