Petco

117 Tanglewood Parkway, Elizabeth City, NC 27909

$5,195,000

Cap Rate 6.00%

Views: 118 DOM: 281 Updated: 10.25.24 Posted: 02.08.24 Status: Active

Summary

Price $5,195,000	Built/Renov 2023	Tenant Petco
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 10,900	Lease Start 06-30-2023	#Units 1,423
Price/SF $476.61	Expiration 06-30-2038	Tenant Type General Retail
NOI $311,696	R. Term 13.7	Ownership Fee Simple
Rent/SF $28.60	Increases 8.5%/5/yrs	Pop 5Mi 26,655
Lot/AC 2.09	Options 5/5yrs/8.5%	AHHI 5Mi $64,601

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 throughout the initial term and each option period
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Petco is strategically located on Tanglewood Parkway, near the signalized, hard corner intersection with Halstead Exd and access to 18,500 vehicles passing by daily. National tenants surrounding the property include McDonald's, Starbucks, T-Mobile, Zaxby’s, Tractor Supply Co, and more. The 5-mile trade area is supported by a population of 26,655 with an average household income of $64,601....

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Key Features

New construction
Near major nationals
WalMart out-parcel
Freeway visibility
Top 100 MSA
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 Elizabeth City, North Carolina Zip Code 27909 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 :	740	7,469	26,916
2023 Total Population :	733	7,345	26,819
2023 Employed Civilian Pop :	336	3,595	11,691
2023 Total Businesses :	63	346	1,269
2023 Average Household Income :	$ 86,982	$ 84,093	$ 73,816
2023 Total Consumer Spending :	$ 26 M	$ 219 M	$ 667 M
2023 Median Age :	40	41	39
2023 Total Households :	346	3,017	10,359
2023 Pop Age 25+: Bachelor's Degree :	161	1,188	3,762
2023 Average Home Value :	$ 195,283	$ 190,621	$ 214,827

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
	US Hwy 17 Byp	2021	3,500	0.11 mi
	US Hwy 17 Byp	2021	2,700	0.16 mi
	Halstead Exd	2021	3,300	0.24 mi
	Halstead Exd	2021	2,900	0.27 mi
		2018	12,500	1.10 mi
Pro Gro Dr	George Wood Dr	2004	520	1.41 mi
Halstead Extended	Thunder Rd	2018	20,000	1.55 mi
Halstead Extended	Bonner Dr	2021	18,500	1.64 mi
Foreman Bundy Rd	Methodist Church St	2004	1,500	1.88 mi
Forest Park Road	Wellfield Rd	2021	3,000	1.98 mi

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