SINGLE TENANT GROUND LEASE Absolute NNN Investment Opportunity
1003 N. SPENCE AVENUE
GOLDSBORO NORTH CAROLINAACTUAL SITE
REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP
ANDREW FALLONExecutive Managing DirectorSRS National Net Lease Group
1765 Greensboro Station Place Tower 1, Suite 900McLean, VA 22102 M [email protected] DC License No. SP200204411
Broker in Charge: Patrick Nutt, SRS Real Estate Partners – SOFLO LLC | NC Licence No. 281618
EXCLUSIVELY MARKETED BY
PYLON SIGN
ACTUAL SITE 6 NATIONAL NET LEASE GROUP
Parcel Map
OFFERING SUMMARY Offering
Property Specifications
PRICING $3,060,000
NET OPERATING INCOME $150,000
CAP RATE 4.90%
GUARANTY Corporate
TENANT Sheetz, Inc.
LEASE TYPE Absolute NNN - Ground Lease
LANDLORD RESPONSIBILITIES None
RENTABLE AREA 7,089 SF
LAND AREA 1.90 Acres
PROPERTY ADDRESS 1003 N. Spence Avenue Goldsboro, NC 27534
YEAR BUILT 2013
PARCEL NUMBER 63519374394
OWNERSHIP Leased Fee (Land Ownership)
ACTUAL SITE 7 NATIONAL NET LEASE GROUP
13 Years Remaining | Corporate Guaranteed• Corporate guaranteed by Sheetz Inc.• Over 13 years remaining in their initial term with 4 (5-year) option periods to
extend, demonstrating their long-term commitment to the site• Founded in 1952, Sheetz Inc. currently operates over 600 convenience stores
across 6 states
Absolute NNN | Leased Fee Ownership | Zero Landlord Responsibilities
• Tenant pays for CAM, taxes, and insurance• No landlord responsibilities• Ideal, management-free investment for a passive investor
Located Along N. Spence Ave. | Quick Access to U.S. Hwy 70 |Excellent Visibility & Access
• Sheetz is located along N. Spence Avenue, a major retail and commuter thoroughfare averaging 18,000 vehicles passing daily
• Nearby on/off ramp access to U.S. Highway 70 (36,000 VPD), a major cross-country east/west commuter thoroughfare traveling through Goldsboro
• The site is equipped with a large pylon sign, creating excellent visibility along N. Spence Avenue
Outparcel to North Plaza | Dense Retail Corridor | Strong National/Credit Tenants
• Sheetz is located directly across from Pinewood Square, a 181,791 SF shopping center anchored by Walmart Supercenter and Dollar Tree
• Close proximity to multiple shopping centers including Berkeley Commons (134,548 SF), Ashley Plaza (160,356 SF), and Berkeley Mall (458,000 SF)
• Nearby national/credit tenants including Sam’s Club, Target, Dollar Tree, Lowe’s Home Improvement, Dick’s Sporting Goods, Staples, Verizon Wireless, and more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for Sheetz
Strong Demographics in 5-Mile Trade Area• More than 47,000 residents and 36,000 employees support the trade area• $54,000 average household income
INVESTMENT HIGHLIGHTS
8 NATIONAL NET LEASE GROUP
Location
Parking
Access
Parcel
Traffic Counts
Year Built
Improvements
Zoning
Located inGoldsboro, North Carolina
Wayne County
There are approximately 64 parking spaces
on the owned parcel. The parking ratio is
approximately 8.19 stalls per 1,000 SF of leasable area.
N. Spence Avenue 2 Access Points
Parcel Number: 63519374394 Acres: 1.90
Square Feet: 82,725 SF
N. Spence Avenue 18,000 Cars Per Day
U.S. Highway 7036,000 Cars Per Day
2013
There is approximately 7,089 SF of existing building area
SC: Shopping Center
PROPERTY OVERVIEW
9 NATIONAL NET LEASE GROUP
U.S. HIGHWAY 70 BUSINESS
U.S. HIGHWAY 70 BUSINESS
U.S. HIGHWAY 70 & 13/STATE HIGHW
AY 111
U.S. HIGHWAY 70 & 13/STATE HIGHW
AY 111
ROYALL AVE.ROYALL AVE.
BERKELEY COMMONSBERKELEY COMMONS
BERKELEY BERKELEY PLAZAPLAZA
BERKELEY MALLBERKELEY MALL
ASHLEY PLAZAASHLEY PLAZA
MEMORIAL COMMONSMEMORIAL COMMONS
WAYNE UNC WAYNE UNC HEALTH CAREHEALTH CARE
NORTH DRIVE NORTH DRIVE ELEMENTARY SCHOOLELEMENTARY SCHOOL
WAYNE COMMUNITY COLLEGEWAYNE COMMUNITY COLLEGE
CARS PER DAY18,000
CARS PER DAY36,000
CARS PER DAY11,000
10 NATIONAL NET LEASE GROUP
U.S. HIGHWAY 70 & 13/STATE HIGHWAY 111
U.S. HIGHWAY 70 & 13/STATE HIGHWAY 111
CARS PER DAY36,000
NORTH PLAZANORTH PLAZA
PINEWOOD SQUAREPINEWOOD SQUARE
CARS PER DAY18,000
N. S
PENC
E AV
E.
N. S
PENC
E AV
E.
11 NATIONAL NET LEASE GROUP
N. S
PENC
E AV
E.
N. S
PENC
E AV
E.
CARS PER DAY18,000
NORTH PLAZANORTH PLAZA
CARS PER DAY36,000
PINEWOOD SQUAREPINEWOOD SQUARE
13 NATIONAL NET LEASE GROUP
RALEIGH61 min 55 miles
ROCKY MOUNT54 min 52 miles
WILSON34 min 29 miles
GREENVILLE57 min 40 miles
LOCATION MAP
2019 ESTIMATED POPULATION
1 Mile 4,112
3 Mile 31,874
5 Mile 47,673
2019 AVERAGE HOUSEHOLD INCOME
1 Mile $68,469
3 Mile $53,863
5 Mile $54,074
2019 ESTIMATED TOTAL EMPLOYEES
1 Mile 9,267
3 Mile 27,890
5 Mile 36,134
14 NATIONAL NET LEASE GROUP
Goldsboro, North Carolina
Goldsboro is a city in Wayne County, North Carolina, United States. The City of Goldsboro had a population of 35,599 as of July 1, 2019. It is the principal city of and is included in the Goldsboro, North Carolina Metropolitan Statistical Area. The nearby town of Waynesboro was founded in 1787 and Goldsboro was incorporated in 1847. It is the county seat of Wayne County. The city is situated in North Carolina’s Coastal Plain and is bordered on the south by the Neuse River and the west by the Little River, about 43 miles southwest of Greenville and 55 miles southeast of Raleigh, the state capital and 87 miles northwest of Wilmington in Southeastern North Carolina. Goldsboro is best known as home to Seymour Johnson Air Force Base.
The Cliffs of Neuse State Park, which is in the neighborhood, occupies an area of 751 acres. It is located along the southern banks of the Neuse River. The park has several hiking trails, picnic areas, a swimming area, fishing areas, and a nature museum. Herman Park has tennis courts, a recreational center, picnic shelters, miniature train, a turn-of-the-century park house, goldfish pond, gazebo, children’s playground, and a fountain.
Wayne Memorial Hospital (North Carolina), a medical facility located in Goldsboro, is the county’s second largest employer. Cherry Hospital is a psychiatric hospital which first started in 1880 as a facility to treat mentally ill African Americans. A museum depicting its history is also part of the hospital campus. O’Berry Neuro-Medical Center is a North Carolina Department of Health and Human Services hospital providing rehabilitative services to the mentally retarded and people with developmental disabilities.
Wayne Community College is the local higher education institution. Other institutions located further away are Pitt Community College and East Carolina University.
The closest civilian airport is Wayne Executive Jetport, but is only used for general aviation. The nearest public commercial airport is Kinston Regional Jetport (IATA: ISO) in Kinston about 28 miles east of Goldsboro, although most residents use Raleigh-Durham International Airport for domestic and international travel.
Wayne County is a county located in the U.S. state of North Carolina. As of the July 1, 2018, the population was 123,248. Its county seat is Goldsboro and it is home to Seymour Johnson Air Force Base. Wayne County comprises the Goldsboro, NC Metropolitan Statistical Area.
AREA OVERVIEW
15 NATIONAL NET LEASE GROUP
1 MILE 3 MILES 5 MILES
2019 Estimated Population 4,112 31,874 47,673
2024 Projected Population 4,194 32,395 48,299
2010 Census Population 4,023 31,383 47,298
Projected Annual Growth 2019 to 2024 0.40% 0.32% 0.26%
Historical Annual Growth 2010 to 2019 0.24% 0.17% 0.09%
2019 Estimated Households 1,983 13,662 19,776
2024 Projected Households 2,018 13,863 20,002
2010 Census Households 1,945 13,479 19,672
Projected Annual Growth 2019 to 2024 0.35% 0.29% 0.23%
Historical Annual Growth 2010 to 2019 0.21% 0.15% 0.07%
2019 Estimated White 52.83% 41.00% 44.35%
2019 Estimated Black or African American 38.81% 50.92% 47.61%
2019 Estimated Asian or Pacific Islander 3.48% 2.19% 1.87%
2019 Estimated American Indian or Native Alaskan 0.29% 0.38% 0.44%
2019 Estimated Other Races 1.53% 2.30% 3.25%
2019 Estimated Hispanic 5.59% 6.32% 7.24%
2019 Estimated Average Household Income $68,469 $53,863 $54,074
2019 Estimated Median Household Income $48,451 $38,907 $39,310
2019 Estimated Per Capita Income $32,383 $23,256 $22,816
2019 Estimated Total Businesses 545 2,000 2,438
2019 Estimated Total Employees 9,267 27,890 36,134
AREA DEMOGRAPHICS
ACTUAL SITE 16 NATIONAL NET LEASE GROUP
For financing options and loan quotes:Please contact our SRS Debt & Equity team at [email protected].
RENT ROLL
Lease Term Rental Rates
TENANT NAMESQUARE
FEETLEASE START
LEASE END
BEGIN INCREASE MONTHLY PSF ANNUALLY PSFRECOVERY
TYPEOPTIONS
Sheetz, Inc. 7,089 3/28/2013 6/30/2033 Current - $12,500 $1.76 $150,000 $21.16 Absolute NNN 4 (5-Year)
(Corporate Guaranty)10% Increase at Beg.
of Each Option
1Tenant has 15-day Right of First Offer
FINANCIAL INFORMATION
Price $3,060,000
Net Operating Income $150,000
Cap Rate 4.90%
Lease Type Absolute NNN - Ground Lease
PROPERTY SPECIFICATIONS
Year Built 2013
Rentable Area 7,089 SF
Land Area 1.90 Acres
Address 1003 N. Spence Avenue Goldsboro, NC 27534
ACTUAL SITE 17 NATIONAL NET LEASE GROUP
COMPANY TYPE LOCATIONS WEBSITE
Private 600+ sheetz.com
Sheetz
Established in 1952 in Altoona, Pennsylvania, Sheetz, Inc. is one of America’s fastest-growing family-owned and operated convenience store chains with more than 20,000 employees. The company operates over 600 store locations throughout Pennsylvania, West Virginia, Virginia, Maryland, Ohio and North Carolina. All Sheetz convenience stores are open 24 hours a day, 7 days a week, 365 days a year.
BRAND PROFILE
RETAIL PROFESSIONALS
275+
OFFICES
25+
LARGEST REAL ESTATE SERVICES FIRMin North America
exclusively dedicated to retail
#1
RETAIL TRANSACTIONS
in 2019 company wide
2100+
PROPERTIES SOLD
in 2019 NNLG
485
TRANSACTION VALUE in 2019 NNLG
$1.5B
SRS NATIONAL NET LEASE GROUP IS THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS.
This marketing material has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made
available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this marketing material is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions
presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this marketing material. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified
purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.
*Statistics are for 2019
SRSRE.COM/NNLG