157 Plaza DrForest City, NC 28043

Property Details for 157 Plaza Dr

Lot size

1.39 AC

Property size (Sq ft)

4,092 SF

Zone code

M1

Property type

Car washes

APN

1630142

APU

1630142

Description

Exceptional investment opportunity: a thriving Mach-1 Express Car Wash in Forest City, North Carolina, presents a compelling proposition for discerning investors. This 4,092 square foot facility, constructed in 2020, sits on a 1.39-acre lot at 157 Plaza Dr, 28043, boasting excellent visibility and accessibility with approximately 21,000 vehicles passing daily. The property benefits from its strategic outparcel location to a Walmart Supercenter. Currently operating under a triple-net (NNN) lease with a corporate and personal guarantee, the lease commenced September 8, 2022, and has a remaining term of approximately 17.9 years, extending to September 30, 2042, with 4, 5-year renewal options. The lease includes a 1.50% annual rent increase. The property enjoys 100% occupancy, generating a strong net operating income (NOI) of $271,979, resulting in a 7.00% capitalization rate. The asking price is $3,885,000, translating to $949.41 per square foot. This investment is further enhanced by its location in an Opportunity Zone and Census Tract 9609. The property includes 22 parking spaces. This is a rare opportunity to acquire a high-performing, long-term leased asset in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,161,731

  6.5%

  $1,072,367

  7%

  $995,769

• Comparable approach

  Method

  Valuation

  Relative Method

  $848,974

  Geo Method

  $848,974

• Alternative Use

  Use

  Valuation

  Residential

  $904,582

  Hospitality

  $828,592

  Educational

  $689,379

  Medical

  $713,088

  Retail

  $1,072,367

Location Insight

City

Forest City

County

Rutherford

State

North Carolina

Latitude

35.3343

Longitude

-81.8969

CBSA code

22580

CBSA name

FOREST CITY, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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