Petco

2737 NC-210, Surf City, NC 28443

$5,485,000

Cap Rate 6.00%

Views: 109 DOM: 280 Updated: 10.25.24 Posted: 02.09.24 Status: Active

Summary

Price $5,485,000	Built/Renov 2023	Tenant Petco
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 10,900	Lease Start 04-14-2023	#Units 1,423
Price/SF $503.21	Expiration 04-30-2038	Tenant Type General Retail
NOI $329,105	R. Term 13.5	Ownership Fee Simple
Rent/SF $30.19	Increases 8.5%/4/yrs	Pop 5Mi 14,469
Lot/AC 1.22	Options 5/5yrs/8.5%	AHHI 5Mi $90,732

Klinton Lewis

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Lease Highlights

Brand new 2023 construction
Petco has 13+ years remaining on the current lease term with 5 (5-year) options to extend
The lease features 8.5% rental increases every 5 years
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Petco is strategically located on Highway 210, with access to 14,426 vehicles passing by daily. The property is surrounded by well-known national tenants, including Dunkin' Donuts, Jersey Mike's, CVS Pharmacy, McDonald's, Walmart, and more. Additionally, Surf City Condominiums are in close proximity to the site. The 5-mile trade area is supported by a population of 14,469 with an average...

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Key Features

New construction
Near major nationals
Strategically located
Highway close
Affluent suburb location
Long 15+ yr lease
Absolute NNN
Traded and rated company
Corporate Guarantee
Over 1000 units backed

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Links

Petco Wikipedia Petco Wikipedia Surf City, North Carolina Zip Code 28443 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Petco
Guarantor:Corp T and Rated
Company:Petco Health & Wellness Company, Inc
# Units:1,423
Tenant S&P: B+
Moody’s: B3
Stock: NASDAQ: WOOF

About Tenant

Petco Health and Wellness Company, Inc. (NASDAQ: WOOF) is an American pet retailer that sells pet food, pet supplies, small animals, and fish. Some stores offer services such as...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	1,651	9,558	18,267
2023 Total Population :	1,617	9,040	17,409
2023 Employed Civilian Pop :	776	4,095	8,130
2023 Total Businesses :	96	352	525
2023 Average Household Income :	$ 74,025	$ 96,838	$ 111,099
2023 Total Consumer Spending :	$ 39 M	$ 303 M	$ 654 M
2023 Median Age :	49	45	44
2023 Total Households :	597	3,556	6,725
2023 Pop Age 25+: Bachelor's Degree :	145	1,554	3,110
2023 Average Home Value :	$ 198,608	$ 297,743	$ 323,227

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
State Hwy 210	Hwy 50	2009	8,700	0.04 mi
State Hwy 210	Atkinson Loop Rd	2019	14,500	0.07 mi
	Hwy 50	2021	18,500	0.13 mi
	Hwy 210	2019	10,500	0.16 mi
State Hwy 50	Juniper Trl	2004	4,800	0.21 mi
Roland Ave	Charlie Medlin Dr	2004	13,000	0.21 mi
Belt Road	Gateway Condos Dr	2019	700	0.34 mi
Belt Rd	Gateway Condos Dr	2009	360	0.41 mi
Roland Avenue	Triton Ln	2021	24,000	0.43 mi
Shepards Rd	Carriage Ln	2008	870	1.09 mi

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