Shops at Swift Creek | 10 Technology Dr
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Shops at Swift Creek 10 Technology Dr
9,400 SF 100% Leased Retail Building Garner, NC 27529 $6,218,000 ($661/SF) 6.25% Cap Rate
Investment Highlights
- GREAT VISIBILITY AND ACCESIBILITY
- HIGH GROWTH AND AFFLUENT TRADE AREA
- ATTRACTIVE LEASE FUNDAMENTALS
Executive Summary
RALEIGH MSA TAILWINDS
- Raleigh, NC ranked #3 in 2023 of best residential markets (Rocket Mortgage)
- Raleigh forecasts a 44% job growth over the next 10 years (3.0% growth from 2021 to 2022)
- Raleigh ranked #3 in best places to live for 2023-2024 (U.S. News)
STRONG CREDIT TENANTS
- AT&T (5,900+ locations) has a credit rating of BBB+
- Aspen Dental (1,000+ locations) B-
- Mattress Warehouse (300+ locations) is rated B+
ATTRACTIVE LEASE FUNDAMENTALS
- Each Tenant has signed a new 10 year lease
- All three leases have at least 2 x 5 year extensions left
- Each lease provides 10% rent increases every 5 years in base term and option periods
GREAT VISIBILITY AND ACCESIBILITY
- Multiple points of egress and ingress
- New construction strip center located on hard corner of a lighted intersection providing frontage on both Technology Dr & NC-42 (~32K VPD)
- Approximately a quarter mile to I-40 (67,500 VPD)
LOCATED IN LOW VACANCY RETAIL NODE
- 885K sqft of retail space in a 1-mile radius boasting a 1.1% vacancy rate
- Over 14K SF of absorption YoY
- Nearby retail tenants include: Walmart supercenter, Lowe’s Home Improvement, Food Lion, Walgreens, Dunkin Donuts
HIGH GROWTH AND AFFLUENT TRADE AREA
- 3.7% annual population growth in a 1-mile radius (2020 to 2024) with a forecasted 4.3% for the next 5 years
- AHHI exceeds $96K in a 1 mile radius providing a high discretionary spending
- Raleigh, NC ranked #3 in 2023 of best residential markets (Rocket Mortgage)
- Raleigh forecasts a 44% job growth over the next 10 years (3.0% growth from 2021 to 2022)
- Raleigh ranked #3 in best places to live for 2023-2024 (U.S. News)
STRONG CREDIT TENANTS
- AT&T (5,900+ locations) has a credit rating of BBB+
- Aspen Dental (1,000+ locations) B-
- Mattress Warehouse (300+ locations) is rated B+
ATTRACTIVE LEASE FUNDAMENTALS
- Each Tenant has signed a new 10 year lease
- All three leases have at least 2 x 5 year extensions left
- Each lease provides 10% rent increases every 5 years in base term and option periods
GREAT VISIBILITY AND ACCESIBILITY
- Multiple points of egress and ingress
- New construction strip center located on hard corner of a lighted intersection providing frontage on both Technology Dr & NC-42 (~32K VPD)
- Approximately a quarter mile to I-40 (67,500 VPD)
LOCATED IN LOW VACANCY RETAIL NODE
- 885K sqft of retail space in a 1-mile radius boasting a 1.1% vacancy rate
- Over 14K SF of absorption YoY
- Nearby retail tenants include: Walmart supercenter, Lowe’s Home Improvement, Food Lion, Walgreens, Dunkin Donuts
HIGH GROWTH AND AFFLUENT TRADE AREA
- 3.7% annual population growth in a 1-mile radius (2020 to 2024) with a forecasted 4.3% for the next 5 years
- AHHI exceeds $96K in a 1 mile radius providing a high discretionary spending
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
9,400 SF
Building Class
B
Year Built
2024
Price
$6,218,000
Price Per SF
$661
Cap Rate
6.25%
NOI
$388,590
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.13
Lot Size
1.60 AC
Zoning
COM - Commercial
Parking
76 Spaces (8.09 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 06E02002B | Improvements Assessment | $692,870 |
| Land Assessment | $836,350 | Total Assessment | $1,529,220 |
PROPERTY TAXES
Parcel Number
06E02002B
Land Assessment
$836,350
Improvements Assessment
$692,870
Total Assessment
$1,529,220
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Shops at Swift Creek | 10 Technology Dr
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