4623 Birchwood DrWilmington, NC 28405

Property Details for 4623 Birchwood Dr

Year built

2024

Lot size

2.50 AC

Property size (Sq ft)

4,650 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 4,650-square-foot 7-Eleven convenience store and gas station in Wilmington, North Carolina. Located on a prominent retail corridor at a signalized intersection on Market Street (37,500 vehicles per day), this Class A property boasts unparalleled visibility and accessibility. The property sits on a 2.5-acre lot and is part of a thriving retail area with over 2.7 million square feet of commercial space within a one-mile radius, including major national retailers such as Walmart, Target, Lowe's, Costco, and Sam's Club. The 15-year absolute NNN lease, commencing April 30, 2024, and expiring April 29, 2039, includes a corporate guarantee from 7-Eleven, providing significant tenant credit strength. The lease features built-in rent bumps of 10% every five years, further enhancing the investment's long-term value. The property's Net Operating Income (NOI) is $516,475, resulting in an attractive 5.15% cap rate. Built in 2024, this single-story building is constructed to 7-Eleven's latest prototype, with warranties covering the roof and mechanical systems. Four five-year lease options are included, providing additional long-term security. This is a passive investment opportunity with minimal landlord responsibilities, offering significant potential for appreciation and strong cash flow. The asking price is $10,029,000, translating to $2,156.77 per square foot.

Location Insight

City

Wilmington

County

New Hanover

State

North Carolina

Latitude

34.2433

Longitude

-77.8877

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