Sherwin-Williams & Godfather's Pizza | Two-Tenant NNN | 6.64% Cap

Investment Overview

6429 Glenwood Avenue is a 100% leased, 8,504 SF two-tenant retail building on 0.986 acres in Northwest Raleigh, offered at $3,500,000. In-place NOI of $232,378 (annualized July 2026) produces a 6.64% cap rate. Sherwin-Williams (S&P: BBB) occupies 6,204 SF and has operated at this address for more than 40 years, renewing several times; its current term runs through December 2028. Godfather's Pizza occupies 2,300 SF under a new 7-year lease signed in 2025, with 3% annual rent increases each July and a personal guaranty from the franchisee. Both leases are NNN, with tenants reimbursing their pro-rata share of taxes, insurance and common area costs. In 2025, 100% of landlord-paid operating expenses were recovered. The property fronts Glenwood Avenue (US-70), which carries 32,390–39,500 vehicles per day near the site (Esri, 2026), near Pleasant Valley Promenade and Walmart. About 75,558 residents live within 3 miles and 117,255 people work within 5 miles (Esri, 2026). The adjacent 1.726-acre Parcel B (6425 Glenwood Ave) is also available for buyers seeking additional land. A March 2026 boundary survey allows Parcel A to sell on its own. Lease abstracts, rent roll and operating statements are available upon execution of a confidentiality agreement.

Investment Highlights

• 6.64% cap rate on $232,378 in-place NOI; $3,500,000
• Sherwin-Williams (S&P: BBB): 40+ years at this location; term through Dec. 2028
• Godfather's Pizza: new 2025 lease through 2032, 3% annual increases, personal guaranty
• NNN leases; 100% of 2025 operating expenses recovered from tenants
• Glenwood Ave (US-70): 32,390–39,500 VPD (Esri 2026), beside Pleasant Valley Promenade
• 75,558 residents within 3 miles; 117,255 employees within 5 miles (Esri 2026)
• Adjacent 1.726 AC Parcel B available; Parcel A sells independently