McNitt Commons | 200 W Peace St
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McNitt Commons 200 W Peace St
7,330 SF 100% Leased Retail Building Raleigh, NC 27603 $3,600,000 ($491.13/SF) 3.69% Cap Rate
EXECUTIVE SUMMARY
Investment Opportunity: Fully Leased Retail Building within walking distance to Seaboard Station and Smoky Hollow District, offering immediate revenue enhancement opportunities and long-term development potential. This property offers a unique investment opportunity. With all current leases expiring in August 2025, there is significant potential to either re-tenant the building or adjust the current rents to market levels.
The building has recently been remeasured, and the correct square footage is 7,330 (see building floor plan). The current leases are based on a square footage of 6,073 SF. Correcting this discrepancy could significantly boost the cap rate, providing a larger return on investment. Additionally, in 2007, the closure of Firwood Avenue added a 25-foot strip totaling 0.14 acres to the northern property border, further enhancing the property’s value.
The property holds future development potential. The neighboring plot to the west, currently owned by NCDOT, may be available for acquisition. However, prospective buyers should consider the major utility easement situated behind the building, as it may affect plans for new construction.
The building has recently been remeasured, and the correct square footage is 7,330 (see building floor plan). The current leases are based on a square footage of 6,073 SF. Correcting this discrepancy could significantly boost the cap rate, providing a larger return on investment. Additionally, in 2007, the closure of Firwood Avenue added a 25-foot strip totaling 0.14 acres to the northern property border, further enhancing the property’s value.
The property holds future development potential. The neighboring plot to the west, currently owned by NCDOT, may be available for acquisition. However, prospective buyers should consider the major utility easement situated behind the building, as it may affect plans for new construction.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
7,330 SF
Building Class
C
Year Built
1960
Price
$3,600,000
Price Per SF
$491.13
Cap Rate
3.69%
NOI
$132,799
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.20
Lot Size
0.85 AC
Zoning
DX-12 - General Business
Parking
30 Spaces (4.09 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Signage
- Signalized Intersection
Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (70)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 1704.19-62-1184-000 | Improvements Assessment | $789,503 |
| Land Assessment | $2,643,656 | Total Assessment | $3,433,159 |
PROPERTY TAXES
Parcel Number
1704.19-62-1184-000
Land Assessment
$2,643,656
Improvements Assessment
$789,503
Total Assessment
$3,433,159
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McNitt Commons | 200 W Peace St
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