For Sale
$1,300,000

234 Faith RdSalisbury, NC 28146

High-yield NNN ground lease; strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Highlights

  • $1,300,000 asking price for a 2,500 SF Valvoline auto shop in Salisbury, NC.
  • New construction (2024) with a 15-year absolute NNN ground lease expiring 10/31/2039.
  • Located on a signalized corner of Faith Rd and Market Station Dr.
  • Tenant is QAS II, LLC, a franchisee with 181+ locations.
  • High-traffic area near a Lowe's-anchored shopping center and Innes Street Market mall, totaling 347,033 SF of retail space.

Property Details for 234 Faith Rd

Property type
Retail properties, Auto shops
Square Feet
2,500 SF
Year Built
2024
Lot Size (sq. ft)
19,166 SF

Location Insight

City
Salisbury
County
Rowan
State
North Carolina
Latitude
35.6519059
Longitude
-80.457181
234 Faith Rd, Salisbury, North Carolina

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234 Faith Rd
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