O'Reilly Auto Parts
For Sale
$872,000
507 W State Street, Black Mountain, NC 28711
Single-tenant net lease with creditworthy tenant in Black Mountain, NC.
Property Size6,349 SF
Lot Size1.08 Acres
Price / SF$138.41
Days on Market194
Property Features for 507 W State Street
General Information
Standard status
Active
Size
6,349 SF
Lot size
1.08 Acres
Property subtype
Commercial
Occupancy
100%
Lease Term
± 4 Years
Net Operating Income
$61,056
Building Details
Building Size
6,349 SF
Listing Agency:
Matthews Real Estate Investment Services | Fort Lauderdale
Listed By:
Dylan Schroeder · License #SL3579995 (FL)
(954) 357-0614
Source:
Matthews
Added: Mar 27
Changed: Oct 5
Last Checked: Oct 5 at 3:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews Real Estate Investment Services | Fort Lauderdale
Investment Insights
Based on property information with market context.
This single-tenant net lease investment opportunity features an O'Reilly Auto Parts location at 507 W State St, Black Mountain, NC 28711. The property is priced at $975,000 with a 6.25% CAP rate, generating $61,056 in annual rent under a long-term NN lease where the tenant is responsible for roof, structure, and parking lot maintenance. The current lease expires in May 2030 and includes three five-year renewal options with 6% rent increases every five years. The 6,300 square foot building is situated on a 1.08-acre lot with visibility and high traffic counts of approximately 8,253 vehicles per day along West State Street (US 70 corridor). The property is surrounded by national retailers such as CVS, Ingles, Tractor Supply, and Dollar General. Capital improvements include a new roof installed in 2023 and a recently resealed parking lot. O'Reilly Auto Parts has an investment-grade credit profile, including a Moody's Baa1 rating. This corporate-guaranteed lease offers passive income with minimal management, making it suitable for 1031 exchange buyers, private investors, or those seeking portfolio diversification in the automotive aftermarket sector.
Key Highlights
- Creditworthy tenant: O'Reilly Auto Parts (NASDAQ: ORLY) with investment‑grade Moody's Baa1 rating.
- Long‑term NN lease with corporate guarantee, providing passive income and minimal management.
- Attractive 6.25% CAP rate and $61,056 annual rent.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,869
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,477,380
$1.5M
Cap Rate 7%
$1,055,271
$1.1M
Cap Rate 9%
$820,767
$820.8K
Market Conditions
NOI Build-Up for 6,300 SF
Gross rent
$107.4K $17.04/SF
− Vacancy
−$1.8K −$0.29/SF
EGI
$105.5K $16.75/SF
− OpEx
−$31.7K −$5.03/SF
NOI
$73.9K $11.73/SF
Area
Buncombe County, NC
Vacancy
1.70%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,477,380
Cap Rate 7%
$1,055,271
Cap Rate 9%
$820,767
Alternative Uses
Best Use
Retail
$1.06M
$923.4K – $1.23M
NOI $73,869 @ 7.0% cap · market cap 8.47%
Second Best
Industrial
$627.2K
$548.8K – $731.7K
NOI $43,902 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,450 @ 7.0% cap · market cap 15.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
697
Businesses Nearby
8k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 22%
Hotels & Casinos 17%
Home Improvements & Furnishings 11%
State Employees Credit Union
Shops & Services
3,790 visits/mo
0.4 miles
Thai Basil
Dining
1,870 visits/mo
0.5 miles
Hampton Inn by Hilton Black Mountain
Hotels & Casinos
1,384 visits/mo
0.5 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
892 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
446 visits/mo
0.3 miles
Demographics for 28711, NC
14,047
Population
7,563
Households
1.9
Avg Household Size
49
Median Age
54%
College-Educated
92%
High-School Grad
103.9 sq mi
ZIP Area
135
Density / Sq Mi
$69,177
Median Household Income
$38,677
Median Earnings
$1,319
Median Rent
$358,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- Shifty's Transmissions — 410 Blue Ridge Rd, Black Mountain, NC 28711
- Hall's Towing & Recovery — 410 Blue Ridge Rd, Black Mountain, NC 28711
- German Motor Performance — 8 Julian Dr, Black Mountain, NC 28711
- Clements Automotive — 561 Blue Ridge Rd, Black Mountain, NC 28711
- Koppinger Euro Service — 1196 Old US Hwy 70, Black Mountain, NC 28711
Frequently Asked Questions
What type of property is this?
Auto shop - Single-tenant net lease with creditworthy tenant in Black Mountain, NC.
Where is this auto shop located?
The property is located at 507 W State Street Black Mountain, NC.
What is the asking price?
The asking price for this property is $872,000.
What are key features of this property?
This property features: Creditworthy tenant: O'Reilly Auto Parts (NASDAQ: ORLY) with investment‑grade Moody's Baa1 rating.; Long‑term NN lease with corporate guarantee, providing passive income and minimal management.; Attractive 6.25% CAP rate and $61,056 annual rent.
