473 Broad Ave Rockingham, NC 28379
- Retail properties
- 4,695 SF
Current Use by Public Records
- Snappy Lube / Auto Repair Shop / Oil Change Service
- Strickland Brothers 10 Minute Oil Change and Inspection Station / Oil Change Service
Property Details for 473 Broad Ave
- Year built
- 1996
- Property size
- 4,695 SF
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
This fee-simple, 4,695 sq ft auto shop in Rockingham, NC, offers a compelling investment opportunity. Built in 1996 and renovated in 2000, the property boasts a strong 7.50% cap rate, currently 100% occupied by Strickland Brothers, a rapidly expanding national auto repair chain with a corporate guarantee. The lease, a Net Net (NN) agreement, commenced June 1, 2021, and expires May 31, 2029, with a remaining term of 4.5 years. A significant rent increase of 12.3% is scheduled for June 2025, projected to boost the cap rate to 8.42%. The property features a two-bay quick lube and a separate two-bay repair building, presenting potential for future expansion. Its strategic location off three major highways (Route 1, US 74, and US 220) ensures high visibility and significant traffic counts (approximately 30,000 vehicles per day). The asking price is $880,000 ($187.43/sq ft). Lease options include one 5-year renewal and three 3-year renewals. This single-story building presents a rare opportunity to acquire a well-established, high-performing auto repair business with significant upside potential. The property is part of a recent acquisition of 24 Snappy Lube stores in North Carolina.
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
- Rockingham
- County
- Richmond
- State
- North Carolina
- Longitude
- -79.7703
- Latitude
- 34.9347
