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    104 Harris Pl Eden, NC 27288
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    104 Harris Pl Eden, NC 27288

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    • Commercial real estate
    • 3,745 SF
    • 0.89 lot acres
    Off-Market
    Property ID
    US53-2225662
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ModWash / Car Wash

    Property Details for 104 Harris Pl

    Lot size
    0.89 lot acres
    Property size
    3,745 SF
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents a newly constructed, 3,745 square foot, single-tenant car wash in Eden, North Carolina. The property boasts a 20-year NNN lease with a 1.5% annual rent increase, commencing April 17, 2023, and expiring April 17, 2043. The tenant, ModWash, operates over 100 locations across 10 states and is experiencing significant growth. Located on a hard corner, signalized intersection with high visibility (26,000+ vehicles per day), the car wash is situated in a thriving retail area anchored by Food Lion and Tractor Supply Co. Nearby retailers include Walmart, CVS, and numerous fast-food and automotive businesses. The property offers a strong 6.50% cap rate and a substantial net operating income (NOI) of $336,242. The asking price is $5,175,000, translating to $1,381.84 per square foot. The 0.89-acre lot provides ample space for the fully automated car wash. This asset is ideal for a 1031 exchange or an investor seeking long-term, inflation-resistant income with minimal landlord responsibilities. The property benefits from a strong local economy and a high household income ($75,397). The tenant's proven track record, coupled with the strategic location and lease terms, makes this a compelling investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Eden
    County
    Rockingham
    State
    North Carolina
    Longitude
    -79.738703
    Latitude
    36.486305

    Comparable in this City

    • $320,000

      Established Car Wash on Highway

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      Tenant-Occupied Gas Station Investment Property

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    • $335,000

      Multi-Use Facility For Sale

      Multi-use facility with mechanic shop, office, and warehouse space.
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      Cascade Avenue Land For Sale

      Land suitable for car lot expansion or portfolio diversification.
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    • $250,000

      Church/Office Campus on 2.55 Acres

      Move-in ready church/office campus with additional meeting space.
      14160 Nc Highway 87, Eden, NC 27288
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    • $200,000
      3,234 SF

      Eden, NC Commercial Property

      Commercial property in Eden, NC, suitable for various uses.
      1405 Washington St, Eden, NC 27288
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    Similar Nearby for Sale

    • $320,000

      Established Car Wash on Highway

      Self-serve car wash on 0.60 acres in high-traffic area.
      207 W Stadium Dr, Eden, NC 27288
      View Details
    • Contact for pricing

      Tenant-Occupied Gas Station Investment Property

      Gas station for sale with tenant in place until 2028.
      108 Boone Rd, Eden, NC 27288
      View Details
    • $335,000

      Multi-Use Facility For Sale

      Multi-use facility with mechanic shop, office, and warehouse space.
      121 Boone Rd, Eden, NC 27288
      View Details
    • Contact for pricing

      Cascade Avenue Land For Sale

      Land suitable for car lot expansion or portfolio diversification.
      1741 Cascade Ave, Eden, NC 27288
      View Details
    • $250,000

      Church/Office Campus on 2.55 Acres

      Move-in ready church/office campus with additional meeting space.
      14160 Nc Highway 87, Eden, NC 27288
      View Details
    • $200,000
      3,234 SF

      Eden, NC Commercial Property

      Commercial property in Eden, NC, suitable for various uses.
      1405 Washington St, Eden, NC 27288
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Center on Primary Corridor

      Retail spaces available in high-visibility Eden location.
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      Available Industrial Space in Eden

      Up to 533,424 SF available for lease.
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      Three Insulated Buildings with Drive-ins

      Three well-maintained, insulated buildings with drive-in doors and clear spans.
      2260 Harrington Hwy, Eden, NC 27288
      View Details
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    Eden, NC 27288
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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