Kill Devil Hills, NC Wawa

1900 North Croatan Highway
Lease Type NNN Ground Lease
Cap Rate 4.75%
Building Size 6,000 SF
NOI $292,000
Land Area 2.32 AC
Remaining Term 20 Years
Status Active
Property Highlights

Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of the VERY FIRST Wawa, Inc. ground lease in North Carolina, located at 1900 North Croatan Highway in Kill Devil Hills, NC. This 6,000 SF single tenant fuel and convenience store is scheduled to open in early May ‘24, and sits on a 2.32-acre site in the heart of Kill Devil Hills’ primary retail node. Immediate market co-tenants include Publix, Target, and Lowe’s, which create a synergistic Tenant Mix for the site.

Wawa, Inc. signed a new, 20-year ground lease with rent commencing May ‘24. The lease features 10% rental increases every 5 years through the initial term and the beginning of each option period, steadily growing NOI and protecting against inflation. The terms of the lease provide ownership with a completely passive investment, while providing consistent income.

Wawa | Kill Devil Hills is being offered for sale at an asking price of $6,147,000, equating to a 4.75% CAP Rate.

  • Extensive Lease Term
  • Zero Landlord Responsibilities
  • Strong Market Demographics
  • Dominant Retail Corridor
  • Best-In-Class Tenant
  • Excellent Exposure