For Sale
$842,000

201 Freedom WayJacksonville, NC 28544

High-Yield Auto Parts Investment, NC

Overview

Added:
Dec 11, 2024
Days on market:
115
This 6,000 square foot auto parts retail building in Jacksonville, NC, presents a compelling investment opportunity. Currently 100% occupied by Advance Auto Parts, a publicly traded company (NYSE: AAP) with a strong credit rating (S&P Global: BB+, Moody's: Baa3), the property boasts a long operating history at this location since 1988. The lease, a Net Net (NN) single-tenancy agreement, has a remaining term of approximately 4.1 years, expiring December 31, 2028, with two, five-year lease options. The property features a strong rent-to-sales ratio of approximately 4% and a current NOI of $63,204, yielding a 7.50% cap rate. Recent improvements include a new roof and parking lot within the last five years. Its strategic location is outparceled to a 96% leased, approximately 150,000 square foot shopping center anchored by Food Lion, less than 10 miles from Camp Lejeune and under 20 miles from Onslow Beach. Alpha Maps data ranks this location in the 80th percentile nationally, indicating a prime retail location with below-market rents, presenting a significant value-add opportunity. The property's strong tenant, long lease history, and recent improvements make it an attractive investment with significant upside potential.

Highlights

  • $842,000 asking price for a 6,000 SF auto shop in Jacksonville, NC.
  • NN lease with Advance Auto Parts, expiring 12/31/2028 (4.1 years remaining), with two 5-year options.
  • 7.50% cap rate, 100% occupancy, and $63,204 NOI.
  • Recent roof and parking lot replacement.
  • Below-market rent with a strong 4% rent-to-sales ratio and 80th percentile location ranking.

Property Details for 201 Freedom Way

Property type
Retail properties, Auto shops
Square Feet
6,000 SF

Location Insight

City
Jacksonville
County
Onslow
State
North Carolina
Latitude
34.7172506
Longitude
-77.3243171
201 Freedom Way, Jacksonville, North Carolina

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201 Freedom Way
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