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fit4life 1400 Timber Dr E 30,054 SF Office Building Garner, NC 27529 $7,213,000 ($240.00/SF) 7.50% Cap Rate
INVESTMENT HIGHLIGHTS
- STRONG LEASE FUNDAMENTALS
- POSITIONED IN A MAJOR COMMERCIAL NODE
- HIGH GROWTH SUBMARKET IN RALEIGH, NC MSA
EXECUTIVE SUMMARY
HIGH GROWTH SUBMARKET IN RALEIGH, NC MSA
- Garner has a population growth rate of 3.8% yearly and has grown by 17% since its last census in 2020
- Raleigh forecasts a 44% job growth over the next 10 years
- Raleigh ranked #3 in best places to live for 2023-2024 (U.S. News)
POSITIONED IN A MAJOR COMMERCIAL NODE
- Located inside a strong retail node with over 900k SF of retail space in a one mile radius boasting a 0% vacancy rate
- Nearby major retailers include: Target, Burlington, Pet Smart, T.J. Maxx
- Total of ~2.5 MSF of commercial real estate in a one mile radius with an overall vacancy rate of 1.5%-
STRONG LEASE FUNDAMENTALS
- 10 Year Abs. NNN Lease with a rent escalation in year 6 and 2 extension periods
- 10% rent increases every 5 years and in option periods
EASILY ACCESSIBLE
- Full access into the site from Timber Drive East
- Approximately 1.5 miles to US - 70 & I-40 interchange
VALUABLE LOCATION
- Over 1,500 multifamily units in a one mile radius
- Cross access to Adeline White Oak Apartments - ~336 units
- Across the street from Abberly Place Apartments - ~600 units
STRONG TENANT THAT FILLS A MARKET VOID
- Fit4Life has 18 locations throughout the Triangle and Eastern North Carolina
- Next closest fitness concept is over 2.5 miles away
- Garner has a population growth rate of 3.8% yearly and has grown by 17% since its last census in 2020
- Raleigh forecasts a 44% job growth over the next 10 years
- Raleigh ranked #3 in best places to live for 2023-2024 (U.S. News)
POSITIONED IN A MAJOR COMMERCIAL NODE
- Located inside a strong retail node with over 900k SF of retail space in a one mile radius boasting a 0% vacancy rate
- Nearby major retailers include: Target, Burlington, Pet Smart, T.J. Maxx
- Total of ~2.5 MSF of commercial real estate in a one mile radius with an overall vacancy rate of 1.5%-
STRONG LEASE FUNDAMENTALS
- 10 Year Abs. NNN Lease with a rent escalation in year 6 and 2 extension periods
- 10% rent increases every 5 years and in option periods
EASILY ACCESSIBLE
- Full access into the site from Timber Drive East
- Approximately 1.5 miles to US - 70 & I-40 interchange
VALUABLE LOCATION
- Over 1,500 multifamily units in a one mile radius
- Cross access to Adeline White Oak Apartments - ~336 units
- Across the street from Abberly Place Apartments - ~600 units
STRONG TENANT THAT FILLS A MARKET VOID
- Fit4Life has 18 locations throughout the Triangle and Eastern North Carolina
- Next closest fitness concept is over 2.5 miles away
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Building Size
30,054 SF
Building Class
B
Year Built/Renovated
2003/2024
Price
$7,213,000
Price Per SF
$240.00
Cap Rate
7.50%
NOI
$540,972
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
15,027 SF
Building FAR
0.17
Lot Size
3.99 AC
Zoning
CMX - “CMX” Commercial Mixed Use, allowable uses include multifamily, office,
healthcare, retail, entertainment, gym, and light manufacturing.
Parking
151 Spaces (5.02 Spaces per 1,000 SF Leased)
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- fit4life
- Health Care and Social Assistance
- 30,054 SF
- -
- Triple Net
- Aug 2035
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| fit4life | Health Care and Social Assistance | 30,054 SF | - | Triple Net | Aug 2035 |
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PROPERTY TAXES
| Parcel Number | 1720.15-64-1421-000 | Improvements Assessment | $3,786,229 |
| Land Assessment | $1,564,236 | Total Assessment | $5,350,465 |
PROPERTY TAXES
Parcel Number
1720.15-64-1421-000
Land Assessment
$1,564,236
Improvements Assessment
$3,786,229
Total Assessment
$5,350,465
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fit4life | 1400 Timber Dr E
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