801 Mitchell StKinston, NC 28501

Property Details for 801 Mitchell St

Year built

2007

Lot size

0.10 AC

Property size (Sq ft)

6,000 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 6,000 square foot, single-tenant storefront located at 801 Mitchell St, Kinston, NC 28501. The property, built in 2007, is a Class B building situated on a 0.095-acre lot and includes 27 parking spaces. Currently 100% occupied by a credit-rated Carquest Auto Parts, the property boasts a strong net lease with a remaining term of 3 years, commencing December 1, 2023, and expiring November 30, 2027. The lease includes two 5-year options. The asking price is $840,000, representing a price per square foot of $140 and a 9.00% cap rate, with a current NOI of $75,600. The tenant, Carquest Auto Parts, operates a specialized paint and color mixing operation requiring special permitting. This location benefits from a strong co-tenancy with national brands including McDonald's, Dollar Tree, Advance Auto Parts, and Piggly Wiggly. This is a rare opportunity to acquire a well-located, net-leased property with a strong tenant and significant upside potential.

Location Insight

City

Kinston

County

Lenoir

State

North Carolina

Latitude

35.2695

Longitude

-77.5842

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