Former Walmart - 11K VPD | Below $7/SF

715 North Norwood Street, Wallace, NC

Market Price

Price

66,889 sqft

Building Size

7.59 acres

Lot Area

Gallery
Street
Map
Overview
Building Size
66,889 sqft
Lot Area
7.59 acres
Year Built
1991
Zoning
Central Business
Description

RI Marketplace Online Auction June 24-26, 2024
Register to Bid on Marketplace:

https://rimarketplace.com/auction/1859/former-walmart-11k-vpd-below-7-sf?utm_source=brevitas&utm_medium=listing&utm_campaign=retail_1859

Marcus & Millichap and RI Marketplace are pleased to present a vacant, value-add retail building formerly occupied by Walmart located at 715 N Norwood Street in Wallace, North Carolina (the “Property”). The Property is offered significantly below replacement cost and offers an exceptional owner/user or investment opportunity with significant value enhancement potential via repositioning at a significant discount.

The Property is improved with a single-story building totaling ±66,889 square feet and is strategically positioned on ±7.585 acres with ample, dedicated parking and multiple points of ingress/egress, as well as an outparcel opportunity. Zoned CB, Central Business, this zoning offers favorable flexible zoning allowing for a variety of commercial and retail uses via adaptive reuse or repositioning including retail, medical services, office, storage and warehousing, restaurant, financial services, and many others. The property benefits from recent leasing velocity at the adjacent retail center due to the strength of its location. Ollie’s recently opened in July 2023 at the adjacent co-anchor vacancy and is outperforming projections. The addition of a national anchor will drive traffic and further potential tenant interest. Tenants nearby include Farmers Home Furniture, Tractor Supply, Builder’s Discount Center, CVS, Piggly Wiggly, and more. The Property does not include Ollie’s, Hardee’s, or KFC. Lastly, the property had the parking lot recently upgraded with patching, resealing, repainting as well as the fascia repaired and painted over the past year.

Situated in the Wilmington MSA and Duplin County, Wallace benefits from its central location along Interstate 40, providing convenient access to major markets such as Raleigh, Wilmington, and the Research Triangle Park. The Property benefits from excellent visibility on North Norwood Street (US Hwy 117) with traffic counts of 11,209 vehicles per day and is located in a highly trafficked retail corridor about one minute away from State Route 41 and three miles from I-40. The area is a regional draw, with shoppers coming from a 25-mile radius, as shown by the CashPoints ATM in the adjacent connected parking lot having 100,000+ transactions a year, which ranks in their top 10% of number of transactions in the state. As of 2023, the Property’s demographics have ±18,370 individuals residing within an expanded 10-mile radius, with an average household income of ±$58,378.

Jerry E. King
King Auction & Realty Co., Inc.
License: 1010
NC Broker’s license: 22778

Highlights
  • ±66,889 Square Foot Anchor Value-Add Opportunity at Excellent Retail Location
  • National Co-tenants (not included in sale) include KFC, Hardee’s, and Ollie’s which grand opened in July 2023
  • Strong Retail Corridor including Farmers Home Furniture, Tractor Supply, Builder’s Discount Center, CVS, Piggly Wiggly, and more
  • Zoned CB, Central Business with a Variety of Commercial and Retail Uses including Storage and Warehousing
  • High Visibility Signalized Location Along N Norwood Street with Traffic Counts of 11,209 Vehicles Per Day
  • Adjacent Center 2022/2023 Remodel and quick Lease-up resulting in 96.5% occupancy
  • Parking Lot recently upgraded and Fascia repaired over the past year
Documents
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