McNitt Commons 200 W Peace St 7,330 SF 100% Leased Retail Building Raleigh, NC 27603 $4,933,476 CAD ($673.05 CAD/SF) 3.69% Cap Rate

Investment Opportunity: Fully Leased Retail Building within walking distance to Seaboard Station and Smoky Hollow District, offering immediate revenue enhancement opportunities and long-term development potential. This property offers a unique investment opportunity. With all current leases expiring in August 2025, there is significant potential to either re-tenant the building or adjust the current rents to market levels.
The building has recently been remeasured, and the correct square footage is 7,330 (see building floor plan). The current leases are based on a square footage of 6,073 SF. Correcting this discrepancy could significantly boost the cap rate, providing a larger return on investment. Additionally, in 2007, the closure of Firwood Avenue added a 25-foot strip totaling 0.14 acres to the northern property border, further enhancing the property’s value.
The property holds future development potential. The neighboring plot to the west, currently owned by NCDOT, may be available for acquisition. However, prospective buyers should consider the major utility easement situated behind the building, as it may affect plans for new construction.