1006 Monroe StCarthage, NC 28327
- Retail properties
- 10,196 SF
Property Details for 1006 Monroe St
- Year built
- 1998
- Lot size
- 1.23 AC
- Property size (Sq ft)
- 10,196 SF
- Property type
- Retail properties
- Property subtype
- Other retail properties
Description
This exceptional investment opportunity presents a 10,196 square foot Walgreens located at 1006 Monroe St, Carthage, NC 28327. The property, built in 1998 and renovated in 2005, sits on a 1.23-acre lot and is a single-story Class A building. Currently operating under a single-tenant, absolute NNN lease with Walgreens, the property boasts a 10.8-year remaining lease term with four, five-year options, each including a 5% rent increase. The current annual net operating income (NOI) is $210,000, resulting in a 7.00% capitalization rate at the asking price of $3,000,000 ($294.23 per square foot). The tenant has demonstrated strong performance, reporting exceptional sales with an average annual growth rate of 5.7% since 2017, and enjoys a prime location as the only freestanding drugstore within a 10-mile radius, serving a substantial customer base. This hands-off investment offers a secure income stream with a nationally recognized tenant and significant potential for future growth. The property's APN is 8577-08-99-6056. This is a truly exceptional opportunity for a savvy investor seeking a stable, high-performing asset in a desirable market.
Location Insight
- City
- Carthage
- County
- Moore
- State
- North Carolina
- Latitude
- 35.3404
- Longitude
- -79.4031
Comparable in this City
Similar Nearby for Sale
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