Description:
INCOME PRODUCING RETAIL PROPERTY IN NORTH RALEIGH! Located on Duraleigh just off of Glenwood, traffic counts at this major North Raleigh cross roads are nearly 70,000 vehicles per day.
The Property consists of a 2.8± acre ground leased site with the ground lease running into 2048. The site is improved with a 21,492± square foot building. Originally Constructed in 1990, the Property is 100% lease by Peak Fitness, www.peakfitnessclubs.com, a 30-location regional fitness and exercise chain.
The Property has the flexible Ind-1 zoning designation, which allows all uses permissible in General Business (GB), Heavy Commercial (HC) and Light Industrial. According to NCDOT, 2007 24-hour traffic counts for Duraleigh, north of Pleasant Valley Road were 31,000 vehicles per day and Glenwood, near Duraleigh were 38,000.
• 2007 NOI: $124,611
• Current Building Lease Term: 10 years, commencing on September 24, 2003
• Monthly Income: Rent - $19,136, TICAM - $3,100
• Annual Rent Increase: 4% on October 1
• Gross 2008 rent and TICAM: $269,128.32
• Gross 2007 rent and TICAM: $252,708
Directions:
From the Raleigh Beltline, I-440 take Exit 7 onto Glenwood Ave north and proceed 2.75± miles to the Duraleigh intersection. Turn left and the Property is immediately on the left.
From I-540 take Exit 4 onto Route 70 south. Proceed 4.75± miles to the Duraleigh intersection, turn right and the property is immediately on the left.
Contact Information: For more information please contact David Wingfield at (804) 310-7739.
License Number: NCAF4953
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