Auto Shop with Absolute Net
For Sale
$8,085,000
1290 Pine Plaza Dr, Apex, NC 27523
A 2016-built automotive facility associated with Caliber Collision and an absolute net lease.
Property Size16,900 SF
Price / SF$478.40
Days on Market10
Property Features for 1290 Pine Plaza Dr
General Information
Standard status
Active
Size
16,900 SF
Property subtype
Auto Service - Gas-Conv
Lease Type
Absolute Net
Amenities
Absolute Net Lease (Zero Landlord Responsibilities) with approximately Five Years Remaining on the Initial Term, an Upcoming 10% Rental Increase, and two Additional Five-Year Renewal Options.
Caliber Collision is the Nation's Largest Collision Repair provider, with more than 1,800 Convenient Locations in 41 States - and Growing.
Dominant Leadership: Hellman & Friedman, Private Equity Firm with Over $25 Billion of Total Assets, is the Majority Owners after Merger.
Strategic Triangle Highway Access: Positioned between U.S. Highway 64, the Western Wake Freeway, and U.S. Highway 1, the Site Enjoys Direct Regional Connectivity throughout Apex, Cary, Raleigh, and Wake County.
In Close Proximity to Numerous Auto Dealerships and Auto Service Centers including Toyota, Infiniti, Ford, Buick, Kia, Mercedes, Volkswagen, Honda, Chevrolet, GMC, Dodge, Porsche, Audi, Acura, Chrysler, Jeep and many more.
Densely Populated and Affluent Area: Features an Average Household Income of more than $159k within a 1-Mile Radius and over 205k People Residing within a 5-Mile Radius.
Weather-Driven Automotive Repair Demand: Apex and the Greater Triangle Experience Recurring Severe Thunderstorms and Hail Events Capable of Damaging Vehicles, supporting Ongoing Demand for Collision and Body-Repair Services.
Fast-Growing Raleigh-Cary Metro: The Metropolitan Population Reached approximately 1.596 Million in 2025, increasing 2.4% in One Year and Ranking Among the Nation's Ten Fastest-Growing Metropolitan Areas by Percentage. Significant Tax Benefits - Subject Property Qualifies for Tax Savings via Accelerated Depreciation and Cost Segregation.
Building Details
Building Size
16,900 SF
Listed By:
Alvin Mansour · License #License(s): CA: 01391653, TX: 0606255
(858) 373-3184
Source:
Marcusmillichap
Added: Aug 30
Changed: Sep 8
Last Checked: Sep 8 at 6:52AM
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 Alvin Mansour
Investment Insights
Based on property information with market context.
This 16,900-square-foot auto shop was constructed in 2016 and is associated with Caliber Collision. The offering is identified as an absolute net lease property, providing a defined lease structure for evaluation.
The facility is located at 1290 Pine Plaza Drive in Apex, North Carolina, within the 27523 ZIP code. Its classification as an auto shop places the property within the automotive commercial sector.
The facility is located at 1290 Pine Plaza Drive in Apex, North Carolina, within the 27523 ZIP code. Its classification as an auto shop places the property within the automotive commercial sector.
Key Highlights
- 16,900‑square‑foot auto shop
- Built in 2016
- Associated with Caliber Collision
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$299,862
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,997,240
$6.0M
Cap Rate 7%
$4,283,743
$4.3M
Cap Rate 9%
$3,331,800
$3.3M
Market Conditions
NOI Build-Up for 16,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$456.3K $27.00/SF
− Vacancy
−$27.9K −$1.65/SF
EGI
$428.4K $25.35/SF
− OpEx
−$128.5K −$7.60/SF
NOI
$299.9K $17.74/SF
Area
Wake County, NC
Vacancy
6.12%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,997,240
Cap Rate 7%
$4,283,743
Cap Rate 9%
$3,331,800
Alternative Uses
Best Use
Retail
$4.28M
$3.75M – $5.00M
NOI $299,862 @ 7.0% cap · market cap 3.71%
Second Best
Industrial
$1.55M
$1.35M – $1.80M
NOI $108,166 @ 7.0% cap · market cap 1.34%
Theoretical Best
Specialty Retail
$4.83M
$4.22M – $5.63M
NOI $337,776 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27523, NC
17,320
Population
7,730
Households
2.2
Avg Household Size
37
Median Age
68%
College-Educated
98%
High-School Grad
38.5 sq mi
ZIP Area
450
Density / Sq Mi
$122,401
Median Household Income
$79,228
Median Earnings
$1,805
Median Rent
$585,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Auto shop - A 2016-built automotive facility associated with Caliber Collision and an absolute net lease.
Where is this auto shop located?
The property is located at 1290 Pine Plaza Dr Apex, NC.
What is the asking price?
The asking price for this property is $8,085,000.
What are key features of this property?
This property features: 16,900‑square‑foot auto shop; Built in 2016; Associated with Caliber Collision
