135-141 N Main St
Fuquay Varina, NC 27526
Office Property For Sale

The Property is located at 135 N. Main Street in Fuquay-Varina. The Building is approximately 7,300 square feet on approximately 1.13 acres. The Building is 100% leased to three tenants which are First Bank, Capitol City Speech Therapy (Tenant since 2007), and Face First Skincare. The leases are modified gross with each tenant paying for their own electricity and janitorial. All of the current lease terms expire during 2021, so this Building presents the possibility for an owner occupant to possible occupy all or a portion of the Building in 2021 or certainly there is the possibility to renew some of the existing tenants. The estimated Net Operating Income is $83,735, which does not take into consideration some rent increases in the next twelve months. Based on the offering price of $1,050,000, the CAP Rate is approximately 8.0%. We have “priced” in the shorter lease terms into the higher CAP Rate of the offering. To that point, please be aware that it is not anticipated that First Bank will renew their lease when it expires in 2021. Also, at $1,050,000 this is approximately $143 per square foot, which is may likely be below replacement cost. We also believe there is opportunity to grow the rents moving forward.