2607 Main St High Point, NC 27263-1940
- Retail space
- 2.67 lot acres
Current Use by Public Records
- Mavis Tires & Brakes / Tire Shop / Auto Repair Shop
Property Details for 2607 Main St
- Lot size
- 2.67 lot acres
- Zone code
- C
- Property type
- Retail space
- APN
- 232718
- APU
- 232718
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, single-tenant Mavis Discount Tires auto shop in High Point, North Carolina. The 5,866 square foot building, constructed in 2023, sits on a prime location at 2607 S Main St, boasting excellent visibility and frontage along a major commercial corridor. The property benefits from a strong corporate guarantee and a long-term net lease with Mavis, extending until April 30, 2043, with four 5-year renewal options. This translates to a remaining lease term of 18.5 years. The lease includes attractive 10% rent bumps every five years, providing a built-in hedge against inflation. The property's Net Operating Income (NOI) is $153,000, yielding a 5.85% cap rate on the $2,615,385 asking price. The location is strategically positioned near major highways (US 29 & 70, I-74, I-85), and surrounded by a dense concentration of national retailers, manufacturing, warehouse facilities, and residential neighborhoods, ensuring a robust customer base. Nearby businesses include a Walmart Supercenter and Aldi. The property is part of a developing commercial area with recent and planned additions like a Bojangles and Sam's Xpress Car Wash. Daily traffic counts on South Main Street exceed 23,100 vehicles. The surrounding area boasts a strong demographic profile, with over 38,500 people within a 3-mile radius and nearly 100,000 within 5 miles, exhibiting an average household income of $73,694. This recession-resistant investment in the automotive repair sector offers significant long-term potential, given the growing U.S. vehicle fleet and increasing demand for auto services. The landlord's responsibilities are minimal, with the tenant responsible for most operating expenses. The building features a new roof with a 15-year transferable warranty.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,060,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,320,000
- 6.5%
- $1,380,000
- 7%
- $1,375,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,345,000
- Geo Method
- $1,295,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,485,000
- Retail
- $1,110,000
- Mixed-Use
- $1,360,000
- Hospitality
- $1,345,000
- Educational
- $1,425,000
- Residential Income
- $1,390,000
- Energy
- $1,555,000
- Income-Based Land
- $1,420,000
- Food Service
- $1,530,000
Location Insight
- Map
- Local Demand
- City
- High Point
- County
- Guilford
- State
- North Carolina
- Longitude
- -79.9862
- Latitude
- 35.928
- CBSA code
- 24660
- CBSA name
- GREENSBORO-HIGH POINT, NC METROPOLITAN STATISTICAL AREA
