Dollar Tree

2904 Arendell Street, Morehead City, NC 28557

$2,550,000

Cap Rate 6.75%

Views: 57 DOM: 127 Updated: 11.01.24 Posted: 08.17.24 Status: Active

Summary

Price $2,550,000	Built/Renov 2004/2012	Tenant Dollar Tree
Cap Rate 6.75%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 13,813	Lease Start 02-01-2025	#Units 16,700
Price/SF $184.61	Expiration 01-31-2035	Tenant Type Dollar/Discount
NOI $172,092	R. Term 10.1	Ownership Fee Simple
Rent/SF $12.46	Increases 4.0%/10/yrs	Pop 5Mi 19,575
Lot/AC 0.94	Options 3/5yrs/4%	AHHI 5Mi $96,636

Lease Highlights

Brand new 10-year lease with 3 (5-year) options to extend
The lease features 4% rental escalations at the start of each option period
NN Lease | Fee simple ownership | Limited landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Dollar Tree is strategically located on Arendell Street/U.S. Highway 70, a major retail thoroughfare in Morehead City, with access to 30,000 vehicles passing daily. The property serves as an outparcel to Morehead Plaza, a shopping center featuring well-known national tenants such as Big Lots, Tractor Supply Co., Lowes Foods, and more. Additionally, it is situated less than a mile from Carteret...

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Key Features

Signalized intersection
Build to suit
Shopping Ctr out-parcel
Highway location
Affluent suburb location
Brand new lease
Store sales reported
Long 10+ yr lease
Traded and rated company
Investment grade tenant

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Links

Dollar Tree Wikipedia Dollar Tree Wikipedia Morehead City, North Carolina Zip Code 28557 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Dollar Tree
Guarantor:Corp T and Rated
Company:Dollar Tree, Inc.
# Units:16,700
Tenant S&P: BBB
Moody’s: Baa2
Stock: NASDAQ: DLTR

About Tenant

Dollar Tree (NASDAQ: DLTR) is a leading operator of retail discount stores. They offer a variety of discounted merchandise under the brand names of Dollar Tree, Family Dollar and Dollar Tree...

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Demographics

	1 Miles	3 Miles	5 Miles
2029 Total Population :	3,851	14,352	19,972
2024 Total Population :	3,773	14,047	19,575
2024 Employed Civilian Pop :	1,905	7,230	9,626
2024 Total Businesses :	359	1,219	1,832
2024 Average Household Income :	$ 71,027	$ 89,606	$ 96,636
2024 Total Consumer Spending :	$ 122 M	$ 536 M	$ 801 M
2024 Median Age :	48	50	52
2024 Total Households :	1,949	6,844	9,474
2024 Pop Age 25+: Bachelor's Degree :	640	3,119	4,280
2024 Average Home Value :	$ 453,992	$ 506,259	$ 522,377

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Arendell St	S 26th St	2004	29,000	0.24 mi
US 70	S 25th St	2021	26,383	0.32 mi
Arendell Street	N 25th St	2018	30,000	0.36 mi
Arendell Street	N 25th St	2019	32,000	0.36 mi
Bridges Street	N 24th St	2021	13,290	0.39 mi
	Arendell St	2021	4,540	0.61 mi
Arendell Street	S 22nd St	2021	21,789	0.62 mi
Arendell Street	S 22nd St	2019	24,500	0.63 mi
North 35th Street	Pine St	2021	6,941	0.65 mi
North 20th Street	Bridges St	2021	2,549	0.76 mi

Listing Broker

Patrick Luther

SRS National Net Lease Group

Contact

420 Listings
50843 Views
165 Sold

Matthew Mousavi

SRS National Net Lease Group

Contact

369 Listings
46413 Views
137 Sold

Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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