Wawa | 1900 N Croatan Hwy
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Wawa 1900 N Croatan Hwy
6,000 SF Retail Building Kill Devil Hills, NC 27948 $8,741,034 CAD ($1,457 CAD/SF) 4.75% Cap Rate
Investment Highlights
- Extensive Lease Term
- Positioned in Dominant Retail Corridor
- Best In Class Tenant - First Wawa in NC
Executive Summary
EXTENSIVE LEASE TERM
- Tenant has a base lease term of 20 Years with 6 extension options thereafter, making this a stable, cash-flowing asset for a long-term hold.
ZERO LANDLORD RESPONSIBILITIES
- The in-place lease holds an NNN Ground Lease structure where the tenant is responsible for all CAM, Taxes, and Insurance making this an ideal, management-free investment for passive owners
STRONG MARKET DEMOGRAPHICS
- Kill Devil Hills is an affluent town with a 3-mile average household income of $100K and a population of over 10K which swells to more than 40,000 during the summer months
DOMINAT RETAIL CORRIDOR
- The asset is within immediate proximity to the market’s top retailers: Target (1.2M Visits), Publix (753K Visits) & Lowe’s (747K Visits).
BEST-IN-CLASS TENANT
- Wawa, Inc. (Fitch: BBB) is a nationally recognized and established gas/convenience store brand with more than 1,000 locations along the east coast. The chain is a major employer and had $18.9B in revenue in 2023
EXCELLENT EXPOSURE
- 1900 North Croatan Highway sits on Kill Devil Hills’ main retail thoroughfare that sees 36,184 vehicles per day. It is located strategically across from Target with strong regional draw.
- Tenant has a base lease term of 20 Years with 6 extension options thereafter, making this a stable, cash-flowing asset for a long-term hold.
ZERO LANDLORD RESPONSIBILITIES
- The in-place lease holds an NNN Ground Lease structure where the tenant is responsible for all CAM, Taxes, and Insurance making this an ideal, management-free investment for passive owners
STRONG MARKET DEMOGRAPHICS
- Kill Devil Hills is an affluent town with a 3-mile average household income of $100K and a population of over 10K which swells to more than 40,000 during the summer months
DOMINAT RETAIL CORRIDOR
- The asset is within immediate proximity to the market’s top retailers: Target (1.2M Visits), Publix (753K Visits) & Lowe’s (747K Visits).
BEST-IN-CLASS TENANT
- Wawa, Inc. (Fitch: BBB) is a nationally recognized and established gas/convenience store brand with more than 1,000 locations along the east coast. The chain is a major employer and had $18.9B in revenue in 2023
EXCELLENT EXPOSURE
- 1900 North Croatan Highway sits on Kill Devil Hills’ main retail thoroughfare that sees 36,184 vehicles per day. It is located strategically across from Target with strong regional draw.
Property Facts
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Convenience Store
Building Size
6,000 SF
Building Class
B
Year Built
2024
Price
$8,741,034 CAD
Price Per SF
$1,457 CAD
Cap Rate
4.75%
NOI
$415,224 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
2.30 AC
Frontage
365 ft on North Croatan Highway
Amenities
- Signage
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 029831000 | Improvements Assessment | $0 CAD |
| Land Assessment | $1,672,414 CAD | Total Assessment | $1,672,414 CAD |
PROPERTY TAXES
Parcel Number
029831000
Land Assessment
$1,672,414 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,672,414 CAD
Contacts
-
David Hoppe -
Eric Suffoletto -
Danny Griffin -
Ben Olmstead -
Atlantic Capital Partners
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Wawa | 1900 N Croatan Hwy
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