Listed by Matthews
$2,387,000
Drivetime | Winston-Salem, NC
Details
Property Type Retail
Sub Type Auto Shop, Restaurant
Square Footage 8,190
Cap Rate 7.3%
NOI $174,240
Occupancy 100%
Tenancy Single
Brand/Tenant Drivetime
Lease Type NNN
Lease Expiration 02/19/2029
Remaining Term 2.6
Rent Bumps Yes
Lease Options Three, 5-Year Options
Price per SqFt $291
Broker Co-Op Yes
Year Built 1972
Buildings 1
Stories 1
Acreage 1.990
Ground Lease No
Ownership Fee Simple
Sale Condition 1031 exchange
Retail | 7.30% Cap Rate | 8,190 SqFt | $2,387,000
Marketing description
- Corporate-Guaranteed Lease: The lease is corporately guaranteed by DriveTime, a national used-vehicle retailer with a substantial operating footprint across the United States, providing strong institutional-quality credit support.
- Primary Lease Term Through February 19, 2029: Approximately 2.75 years of remaining primary term plus three (3) five-year renewal options. Each option includes a 10% rental increase at commencement, offering meaningful long-term income growth.
- High-Visibility Retail Corridor: Prominent frontage along Peters Creek Parkway, a primary north-south commercial artery in Winston-Salem, delivering consistent daily traffic counts and strong consumer exposure.
- Recent Tenant Capital Investment: Tenant recently completed approximately $500K in interior renovations and office upgrades, modernizing the space and enhancing operational functionality. This significant capital commitment demonstrates the tenant’s long-term confidence in the location and reduces near-term rollover risk, providing investors with increased income stability.
- Dense and Established Population Base: Approximately 166,925 residents within a 5-mile radius and 378,239 residents within 10 miles, supporting sustained retail and automotive demand.
- Strong Household Income Demographics: Average household income of $90,841 within a 5-mile radius, reflecting stable middle-income demographics well aligned with DriveTime’s core customer profile.
- Strategic Location in Winston-Salem: Positioned within a diversified regional economy supported by healthcare, education, logistics, and advanced manufacturing sectors.
- University-Driven Economic Stability: Proximity to Wake Forest University, Winston-Salem State University, UNC School of the Arts, and Forsyth Technical Community College provides a stable population base and ongoing workforce pipeline.
- Established Automotive & Service Retail Corridor: Located among national retailers, automotive dealerships, and service-oriented businesses that reinforce the long-term viability of the automotive use.
- Attractive Risk-Adjusted Pricing: Pricing reflects the lease’s 90-day termination right while still offering a compelling yield supported by strong real estate fundamentals and embedded rental growth.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$174,240.00
$14,520.00/mo
Valuation Metrics
0
DSCR
7.3%
Cap Rate
7.3%
ROI
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