3120 Horner Blvd Sanford, NC 27332-8039
This exceptional investment opportunity presents a fee-simple ownership of a ModWash car wash in Sanford, North Carolina. The property, built in 2020, boasts 3,842 square feet on a 2.62-acre lot and enjoys a prime location on Horner Boulevard, a dense retail corridor with high visibility and traffic counts averaging 26,500 vehicles daily. The property benefits from its proximity to major roadways, including State Highway 87 (28,000 VPD) and US Highway 421 (13,500 VPD), and is strategically situated near significant shopping centers such as the Shops at Cameron Place, Southside Plaza, and Shoppes at Sanford, featuring prominent retailers like Lowe's, Aldi, and Walmart. This translates to a strong customer base and significant crossover store exposure. The current lease, an Absolute NNN, runs for 20 years, commencing November 18, 2020, and includes six 5-year renewal options. The lease guarantees 100% occupancy with a current NOI of $308,311 and a 6.50% cap rate. Annual rent bumps of 1.25% are scheduled after year four, providing inflation protection and consistent income growth. The lease is corporate guaranteed, minimizing landlord responsibilities and offering a management-free investment opportunity. The asking price is $4,743,250, representing a price per square foot of $1,234.58. The property's qualification for bonus depreciation further enhances its investment appeal. This is a truly exceptional, passive income-generating asset in a high-growth area.
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Modwash Car Wash
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Zips Car Wash Car Wash
C-2 General Commercial District CBD Central Business District LI Light Industrial District HI Heavy Industrial District PUD Planned Unit Development District TND Traditional Neighborhood Development District 4.2.3 OVERLAY DISTRICTS. In accordance with the authority provided by NCGS § 160D-703, the County of Lee hereby establishes the following overlay distri…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
C-2 · Sanford, NCC-2 General Commercial District CBD Central Business District LI Light Industrial District HI Heavy Industrial District PUD Planned Unit Development District TND Traditional Neighborhood Development District 4.2.3 OVERLAY DISTRICTS. In accordance with the authority provided by NCGS § 160D-703, the County of Lee hereby establishes the following overlay districts which shall be governed by all of the uniform use and area requirements of this Ordinance. Within these overlay districts, additional requirements are imposed on certain properties within one or more underlying general or Conditional Use Districts. The symbol for each type of district is as follows: AO Airport Overlay District H Historic Overlay District MHP Manufactured Home Park Overlay District WCOD Watershed Conservation Overlay District RDSOD Residential Design Standards Overlay District 4.2.4 CONDITIONAL ZONING DISTRICTS (TYPE 1). Conditional Zoning Districts Type 1 may be established in accordance with § 3.4 of this Ordinance. Conditional Zoning Districts Type 1 are unique, stand- alone zoning districts that have no relationship to the Ordinance’s general use zoning districts as listed in § 4.2.2. 4.2.5 CONDITIONAL ZONING DISTRICTS (TYPE 2). As an alternative to the Type 1 Conditional Zoning District, a property owner may petition for a Conditional Zoning Districts that correspond to the above-referenced base zoning districts, and which are identical to the general use zoning districts with the exception that additional conditions are applied as set forth in § 3.4.3 of this Ordinanc e. The following is a listing of Conditional Zoning Type 2 Districts and their corresponding symbols.
No recorded transactions found for this property.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
