4830 Koger Blvd, Greensboro, NC 27407

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding Carvana investment property located in Greensboro, North Carolina. The tenant, Carvana, LLC has approximately 17 years remaining with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features increases equal to the lesser of (i) 9.608% or (ii) 1.25x CPI throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

Founded in 2012, Carvana currently operates from 40+ locations and is ranked as a fortune 500 company. Carvana is among the largest and fastest growing online used car dealerships in the United States. From trading below $5 at the end of 2022, the stock has shot up around 38 times since then. Shares of CVNA closed at $226 in November of 2024. Over the past year, shares of CVNA have rocketed more than 500%, breezing past the broader market and its close peers, including CarMax (KMX), AutoNation (AN) and Sonic Automotive (SAH).

The asset has excellent position and visibility along Interstate 40, a heavily trafficked highway supporting over 124,000 vehicles passing daily. Furthermore, the site is accessible via Interstate 73 (69,200 VPD) and U.S. Highway 70 (53,600 VPD), making this a centralized location with easy commutes. In addition to nearby consumer traffic, the subject property receives increased crossover retail exposure from national/credit tenants including Home Depot, Sam’s Club, Target, Walmart Supercenter, and the Wendover Village shopping center, all within 1-mile of the site. Wendover Village is a top performing retail center, receiving 5.2M+ annual visits (per Placer.ai) and ranking in the 96th percentile among shopping centers nationwide, anchored by Costco and T.J. Maxx. The immediate trade area features 7.5M+ square feet of retail space which is supported by a direct consumer base including over 10,800 apartment and multi-family units, and 2,100 hotel rooms within a 2-mile radius. The 5-mile trade area is supported by a population of over 166,300 residents and 119,200 employees with an average household income of $89,083.