961 Oak Stump Rd, Elizabeth City, NC

Retail for Sale ‐ $669,000 ‐ 9,100 Sq. Ft. on 0.93 acres

Bull Realty, Inc.

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Agent Info

NameMichael Bull, CCIM
CompanyBull Realty, Inc.

Property Info

CIMLS #952363
Location961 Oak Stump Rd
Elizabeth City NC 27909
Last UpdatedSeptember 8th, 2017
TypeRetail
Price$669,000
Building Size9,100 Sq. Ft.
Lot Size0.93 acres

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Property Description

Bull Realty is pleased to offer FOR SALE this Dollar General, located in Elizabeth City, NC, which has been such a strong performer, that the tenant approached the landlord for an early lease extension. This 9,100 SF store, built in 2003, has a remaining lease term through January of 2023 and five 5 year remaining extension options. Located on a 0.93+/- acre corner site, just north of Northeastern High School, the subject is surrounded by a busy retail trade area just off US 17, the main traffic artery from the mainland of NC to the Outer Banks.

Dollar General has shown a strong commitment to this store by replacing all the HVAC units, at their expense, in 2015. In addition, they provide a generous CAM allowance for landscaping and parking lot maintenance. Offered at a 7.6% cap rate, this is a rare and ideal investment for someone looking for minimal landlord responsibilities, outstanding real estate and a successful corporate guaranteed national credit tenant.

Location Description:

Elizabeth City is a picturesque town, located 50 miles south of Norfolk, VA and just west of the famed North Carolina Outer Banks. It is situated in the northeastern corner of North Carolina, on the Pasquotank River and the Intracoastal Waterway. The area is noted as one of the “100 Best Small Towns in America” by Money Magazine. The Elizabeth City MSA has a population in excess of 64,000 and is part of the Virginia Beach/Norfolk, VA-NC combined statistical area.

Founded in 1794, Elizabeth City has always had maritime roots and was declared a “Coast Guard City” in 2015 by Admiral Paul Zukunft, the 25th Commandant of the US Coast Guard. The area has a long history of shipping due to its’ location, deep water port and proximity to the Atlantic. The Elizabeth City Shipyards, still in operation, manufactured submarine chasers, tugboats and supply boats that were used in World War II.

Other key employers contributing to the area’s thriving economy include the Pasquotank County Board of Education, Sentara Albemarle Medical Center, the US Coast Guard, Elizabeth State University, WalMart, Food Lion, Lowe’s Home Improvement and Bank of Hampton Roads.

Highlights:

>> Recently extended lease term due to success of location

>> Competitive 7.6% cap rate

>> Recent upgrades including all new HVAC’s in 2015

>> Low rent/square foot at $5.57

>> Strong mid-size market retail trade area

>> Vibrant NC location which has strong local and tourist based economy

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