Three-Building Auto Shop
New
For Sale
$9,300,000
3850 New Bern Ave, Raleigh, NC 27610
Eight local automotive service tenants occupy the fully leased property.
Property Size18,360 SF
Price / SF$506.54
Days on Market1
Property Features for 3850 New Bern Ave
General Information
Standard status
Active
Size
18,360 SF
Property subtype
Shopping Auto Center
Occupancy
100%
Additional Details
Cap Rate
6.35%
Amenities
3-Building Portfolio | Automotive Service Tenants 2006 Construction | 18,360 SF Total
100% Leased | Eight (8) Local Auto Service Tenants Average Unit Size: 2,295 Sq. Ft.
Potential Upside Gross Leases | Short Leases Allow for Reposition
High Barrier to Entry for New Development City of Raleigh and Wake County
New Bern Ave | 47,194 VPD On the New Bern Corridor Rapid Bus Transit Extension
Prime Location | 5-Miles to Downtown Raleigh Easy Access to Interstate 440 (130,243 VPD)
3-Parcels Total | 100 Total Parking Spaces 38 Spaces (1311), 28 Spaces (3870), & 24 Spaces (3850)
Building Details
Building Size
18,360 SF
Year Built
2005
Buildings
3
Tenancy
Multi
Listing Agency:
Charlotte Uptown Office
Listed By:
Andrew Margulies · License #License(s): NC: 264059, IL: 475.147606
(919) 674-1108
Source:
Marcusmillichap
Added: Oct 16
Last Checked: Oct 16 at 2:22PM
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 Charlotte Uptown Office
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Investment Insights
Based on property information with market context.
This Raleigh automotive property comprises three buildings across three parcels, with a combined area of 18,360 square feet. Constructed in 2005, the buildings are fully leased to eight local auto service tenants.
The property is located at 3850 New Bern Ave in Raleigh, North Carolina.
The property is located at 3850 New Bern Ave in Raleigh, North Carolina.
Key Highlights
- Three automotive service buildings on three parcels
- 18,360 square feet of building area
- Fully leased to eight local auto service tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$325,767
Cap Rate
3.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,515,340
$6.5M
Cap Rate 7%
$4,653,814
$4.7M
Cap Rate 9%
$3,619,633
$3.6M
Market Conditions
NOI Build-Up for 18,360 SF
Gross rent
$495.7K $27.00/SF
− Vacancy
−$30.3K −$1.65/SF
EGI
$465.4K $25.35/SF
− OpEx
−$139.6K −$7.60/SF
NOI
$325.8K $17.74/SF
Area
ZIP 27610
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 Rate 5%
$6,515,340
Cap Rate 7%
$4,653,814
Cap Rate 9%
$3,619,633
Alternative Uses
Best Use
Retail
$4.65M
$4.07M – $5.43M
NOI $325,767 @ 7.0% cap · market cap 3.50%
Second Best
Industrial
$2.42M
$2.12M – $2.82M
NOI $169,211 @ 7.0% cap · market cap 1.82%
Theoretical Best
Specialty Retail
$5.38M
$4.71M – $6.28M
NOI $376,747 @ 7.0% cap · market cap 4.05%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
762
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Garry's Auto Repair — 1015 Corporation Pkwy, Raleigh, NC 27610
- Irene Auto — 1015 Corporation Pkwy suite #109-111, Raleigh, NC 27610
- Alliance Auto repair — 1015 Corporation Pkwy, Raleigh, NC 27610
- Jim's Discount Auto Electric — 1015 Corporation Pkwy, Raleigh, NC 27610
- Real World Automotive — 1031 Corporation Pkwy, Raleigh, NC 27610
Frequently Asked Questions
What type of property is this?
Auto shop - Eight local automotive service tenants occupy the fully leased property.
Where is this auto shop located?
The property is located at 3850 New Bern Ave Raleigh, NC.
What is the asking price?
The asking price for this property is $9,300,000.
What are key features of this property?
This property features: Three automotive service buildings on three parcels; 18,360 square feet of building area; Fully leased to eight local auto service tenants
