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Aspen Dental & Hotworx, Fuquay-Varina, NC

Aspen Dental & Hotworx

Fuquay-Varina, NC

Price $3,811,000
Cap Rate 5.65%
NOI $215,306
Lease Term 10 Years
Lease Type Net Lease
Rental Increases 10% Every Five (5) Years
Year Built 2021
Building Size Various
Lot Size 0.72 Acres (31,363 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

100% LEASED TWO-TENANT RETAIL ASSET WITHIN MAJOR RETAIL CORRIDOR
» Net leases to two national tenants with corporate guarantees
» Aspen Dental is the fastest-growing network of independently owned dental practices in the United States
» Aspen Dental operates 939 locations in 43 states
» HOTWORX has awarded 493 franchise licenses since first launching in 2017
» High-quality 2021 masonry construction

WELL-SITUATED WITHIN THE RALEIGH MSA
» The Raleigh MSA has a population of over two million
» Anchored by well-known research universities North Carolina State University, Duke University, and University of North Carolina at Chapel Hill (78,661 students combined)

HIGH-TRAFFIC LOCATION
» Excellent visibility and access 39,500 vehicles per day directly in front of the property on to U.S. Route 401/North Main Street
» Convenient second access point on North Judd Parkway Northeast (21,000 AADT)
» Beneficial proximity to North Carolina Highway 55, which experiences a traffic count of 27,500 vehicles per day
» Surrounded by a strong mix of local and national tenants including Walmart Supercenter, The Home Depot, Tractor Supply Company, ALDI, Walgreens, Dollar Tree, PetSmart, AutoZone Auto Parts, Panera Bread, Starbucks, Waffle House, and many more

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» 17 miles from Downtown Raleigh, the state capital and second-largest city in North Carolina (12.9 million visitors to the area in 2020)
» Close to several schools, including Fuquay-Varina Elementary School, Fuquay-Varina Middle School, and Fuquay-Varina High School (4,755 students combined)
» Minutes from Wake Technical Community College – Southern Wake Campus (138-acre
campus, 70,000+ annual student enrollment)
» Average household income of $108,625 within a five-mile radius
» 78,822 residents live within five miles with a projected 16% growth by 2026



Property Description

The property is located on U.S. Route 401/North Main Street, with excellent visibility and access to 39,500 vehicles per day directly in front of the site. Additionally, the property has a convenient second access point on North Judd Parkway Northeast (21,000 AADT). The site maintains beneficial proximity to North Carolina Highway 55, which experiences an average traffic count of 27,500 vehicles per day. The property is shadow-anchored by The Home Depot and Walmart Supercenter and adjacent to a Tractor Supply Company-anchored shopping center. The site is immediately surrounded by a strong mix of local and national tenants including Walmart Supercenter, The Home Depot, Tractor Supply Company, ALDI, Walgreens, Dollar Tree, PetSmart, AutoZone Auto Parts, Panera Bread, Starbucks, and many more.

The property is centrally located near schools, community hubs, and major employers. The site is less than two miles from Fuquay-Varina Elementary School (904 students), Fuquay-Varina Middle School (1,121 students), and Fuquay-Varina High School (2,370 students). The site is also minutes from Wake Technical Community College, 138-acre campus with an annual student enrollment of over 70,000. The average household income is over $90,000 near the property with an average of $108,625 within five miles of the location. A total of 78,822 residents live within a 5-mile radius of the site, with a projected 16 percent growth by 2026. The property is located 17 miles from Downtown Raleigh, the state’s capital and second-largest city in North Carolina, which experienced 12.9 million visitors to the area in 2020. Additionally, the property is located near multiple residential neighborhoods and is in a prime position to benefit from future growth in the Raleigh metro area, one of the state’s fastest-growing areas.

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