935 Main StForest City, NC 28043

Property Details for 935 Main St

Lot size

1.27 AC

Property size (Sq ft)

22,152 SF

Property type

Retail properties

Property subtype

Industrial properties

Description

This exceptional investment opportunity presents a 22,152-square-foot auto shop in Forest City, North Carolina, boasting a new 10-year triple-net (NNN) lease with Classic Collision, a nationally recognized corporate tenant with over 300 locations. The property, situated on a 1.27-acre lot at 935 W Main St, features two buildings (constructed in 1948 and 1995, renovated in 2024) and offers significant visibility with 360 feet of frontage on West Main Street, experiencing an average daily traffic count of 7,700 vehicles. The lease commenced September 30, 2024, and expires September 29, 2034, with 10% rent bumps every five years, and includes options for three additional five-year extensions. The property's strong financial performance is highlighted by a 7.20% cap rate and a net operating income (NOI) of $180,000, representing a low rent per square foot of $8.13. This acquisition is part of a larger seven-unit portfolio purchase. Classic Collision, the fourth largest multi-shop operator (MSO) in the industry, is backed by the world's sixth largest private equity fund (per PEI 300), providing exceptional tenant credit strength and a corporate guarantee. The property's strategic location in Rutherford County (population 67,810), near Charlotte, Asheville, and Greenville, further enhances its value, particularly given its proximity to a $650 million Facebook data center campus. The asking price is $2,500,000.

Location Insight

City

Forest City

County

Rutherford

State

North Carolina

Latitude

35.3477

Longitude

-81.8869

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