Davis Drive Village
Retail | 15,535 SqFt
Marketing description
Davis Drive Village is a fully occupied, multi-tenant retail center located in Apex, North Carolina, one of the fastest-growing suburbs in the Research Triangle. Built in 2006, the property spans 15,535 square feet across 2.41 acres and features nine tenants with a diverse mix of food/beverage (36%), services (45%), and niche grocery (19%). The center is positioned at a signalized intersection with approximately 19,800 vehicles per day and benefits from triple-net (NNN) leases with annual rent increases.
The property offers strong value-add potential with 53% of GLA having no renewal options and a weighted average lease term of 3 years. Recent capital improvements include new shingled roofs installed in 2023. The center is located near historic downtown Apex and the Highway 64 interchange, providing excellent visibility and accessibility in a high-growth submarket with an average household income of $168,163 within a 3-mile radius.
Davis Drive Village is well-positioned in the path of growth, surrounded by significant residential and commercial development including the Veridea master-planned community and Sweetwater Town Center.
Investment highlights
- Multi Tenant Retail Center 15,535 Sq Ft | 2006 Construction
- 100-Percent Occupied | Nine (9) Tenants Average Unit Size: 1,942 Sq Ft
- 53% of GLA Has NO Renewal Options 5-Year CAGR: 4+%
- 36% Food/Beverage, 45% Services, and 19% Niche Grocery
- Triple-Net (NNN) Leases Annual Rent Increases
- Signalized Intersection with +/- 19,800 Vehicles Per Day
- Near Historic Downtown Apex and Hwy-64 Interchange
- Apex, NC: High Growth Suburb of Raleigh: $168,163 Avg HHI in 3-Mile Radius
- Recent Capital Improvements: New Shingled Roofs in 2023
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