Petco
Petco Absolute NNN | 6.00% Cap Rate
Marketing description
Embree Capital Markets Group is pleased to present the exclusive offering of a newly constructed, build-to-suit Petco located at 117 Tanglewood Parkway in Elizabeth City, North Carolina. This property is secured by a 15-year absolute NNN lease featuring 8.5% rental increases every five years, providing investors with stable, long-term, and passive income. The property is strategically positioned as an outparcel to Walmart Supercenter, ensuring exceptional visibility, high daily traffic, and strong synergy with surrounding national retailers.
Elizabeth City serves as the primary commercial and government hub for Pasquotank County and northeastern North Carolina. Conveniently located along U.S. Highway 17, the city enjoys easy access to larger metropolitan markets including Raleigh (136 miles), Richmond (107 miles), and Norfolk/Virginia Beach (50 miles). The site sees traffic counts exceeding 18,000 vehicles per day and benefits from proximity to Elizabeth City State University, a major local employer and cultural center. The area is also home to Coast Guard Base Elizabeth City, one of the largest Coast Guard installations in the country, supporting a stable and well-paid workforce. The 10-mile trade area features a population of over 46,000 residents, with average household incomes exceeding $68,000, reflecting the area’s solid consumer spending base and growth potential.
Investment highlights
Brand-New 2023 Construction – Modern prototype Petco retail store
Corporate Lease – Guaranteed by Petco Animal Supplies Stores, Inc. (NYSE: WOOF)
15-Year Absolute NNN Lease – Zero landlord responsibilities
8.5% Rent Increases Every 5 Years – Inflation-protected income stream
Outparcel to Walmart Supercenter – Prime retail positioning with strong co-tenancy
18,000+ Vehicles Per Day – Exceptional traffic and accessibility along Highway 17
Primary Retail Hub – Surrounded by major national retailers and restaurants
Near Elizabeth City State University – Consistent local and student consumer base
Proximity to U.S. Coast Guard Base Elizabeth City – Large local employment anchor
Affluent Demographics – Average household income over $68,000 within 10 miles
Strong Regional Growth Corridor – Expanding population and infrastructure development
Close to Outer Banks and Albemarle Sound – Drives year-round tourism and visitation
Fee Simple Ownership – Ideal for 1031 exchange or passive investment portfolios
E-Commerce Resistant Tenant – Pet services and veterinary care drive in-person traffic
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