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1617 Ronald Dr
Raleigh, NC 27609 North Hills

$560,000

Storefront Retail Office Condo For Sale  •  3,200 Sq Ft

Property Details

  • Property Type Storefront Retail Office
  • Total Building Size 22,997 Sq Ft
  • Lot Size 0.65 ac
  • Building Class B
  • Year Built 2000
  • Cap Rate 5.08 %
  • Tenancy Multiple
  • Zoning I-1
36 Transit Score
54 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit 1617 Medical 3,200 SF $560,000
  • Unit Size: 3,200 SF
  • Condo Use: Medical
  • Price: $560,000
  • Sale Type: Investment
  • Price/SF: $175.00
Description
Situated in a condo strip in a Walmart anchored out-parcel, Paddington Station. Multiple, retail, businesses nearby = heavy foot and auto. traffic 7 days a week! 
Most recently purchased and up-fit for a modern dental practice in early 2014. $220k spent in capital improvements for 3,200 sqft. comprised of 6 plumbed operatories (all w/ in-wall plumbed nitrous), a dental lab, patient check-in and out, reception area, Xray/PAN room, sterilization area, 2 business offices, employee and patient restrooms, good sized employee break room and ample storage throughout. This space has 6 dedicated signs for their parking spots. 
Current dentist tenant has 17 months remaining on lease term and an additional 5 year option that they intend to utilize.
Current lease rate does not include CAM fees of $1,100/month. Tenant is responsible for all condo maintenance, regular service and any replacement needs for all of the condo mechanicals. COA is responsible for any roof issues, none known by seller.
Steel and masonry construction, each condo is privately owned.  Property manager is "GFD". No known COA pending/confirmed assessments .

Sale Notes
Great dental real estate investment opportunity as dentist tenants are typically a long-term tenant and the dental need for this area, in a highly visible, heavily trafficked location is great!

Description

Situated in a condo strip in a Walmart anchored out-parcel, Paddington Station. Multiple, retail, businesses nearby = heavy foot and auto. traffic 7 days a week! 
Most recently purchased and up-fit for a dental practice in early 2014. $220k spent in capital improvements for 3,200 sqft. comprised of 6 plumbed operatories (all w/ in-wall plumbed nitrous), a dental lab, patient check-in and out, reception area, Xray/PAN room, sterilization area, 2 business offices, employee and patient restrooms, good sized employee break room and ample storage throughout. This space has 6 dedicated signs for their parking spots. 
Current dentist tenant has 2 years remaining on lease term and an additional 5 year option that they intend to utilize.
Current lease rate does not include CAM fees of $1,100/month. Tenant is responsible for all condo maintenance, regular service and any replacement needs for all of the condo mechanicals. COA is responsible for any roof issues, none known by seller.
Steel and masonry construction, each condo is privately owned.  Property manager is "GFD". No known COA pending/confirmed assessments .

Highlights

Heavy day-time foot traffic, next door to Walmart shopping center
CAM fees include on-site security
Busy and central Raleigh location, between Wake Forest and New Hope Church Rds.
5 year option remains on current dentist tenant's 17 month lease

Financial Summary

Cap Rate: 5.08 %
Total Expenses: $20,752

Amenities

  • Air Conditioning
  • Bus Line
  • Signage
  • Tenant Controlled HVAC

Public Transportation

AirportDriveWalkDistance
Raleigh-Durham International Airport 26 min - 16.2 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 135
Type: Surface
Included in Rent: Yes
Stephen Hughes 919-723-8061 HUGHES Properties
Stephen Hughes 919-723-8061 HUGHES Properties