455 Pirates RdNew Bern, NC 28562

Property Details for 455 Pirates Rd

Year built

2007

Lot size

1.15 AC

Property size (Sq ft)

9,016 SF

Property type

Retail properties

Property subtype

Retail space

APN

8-206 -8003

APU

82068003

Description

This exceptional investment opportunity presents a 9,014-square-foot Dollar General convenience store located at 455 Pirates Rd, New Bern, NC 28562. The property boasts a strong 7.73% cap rate and a substantial net operating income (NOI) of $73,416. The single-tenant building, constructed in 2007, sits on a 1.15-acre lot and is zoned C. The lease is a Net Lease (NN) structure, minimizing landlord responsibilities, and features a corporate guarantee from Dollar General, Inc., providing significant security. The current lease, commencing August 1, 2007, has a remaining term of approximately 2.7 years, with four (5-year) lease options, each including a 10% rent increase. The property benefits from its strategic location near US Highway 17 S, a high-traffic area with over 18,750 vehicles per day. The surrounding area demonstrates strong demographics, with an average household income exceeding $78,000 within a 3-mile radius. This presents a compelling investment opportunity for those seeking a stable, high-yielding asset with a nationally recognized, financially sound tenant. The property's 100% occupancy and proven profitability make it an attractive option for 1031 exchange buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $3,212,574

  6.5%

  $2,965,453

  7%

  $2,753,634

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,014,558

  Geo Method

  $5,215,222

• Alternative Use

  Use

  Valuation

  Residential

  $2,501,470

  Hospitality

  $2,291,333

  Educational

  $1,906,362

  Medical

  $1,971,925

  Retail

  $2,965,453

Location Insight

City

New Bern

County

Craven

State

North Carolina

Latitude

35.0845

Longitude

-77.1477

CBSA code

35100

CBSA name

NEW BERN, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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