Available For Sale - Retail

5,738 SF | Show Pricing $

AVAILABILITY DETAILS

Size
5,738 SF
Price/SF
Show Pricing $
Listing ID
SA419996
Notes
1510-1518 Purdue Dr. consists of three units in a 4-unit strip center located adjacent to Raeford Rd./BUS 401 in the Southwest Fayetteville submarket. Located north across Raeford Rd./BUS 401 is the Highland Shopping Center (.08 mile away), one of the busiest high-end neighborhood shopping centers in Fayetteville. National retailers in the shopping center include Harris Teeter, GNC, Stein Mart, Hallmark, Panera Bread and Starbucks. Tallywood Shopping Center is located 1/3 mile to the west with national retailers that include Publix and Great Clips. Highland Country Club is located less than 1/2 mile to the east. The onramp to the All-American Expressway is 3/4 mile to the west.



The property is in good condition with numerous substantial repairs/upgrades made in the last ten (10) years. Parking is available in the front and the back of the building (via easement). The capitalization rate for the property is 5.34% (at $9.36 rent per sq. ft.), with a realistic three (3) year pro-forma capitalization rate of 7.49% (at $12.55 rent per sq. ft.), which will begin to occur in January 2021 when the first current lease expires. Additional opportunities to increase investment return include: (1) instituting net leasing (N to NNN) and/or (2) subdividing the current three (3) units into six (6) units to substantially increase the proposed proforma capitalization rate of 7.49%. In fact, the owner of the fourth unit (1506 Purdue Dr.) subdivided the unit and is renting each subdivided space for $1,450 per month ($18.19 rent per sq. ft.). For purposes of redevelopment, the property is zoned Community Commercial (CC)and could accommodate a diverse range of medium to high intensity retail, service and office uses that serve the general community and region. 1510-1518 Purdue Dr. is an versatile and considerably untapped investment opportunity.

Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Richard Fox III, Fayetteville, NC