234 Faith Rd Salisbury, NC 28146-7006

Property Details for 234 Faith Rd

Year built

1959

Lot size

0.91 lot acres

Property size

2,630 SF

Zone code

B6

Property type

Commercial land

APN

070 118

APU

70118

Description

This exceptional investment opportunity presents a 2,500 square foot Valvoline auto shop in Salisbury, NC. Built in 2024, this property boasts a brand-new 15-year absolute NNN ground lease with a franchisee tenant, expiring October 31, 2039. The lease includes a 10% rent increase every five years, ensuring consistent income growth. The property sits on a 0.44-acre lot with eight parking spaces and enjoys a prime location on a signalized corner at Faith Road and Market Station Drive. This high-traffic area benefits from proximity to a Lowe's-anchored shopping center (ranking in the 99th percentile nationally according to Placer.ai) and the Innes Street Market shopping mall, totaling 347,033 square feet of retail space. The property is situated within Salisbury's main retail corridor, surrounded by 2.9 million square feet of retail space within a two-mile radius. The area also boasts a significant industrial presence and is conveniently located near major roadways, educational institutions (Catawba College, Livingstone College, Salisbury High School), a major medical center (Novant Health Rowan Medical Center), and Mid-Carolina Regional Airport. Numerous national retailers are located nearby, including Walmart, Lowe's, Food Lion, and many restaurants. The property generates a strong net operating income (NOI) of $65,000, resulting in a 5.00% cap rate. This is a turnkey investment with no landlord responsibilities, offering significant potential for long-term returns. The asking price is $1,300,000.