Building Description
Executive Summary
7-Eleven has 5+ years remaining on the lease, with five 5-year renewal options, demonstrating its long-term commitment to the site
Lease features 7.50% rental increases every five years through option periods 1–3, with option periods 4 and 5 subject to fair market value, providing NOI growth and a hedge against inflation
The lease is signed by 7-Eleven, Inc., investment grade (S&P: A-), a globally recognized and established convenience store/gas operator (14,000+ U.S. sites)
Fee-simple ownership of a convenience store may qualify for accelerated depreciation (see page 9 for additional details). Please consult with a qualified tax advisor regarding potential tax benefits.
In April 2014, 7-Eleven’s $1.8B acquisition of Sunoco, LP was announced, approved by shareholders in August 2014, and finalized in January 2018; the transaction included the acquisition of roughly 1,108 stores across 18 states
Approved Uses by Zoning — Neighborhood Commercial (NC)
Uses permitted by right under the municipality’s zoning for this district. The property may carry additional restrictions (deed, association or lease), so tenants are responsible for confirming their intended use with the municipality and landlord before committing.
Allowed by right
Dwelling, live/work, Assisted living facility, nursing home, convalescent facility, Club or lodge, private, Library, art gallery, or museum, Municipal facilities, Adult day care center, Business, trade, or vocational schools, Light, Clinic, medical, urgent care, or dental, Park and playground, Pet care daily, Veterinary office/clinic, Restaurant, Bank/financial institution, Office, professional and business, Coin laundry and dry cleaning (no chemical processing onsite), Day spa, Stylist/salon, Tailor/shoe repair, Fitness and recreational sports center, Farmer's market, outdoor, Personal and household goods repair, Print shop, Retail sales, general: < 10,000 sq. ft., Utility facility, minor, Parcel delivery service, Alternative tower structure in right-of-way, Base station in right-of-way, Eligible facilities request, Small cell facility
With special approval
Child care facility, Parochial school, incidental, School, Bar, lounge, or tavern, Restaurant, fast casual (with or w/o drive-through), Massage establishment, Pharmacy, Vape/smoke shop and liquor store, Wind energy conversion system, Alternative tower structure not in right-of-way, Base station not in right-of-way, Tower
Read the full NC zoning guide ›
