7-Eleven - Kill Devil Hills (Outer Banks, NC)
Rare New 15-Year Extension (Absolute NNN) | 40k+ VPD | 50 Year Occupancy History
Marketing description
Matthews Real Estate Investment Services is proud to present the offering for the 7-Eleven located at 1601 S Croatan Hwy, situated just a short walk from the beach. This site has successfully operated as a 7-Eleven for nearly five decades in the heart of Kill Devil Hills, the largest town in the famous Outer Banks, becoming an established staple for locals and tourists alike. Operating on a fresh 15-year lease extension with a true Absolute NNN structure (zero landlord responsibilities), this asset represents an ideal passive investment with predictable, long-term cash flow and built-in growth. The property is strategically located along Croatan Highway, the central thoroughfare of the Outer Banks, benefiting from excellent visibility to nearly 40,000 vehicles per day and strong retail synergy with surrounding corporate tenants. Kill Devil Hills is one of the largest, premier vacation destinations in the Carolinas and the East Coast in general. With over $2.1 billion being generated in annual tourist spending across Dare County, the economy continues to generate strong, predictable income from both locals and vacation goers. It has also seen a strong boom in population growth, surging 22% over a recent five year window, which demonstrates the area's rapid year round development and growing residential demand. As the commercial and geographical hub of the Outer Banks, Kill Devil Hills combines this strong permanent population base with massive seasonal traffic, ranking Dare County 4th out of all 100 North Carolina counties for visitor spending. Given the high barrier to entry nature of the local real estate market and the steady influx of consumer capital, this highly visible location offers a truly resilient, recession resistant foothold in one of the East Coast’s most coveted coastal markets.
Investment highlights
• 15-Year Extension – 7-Eleven recently signed a brand new 15-year lease extension, taking the lease out to 2041 and also agreed to their standard 10% every 5 years increase structure. Committing to the longest lease term generally signed in net lease retail with multiple rent increases underscores the presumably strong performance of this store.
• Multi-Decade Operation – 7-Eleven has operated at this property since 1978, demonstrating nearly 50 years of successful history at the site. With the new extension through 2041, 7-Eleven is now committed to this location for a total operating period of approximately 63 years.
• Absolute NNN Lease – The tenant is responsible for taxes, insurance, and all property maintenance, offering investors a passive, hands-off ownership structure with zero landlord responsibilities.
• Top-Tier Investment-grade Tenant – 7-Eleven is one of the strongest convenience store operators in the world, with more than 9,300 U.S. stores and 83,000+ locations globally. The company carries an "A-" credit rating from S&P and is backed by one of the most dominant convenience retail platforms in the country.
• Located on Main Highway – The subject property is located directly on Croatan Highway, Highway 158, the primary north-south thoroughfare and retail corridor through Kill Devil Hills and the Outer Banks beaches. With more than 39,000 vehicles per day, the site benefits from constant exposure to local residents, daily shoppers, beach traffic, vacationers, and travelers entering from Highway 64.
• Major Vacation Economy – Kill Devil Hills is a core commercial hub of North Carolina's Outer Banks beaches, supported by year-round residents, vacation homes, short-term rentals, hotels, beach traffic, and the Wright Brothers National Memorial. While the town's permanent population is modest, it benefits from Dare County's major tourism economy, which generated over $2.1 billion in visitor spending in 2024 and ranked 4th among all North Carolina counties.
• Substantial Infrastructure Investment – Kill Devil Hills and Dare County continue to benefit from meaningful public investment that supports long-term market growth. Recent and planned projects include the newly completed Kill Devil Hills Police Department headquarters, an upcoming $10 million EMS station, a $42 million Public Works revitalization, and critical 2026 beach nourishment initiatives.
• Dense Retail Corridor – The city features a strong retail corridor surrounded by national and regional tenants including Harris Teeter, Target, Lowe's, T.J. Maxx, Starbucks, McDonald's, Wendy's, and other major traffic drivers. This concentration of retailers helps capture consistent demand from both local residents and seasonal Outer Banks visitors.
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