801 Mitchell St Kinston, NC 28501
- Retail properties
- 6,000 SF
- 0.10 lot acres
Current Use by Public Records
- Retail properties
Property Details for 801 Mitchell St
- Year built
- 2007
- Lot size
- 0.10 lot acres
- Property size
- 6,000 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 6,000 square foot, single-tenant storefront located at 801 Mitchell St, Kinston, NC 28501. The property, built in 2007, is a Class B building situated on a 0.095-acre lot and includes 27 parking spaces. Currently 100% occupied by a credit-rated Carquest Auto Parts, the property boasts a strong net lease with a remaining term of 3 years, commencing December 1, 2023, and expiring November 30, 2027. The lease includes two 5-year options. The asking price is $840,000, representing a price per square foot of $140 and a 9.00% cap rate, with a current NOI of $75,600. The tenant, Carquest Auto Parts, operates a specialized paint and color mixing operation requiring special permitting. This location benefits from a strong co-tenancy with national brands including McDonald's, Dollar Tree, Advance Auto Parts, and Piggly Wiggly. This is a rare opportunity to acquire a well-located, net-leased property with a strong tenant and significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kinston
- County
- Lenoir
- State
- North Carolina
- Longitude
- -77.5842
- Latitude
- 35.2695
