129 Nine Foot RdNewport, NC 28570

Property Details for 129 Nine Foot Rd

Year built

2011

Construction

WOOD

Lot size

0.42 AC

Property size (Sq ft)

2,834 SF

Zone code

CH

Property type

Drug stores

APN

6338.15.74.1923000

APU

633815741923000

Description

This exceptional investment opportunity presents a 2,834-square-foot CVS Pharmacy located at 129 Nine Foot Rd, Newport, NC 28570. Built in 2011, this property boasts a strong 6.25% cap rate and a substantial net operating income (NOI) of $69,696. The asking price is $1,115,136. Situated in a thriving retail corridor alongside national brands like Walmart, Food Lion, Subway, First Citizens Bank, Dollar General, and Bojangles, this location benefits from high visibility and significant foot traffic. The pharmacy enjoys a high script count and benefits from limited competition—being the only national brand pharmacy within a 10-mile radius. The property features a favorable option structure with a 10% increase in the next option period, beginning December 1st, 2024. This CVS location represents a secure and profitable investment in a desirable market. The property's strong tenant, CVS, holds a prominent position as the 5th ranked company on the Fortune 500 list, further solidifying its financial stability and long-term viability.

• CAP approach

  CAP return

  Valuation

  6%

  $772,931

  6.5%

  $713,474

  7%

  $662,512

• Comparable approach

  Method

  Valuation

  Relative Method

  $801,517

  Geo Method

  $1,639,301

• Alternative Use

  Use

  Valuation

  Residential

  $601,842

  Hospitality

  $551,284

  Educational

  $458,662

  Medical

  $474,436

  Retail

  $713,474

Location Insight

City

Newport

County

Carteret

State

North Carolina

Latitude

34.7892

Longitude

-76.8775

CBSA code

33980

CBSA name

MOREHEAD CITY, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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