Listed by REIT Place
$1,350,000
Country Club Plaza
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 13,765
Net Rentable (SqFt) 13,765
Units 12
Cap Rate 8.65%
NOI $116,790
Occupancy 93%
Tenancy Multi
Lease Type Gross
Remaining Term 2
Pro-Forma Cap Rate 12.10%
Pro-Forma NOI $163,000
Price per SqFt $98
Class B
Buildings 3
Stories 1
Acreage 2.240
Zoning C-1 General Commercial
Investment Type Value Add
Tenant Credit Franchisee
Ground Lease No
Multi-Tenant Retail | Government & Healthcare Anchored Strip Center | Strong Day-One Cash Flow
Marketing description
North Road Street (US-17 Business) is Elizabeth City's established commercial corridor, carrying roughly 30,000 vehicles per day and concentrating healthcare, government, retail, and professional services. The city has grown since 2020 to over 19,000 residents, with incomes and home values trending upward — steady fundamentals that support tenant demand. Country Club Plaza sits in the heart of this corridor, near Albemarle Hospital, the College of The Albemarle, and The Pines Country Club, with planned NCDOT corridor improvements enhancing access and safety.
Investment highlights
- Mission-Critical Tenancy - Government-adjacent and healthcare tenants providing essential services — high renewal likelihood driven by operational dependency on location, not credit covenant.
- Built-In Rent Escalations - 3–5% annual increases on 90% of occupied SF — income grows without lifting a finger
- Acquired Below Replacement Cost - ~$98/SF — a meaningful discount to what it would cost to build this asset today
- 13+ Year Avg. Tenant Tenure - Long-standing tenants with deep operational roots in the center — high switching costs and low relocation incentive.
- No City Property Taxes - Located outside Elizabeth City limits — no municipal property tax assessed, reducing annual operating costs and improving net yield.
- Lease the Vacant Suite — Year 1 - 960 SF at $12/SF NNN. +$14,114 NOI. Occupancy: 93% → 100%.
- Negotiate NNN Conversions at Renewal — Years 2–3 - Target: Healthcare tenant at Sep-27 renewal; ~50% of remaining leases at 2028 renewals. Projected expense relief: ~$18,600. Subject to tenant negotiation at each renewal.
Listing Contacts
Listed by REIT Place
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$116,790.00
$9,732.50/mo
Valuation Metrics
0
DSCR
8.65%
Cap Rate
8.65%
ROI
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