Petco

2450 West Cumberland Street, Dunn, NC 28334

$4,750,000

Cap Rate 6.00%

Views: 103 DOM: 264 Updated: 10.25.24 Posted: 02.08.24 Status: Active

Summary

Price $4,750,000	Built/Renov 2023	Tenant Petco
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 10,900	Lease Start 08-23-2023	#Units 1,423
Price/SF $435.78	Expiration 08-23-2038	Tenant Type General Retail
NOI $284,887	R. Term 13.10	Ownership Fee Simple
Rent/SF $26.14	Increases 8.5%/5/yrs	Pop 5Mi 20,997
Lot/AC 1.67	Options 5/5yrs/8.5%	AHHI 5Mi $52,249

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 W Cumberland Street, facing US Highway 421, with access to 23,945 vehicles passing by daily. Adjacent to the property is an ABC liquor store. National tenants in the vicinity include Pizza Hut, Burger King, Tractor Supply Co, Planet Fitness, Walmart, and more. The 5-mile trade area is supported by a population of 20,997 with an average household income of...

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Key Features

New construction
Dense retail corridor
Near major nationals
Strategically located
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 Dunn, North Carolina Zip Code 28334 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 :	2,102	15,765	21,138
2023 Total Population :	2,082	15,596	20,835
2023 Employed Civilian Pop :	850	6,311	8,569
2023 Total Businesses :	230	955	1,128
2023 Average Household Income :	$ 66,733	$ 63,416	$ 66,126
2023 Total Consumer Spending :	$ 53 M	$ 369 M	$ 506 M
2023 Median Age :	46	44	44
2023 Total Households :	913	6,614	8,698
2023 Pop Age 25+: Bachelor's Degree :	164	1,389	1,869
2023 Average Home Value :	$ 201,512	$ 203,692	$ 211,051

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Jackson Blvd	W Cumberland St	2004	24,000	0.25 mi
East Jackson Boulevard	W Cumberland St	2019	14,000	0.32 mi
North Powell Avenue	Ashe Ave	2021	5,200	0.56 mi
Erwin Rd	Old Hwy 421	2004	6,400	0.57 mi
Ashe Ave	Bryant Rd	2004	4,500	0.63 mi
Averasboro Road	Susan Tart Rd	2021	3,800	0.63 mi
Susan Tart Rd	Averasboro Rd	2004	1,300	0.71 mi
Lucas Road	County Ave	2021	400	0.84 mi
Ashe Avenue	Wilson Lucas Rd	2021	3,100	0.84 mi
Erwin Rd	Sue Ave	2004	11,000	0.94 mi

Listing Broker

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