This listing is currently for sale. To see other active properties for sale, begin a new search.
Browse More Listings in Retail For Sale, Raleigh, NC or North Carolina
Kangaroo Express #3092
2101 E Millbrook Rd, Raleigh, NC 27604
1,736 SF | Retail
- Building Size:
- 1,736 SF
- Property Type:
- Property Sub-type:
- Service/Gas Station
- Additional Sub-types:
- Retail-Pad (land)
- Free Standing Bldg
- Retail Pad
- Property Use Type:
- Net Lease Investment with
- 5 years left on lease
- Cap Rate:
- Year Built:
- Lot Size:
- 0.65 SF
- Listing ID
- Last Updated
- 57 days ago
- Signalized Corner with No Turn Restrictions
- Strong Traffic Counts - 19,000 (Millbrook) 24,000 (Atlantic)
- Average Initial Term Cap rate of 9.6%
- 5 years Remaining Term
- Corporate Guaranteed Lease by The Pantry Inc.
- The Pantry is Leading Independent Operator in Southeastern U.S.
Marcus & Millichap is pleased to present Kangaroo Express #3092, a Pantry Inc gas station and convenience store located at 2101 E Millbrook Rd., in Raleigh, North Carolina. The C-store is 1736 sq ft and sits on .65 acres on a signalized corner. There are 5 years in lease term remaining backed by the full corporate assets of The Pantry, Inc.
The Pantry is currently paying $12,000 / month or $144,000 a year for the next two years and then is reduced to an average rent of $86,000 which brings the average cap rate to 9.6%. Lease rates were negotiated on a portfolio level in 2010 and market rents are estimated to be significantly higher than the reduced rent.
The subject property is located on a hard corner of Millbrook and Atlantic in Raleigh, NC. The intersection has no turn restrictions and strong traffic counts of 19,000 and 24,000 respectively. There is excellent visibility with two-way access from both roads.
The Pantry, Inc. operates a chain of convenience stores in the southeastern United States. Pantry stores provide merchandise products, including food, beverages, non-food merchandise, and various services; and fuel, and ancillary products and services. As of September 27, 2012, it operated 1,578 stores in 13 states under the Kangaroo Express banner; and 218 food service and quick service restaurants. The company was founded in 1967 and is headquartered in Cary, North Carolina.
Map of 2101 E Millbrook Rd, Raleigh, NC 27604 (Wake County)
Research for 2101 E Millbrook Rd, Raleigh, NC 27604 (Wake County)
- Demographics – Population, income & other demographics near 2101 E Millbrook Rd
- Research Price – Recent sales of similar properties
- Property Record Data – Historical listings, current tax, mortgage, owners & tenant info for this building
Asking Price Index Trends for Raleigh, NC Retail For Sale
||vs. 3 mo.
View Raleigh Market Trends for other property types for sale or lease. Learn more about the chart info.
The information above has
been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified
it and make no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are
for example only and do not represent the current or future performance of the property. The value of
this transaction to you depends on tax and other factors which should be evaluated by your tax, financial,
and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs. TB-BSO