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Eden Shopping Center - Ground Lease - 7.00% Cap
660 South Pierce Street, Eden, NC 27288
Last Verified 10/27/2009
Listing ID 16275282
Description
Marcus & Millichap is pleased to offer a 4.15 acre ground lease investment opportunity located in Eden, North Carolina. This is the opportunity to own a 20-year, absolute NNN, ground lease that commenced in January of 2006. Eden Shopping Center, a 31,320-square foot neighborhood center is located on the ground lease. This passive investment has 5 percent rent increases every five years of the primary lease as well as 5 percent rent increases at each of the 15 5-year options to renew. There are zero landlord responsibilities. There is an option to purchase after the primary lease term for $1.9 million.
The ground lease and shopping center are ideally located across the street and in-line with a new Walmart Supercenter. Tenants in the shopping center include: Cato Fashion, Shoe Show, Hallmark, Pet Pros, ARC, and American General. The population within five miles of the subject property exceeds 24,000 and the median household income is $36,587. Income has increased by 19.61 percent since 2000 and it is expected to increase by an additional 10.84 percent over the next five years.
Eden, NC
Map of 660 South Pierce Street, Eden, NC 27288 (Rockingham County)
Created 6/11/2009
Additional Information for 660 S Pierce Street, Eden, NC 27288
- Active For Sale - 0 Listing
- Active For Lease - 0 Listing
- Previously Listed - 2 Historic Listings
- Sales Comparables Available - 0 RecentSales Record
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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.