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Mavis 2607 S Main St 5,866 SF Retail Building High Point, NC 27263 $3,544,631 CAD ($604.27 CAD/SF) 5.85% Cap Rate

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Investment Highlights

Long Term Corporate Lease
Minimal Landlord Responsibilties
Strategic Location

Fixed Rent Increase
Strong Corporate Tenant
Recession Resistant Investment

Executive Summary

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a brand-new Mavis investment property located at 2607 South Main Street in High Point, North Carolina (the “Property”). The building has been redeveloped for Mavis and contains 5,886 square feet. The building was completed, and Mavis opened in April of 2023. Mavis has 17+ years remaining on their lease with four (4), 5-year renewal options. The Property is situated along South Main Street in a heavily developed commercial district that is centered around US Highways 29 and 70 in the south- end of High Point. The Property is across the street from a Walmart Supercenter and adjacent to an Aldi and enjoys outstanding visibility and frontage along South Main Street, the area’s primary commercial corridor. The Property is 0.5-miles from US Highways 29 and 70, 2-miles from Interstate 74 and 2.5-miles from Interstate 85. The trade area is surrounded by national retailers and manufacturing and warehouse properties that drive significant traffic to the area as well as a growing number of residential neighborhoods, providing a strong customer base.

Property Facts

Sale Type

Investment

Property Type

Retail

Property Subtype

Auto Repair

Building Size

5,866 SF

Building Class

Year Built

2023

Price

$3,544,631 CAD

Price Per SF

$604.27 CAD

Cap Rate

5.85%

NOI

$207,361 CAD

Tenancy

Single

Building Height

1 Story

Slab To Slab

11’

Building FAR

0.13

Lot Size

1.01 AC

Zoning

RC - Residential -- allows for "cluster" development

Major Tenants

Retailer
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Mavis Discount Tire has been saving people money on tires for more than 50 years! While the company was founded as Mavis Tire Supply Corporation in 1972, its roots can be traced back to 1949. It all started with Vic's Cycle Shop, which repaired bicycles sold by its neighbor, a toy shop. In no time at all, the tiny shop developed a great reputation for performing seemingly impossible bicycle repairs. It quickly grew into a better equipped, better capitalized business. Its reputation of Value Oriented Service spread far and wide store building. One day, a customer requested that the bicycle shop repair a flat tire on his car! Using bicycle tire repair tools, Victor was able to repair the tire and, before long, the neighborhood's bicycle wizard found himself in the automobile tire business. In 1965 Victor and his wife, Marion changed the shop's name to 'Vic the Tire King'. With their new name and focus, the owners became pioneers in the vastly expanding automotive era.