981 High Pt St Randleman, NC 27317-7378

Property Details for 981 High Pt St

Year built

2005

Lot size

0.75 lot acres

Property size

7,581 SF

Zone code

B2

Property type

Retail space

APN

7755650059

APU

7755650059

Description

This exceptional investment opportunity presents a 7,000 square foot Advance Auto Parts store located in Randleman, North Carolina. The property, situated on a 0.74-acre lot, enjoys a prime outparcel location adjacent to a Walmart Supercenter, benefiting from high traffic volume on High Point Street (14,000 vehicles per day) and Interstate 73 (22,500 vehicles per day). The Walmart Supercenter alone attracts over 1.6 million customers annually, providing significant consumer traffic for the auto parts store. Other nearby businesses include Wendy's, Bojangles, Taco Bell, and Sheetz. The property is part of the Greensboro-High Point-Winston-Salem MSA, a major manufacturing and transportation hub with a population exceeding 1.6 million. The tenant, Advance Auto Parts, is the largest automotive aftermarket parts provider in North America, boasting over 4,457 stores and $11.3 billion in 2021 revenue. This high-performing location features a strong rent-to-sales ratio. The current lease, a Net Lease (NN) with a corporate guarantee, has a remaining term of eight years, extending to November 30, 2032, with three five-year options. Rent increases are structured at 10% for the first option and 7% for the subsequent two. The landlord's responsibilities are limited to the building structure; the tenant is responsible for all repairs, including the roof, parking lot, and HVAC, as well as taxes, insurance, and utilities. The property offers a 6.75% cap rate with a net operating income (NOI) of $98,400 and an asking price of $1,458,000. Built in 2004, this investment presents a compelling opportunity within a thriving market.