3590 Sunset AveRocky Mount, NC 27804

Property Details for 3590 Sunset Ave

Year built

2003

Construction

BRICK

Lot size

1.38 AC

Property size (Sq ft)

14,364 SF

Zone code

B2

Property type

Retail space

APN

384005-07-5698

APU

384005075698

Description

This exceptional investment opportunity presents a fee-simple, single-tenant Walgreens property located at 3590 Sunset Ave, Rocky Mount, NC 27804. The 13,824 square foot building sits on a 1.6-acre lot with 70 parking spaces and benefits from a prominent, signalized hard-corner location boasting over 44,000 vehicles per day. The property is situated conveniently between I-95 and Highway 301, offering excellent regional access. The Walgreens lease is an absolute NNN, providing significant investor protection, with a corporate guarantee and a remaining term of 4.5 years. The lease commenced on May 5, 2004, and includes three 5-year options, with rent bumps of 5% in option 2 and $0.50 per square foot increases in options 3 and 4. The current lease expiration is May 4, 2029. The property's strong financials include a $4,000,000 asking price, a 7.00% cap rate, and a net operating income (NOI) of $280,125. The building, constructed in 2004, is zoned B1. The property's strategic location is further enhanced by its proximity to a Harris Teeter-anchored shopping center and UNC Health-backed Nash General Hospital, a major employer in the area. This investment offers a compelling combination of strong tenant, long-term lease, and excellent location in a growing market.

• CAP approach

  CAP return

  Valuation

  6%

  $4,225,600

  6.5%

  $3,900,560

  7%

  $3,621,940

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,954,560

  Geo Method

  $3,429,000

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $7,875,270

  Mixed-Use / Specialty

  $3,778,030

  Hospitality / Lodging

  $2,630,390

  Office

  $3,642,440

  Institutional / Educational

  $3,888,800

  Residential Income

  $4,549,900

  Multifamily

  $6,059,090

  Automotive / Energy

  $3,333,260

  Parking / Income-Based Land

  $1,257,590

  Restaurant / Food Service

  $1,733,160

  Healthcare / Senior Housing

  $3,985,690

Location Insight

City

Rocky Mount

County

Nash

State

North Carolina

Latitude

35.9642

Longitude

-77.8488

CBSA code

40580

CBSA name

ROCKY MOUNT, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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