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Verizon Wireless & Peak City Gym

Apex, North Carolina

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Marcus & Millichap is pleased to exclusively offer for sale a 100% occupied two-tenant strip center located in Apex, NC featuring a recently extended corporate Verizon Wireless (S&P BBB+). The all-brick 7,331 square foot building was developed in 2008 and is located on 1.3 acres of land, adjacent to some of the market’s premier shopping. There are more than 5 years remaining on the VZW lease and over half a year on the Peak City Fitness lease, who is paying a below-market rent (contact broker for more information). This offering provides investors a very attractive cost basis on a highly malleable retail concept with great fundamentals in a premier market within the Southeast.

About the Investment
✓ 25-Year Operating History | Demonstrated Commitment to this Store
✓ Original Corporate Verizon Tenancy Since Development
✓ Terrific Access off Signalized Intersection | Ingress/Egress to North & Southbound
Traffic on W Williams St
✓ Verizon Extended Lease Early Through 2027 With Bi-Annual Increases
✓ Compelling Fundamentals | Below Market Rent & Strong Upside in Highly Desirable
Market With Attractive Cost Basis for a New Investor

About the Location
✓ Dense Retail Corridor With Premier, Complimentary Tenants | Target, The Home Depot,
Lowe’s Home Improvement, Harris Teeter, Kohl’s, Old Navy, PetSmart, LifeTime Fitness, Chick-Fil-A ,
Panda Express, and many more
✓ New WakeMed Apex Emergency Department Less Than Quarter Mile Away
✓ Terrific Household Income | Average Household Income Exceeding $130,000-
$140,000 + Within One, Three, and Five-Mile Radius
✓ Strong Traffic Counts | 30,000 Vehicles Per Day Along W Williams Street
✓ Remarkable Market Accolades
✓ Apex Is Currently Growing At A Rate of 8.40% Annually | Population Has Increased by
87.3% Since Last Census
✓ Second Largest CSA in North Carolina | Located Within the Triangle – Named After
Three Prestigious University Nearby: Duke, UNC-Chapel Hill, and North Carolina State University |
Well Educated, High-Earning Demographics

About the Tenant / Brand
✓ Investment Grade Credit | BBB+ (S&P) | Baa1 (Moody’s)
✓ Revenue of ~ $128.3 Billion | Accelerating Revenue Growth Across All Business
Segments – Up 4% YoY | Wireless Service Revenue Up 2.4% YoY
✓ Current Crossroads of 5G Enabled Phones & Abundant Consumer Phone Upgrades to 5G
Compatibility Making Retail Storefronts Imperative
✓ Ideal Demographics for Peak City Gym
✓ Large, Well-Equipped Gym
✓ Multiple Revenues Streams, Including Proprietary Supplement Company, PCG Supplements

Key Details

Price:
$2,734,899
Cap Rate:
6.00%
Annual Rent:
$164,094
Address:
730 W Williams St, Apex, North Carolina 27502
Property Type:
Net-Leased Strip Center

Rental Increases:
2% Every 2 Years
Lot Size:
1.30 Acres
Building Size:
7,331 SF
Year Built:
2008
Tenant:
Verizon Wireless & Peak City Gym

Broker of record

Ben Yelm

License: 303785


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