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Details: Retail

Asking Price: $4,035,000

Square Feet: 59,462 SF

Asking Cap Rate: 8.75%

Year Built: 1978

NOI: $353,059

Catawba Village

835 Conover Blvd E, Conover, NC 28613

•Excellent visibility and frontage along major retail corridor

•Near-term rent escalations providing immediate income growth

•Only one tenant with options, providing future landlord flexibility

•Long-term tenancy with 82% of tenants with 13 to 20 years of operating history.

Staggered lease expirations mitigate vacancy risks

New roof over 50% of the center with the remainder of the roofs installed somewhere around 2013.

•Rudy’s outparcel presents a buyer the opportunity to sell at a future date.

•Goodwill is a strong regional operator with 51 locations and serving a 31-county region.

•Limited options on most of the larger tenants presents an opportunity to potentially drive NOI through rent increases or re-tenancy.

•Centrally located within primary retail corridor

High traffic volumes with over 19,000 vehicles per day

•Major traffic drivers in the immediate area include Walmart, Kroger, TJ Maxx, Ross, Hobby Lobby, Belk, and Dick’s Sporting Goods

•Recent leases executed with Raise the Barre, Soap & Succulents, and Rudy’s show continued local interest in the shopping center.

•Newton and Conover have great warehouse, industrial, and manufacturing businesses due to proximity to I-40 and supporting the furniture market which supplies a stable customer base for Catawba Village.

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