Listed by NAI Beverly-Hanks
$4,960,000
1016 Devore Ln.
Details
Property Type Retail
Sub Type Storefront
Square Footage 40,000
Cap Rate 5.90%
NOI $292,875
Tenancy Single
Brand/Tenant Pike's Nursery
Lease Type Absolute NNN
Remaining Term 11
Rent Bumps Yes
Lease Options Two 5-Year Terms
Price per SqFt $124
Year Built 2016
Buildings 1
Retail | 5.90% CAP | 40,000 SqFt
Marketing description
Outstanding investment opportunity in the retail hub of Matthews. The tenant, Pike's Nursery, is a national chain with the parent organization 135 years old.
The absolute net lease has 11 years remaining on the first term, with multiple additional option periods. The structure was build in 2016. In March, 2027, the rent will increase by 10%, creating a capitalization rate of 6.5%.
This property is located within a few minutes of virtually every retailer of note and 4,000 apartment units.
Investment highlights
- Tenant: Pike Family Nurseries
- Guarantor: Armstrong Garden Centers, Inc.
- Lease Type: Absolute NNN
- Original Lease Term: 20 Years
- Remaining Term: Approx. 11 Years
- Rent Increases: 10% Every 5 Years
- Renewal Options: Two 5-Year Terms
- Current Rent: $292,875
- Years 11-15: $322,162
- Years 16-20: $354,378
- Option Period #1: $389,815
- Option Period #2: $428,796
Listing Contacts
Listed by NAI Beverly-Hanks
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$292,875.00
$24,406.25/mo
Valuation Metrics
0
DSCR
5.9%
Cap Rate
5.9%
ROI
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