O'Reilly Auto Parts

705 East Main Street, Sylva, NC

$1,925,000

Price

5.45%

Cap Rate

$104,874

NOI

Overview
Cap Rate
5.45%
NOI
$104,874
Building Size
7,225 sqft
Lot Area
0.98 acres
Occupancy
100%
Class
A
Lease Type
Triple Net
Tenancy
Single
Investment Strategy
Core
Lease Expire Year
03/19/2037
Description

RDO Investments is pleased to present a fee simple, single tenant, 7,225 square foot O’Reilly Auto Parts in Sylva, North Carolina. The property is strategically located in the main retail hub on East Main Street in Sylva. The property has excellent visibility and good ingress and egress. The property was recently constructed in 2017 with upgraded block and stucco construction. The tenant signed an original 20 year lease in 2017 with a rental increase in year eleven. The tenant also has four, 5-year options with 6% increases. Landlord is responsible for Roof (warranty), and Structure (warranty).

Known as the “Romantic Asheville”, Sylva is a very fun and picturesque small town in Jackson County, nestled between the Great Smoky Mountains and the Blue Ridge Parkway. Stroll its "all American" Main Street, packed with local restaurants, general store, galleries, bookshops and breweries. Located in the western portion of North Carolina, Sylva is conveniently located one hour west of Asheville, NC and 50 miles southeast of Knoxville TN. Sylva is the county seat of Jackson, a retail and professional center where day-to-day services meet unique history.
 
In 2014, Sylva was named by "Where to Retire," magazine as one of the greatest places to retire in the U.S., citing the reasonable cost of living and abundance of outdoor activities. Sylva has been a "Tree City USA in North Carolina," for the last 12 years. In 2016, Sylva was named among the 10 Cleanest Cities in America by the popular travel website Expedia.com. The historic Jackson County Courthouse on Main Street is considered to be the "most photographed courthouse" in North Carolina.
 
The 2017 Academy Award-winning movie "Three Billboards Outside Ebbing, Missouri," was filmed in Sylva during the Spring of 2016. Sylva was no stranger to Hollywood as the 1993 blockbuster "The Fugitive," was partially filmed here as well.

Based upon the 2010 Census, the national demographics consulting firm SitesUSA has estimated that for 2019 there are approximately 27,429 residents and 11,631 households with a seven-mile radius of the Property. According to SitesUSA, the average household income with a three-mile radius of the Property was estimated to be $62,981.

Highlights
  • Corporate O’Reilly Auto Parts (NASDAQ: ORLY)
  • UPGRADED 2017 CONSTRUCTION
  • 20 Year Original Lease with 6% increase in Primary Term
  • Investment Grade Tenant (S&P: BBB+)
  • Concrete Parking Lot
  • Minimal Landlord Responsibilities (Roof & Structure ONLY)
Documents
Title
OReilly_Auto_Parts_-_Sylva_NC__Repriced_.pdf
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Location
Gallery