3120 Horner BlvdSanford, NC 27332

Property Details for 3120 Horner Blvd

Year built

2019

Lot size

1.23 AC

Property size (Sq ft)

3,924 SF

Zone code

C-2

Property type

Car washes

APN

9661-08-1392-00

APU

966108139200

Description

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.

Location Insight

City

Sanford

County

Lee

State

North Carolina

Latitude

35.449

Longitude

-79.1336

CBSA code

41820

CBSA name

SANFORD, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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