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135 S Main St - Craftsman Multitenant Retail 46,469 SF Retail Condo Unit Offered at $11,349,000 in High Point, NC 27260
INVESTMENT HIGHLIGHTS
- Prime Investment Opportunity | Multi-Tenant Retail/Showroom in High Point, NC
- Strong Tenancy Including Karat Home (Z Gallerie) & The Phillips Collection | All Leases Feature 3% Annual Escalations
- Located in the Heart of High Point’s Market District | Furniture Capital of the World
- Rare Opportunity to Acquire the Ground Floor of a Future High-Quality Hotel Redevelopment
- Upside Opportunity by Leasing the Basement Showroom | Three Retail Access Points with Dual Street Exposure
- In Between the 3.5M SF International Home Furnishings Center Owned by Blackstone & the 400,000+ SF Showplace Center
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Total Building Size | 181,395 SF | Floors | 8 |
| Property Type | Hospitality (Condo) | Typical Floor Size | 22,674 SF |
| Property Subtype | Hotel | Year Built | 1983 |
| Building Class | B | Lot Size | 1.51 AC |
| Zoning | CB | ||
| Total Building Size | 181,395 SF |
| Property Type | Hospitality (Condo) |
| Property Subtype | Hotel |
| Building Class | B |
| Floors | 8 |
| Typical Floor Size | 22,674 SF |
| Year Built | 1983 |
| Lot Size | 1.51 AC |
| Zoning | CB |
AMENITIES
- Business Center
- Fitness Center
- On-Site Retail
- High Speed Internet Access
- Patio
- Meeting Event Space
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 10 | $146.00 | - |
| Guest Room | 242 | $123.00 | - |
1 UNIT AVAILABLE
Unit Showroom
| Unit Size | 46,469 SF | Sale Type | Investment |
| Price | $11,349,000 | Cap Rate | 8.32% |
| Price Per SF | $244.23 | NOI | $943,678 |
| Condo Use | Retail |
| Unit Size | 46,469 SF |
| Price | $11,349,000 |
| Price Per SF | $244.23 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 8.32% |
| NOI | $943,678 |
SALE NOTES
The AP Group of Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in the fully stabilized retail/showroom asset located at 135 S Main St, High Point, North Carolina. The newly renovated showrooms are occupied by quality tenants including Karat Home, Inc. (Z Gallerie), The Phillips Collection, and High Point Exhibition. With a weighted average lease term of over four years, all leases feature 3% annual escalations and two, 5-year renewal options. The property offers a substantial upside opportunity with the potential to finish basement area totaling roughly 8,500 square-feet. Ownership is actively evaluating the feasibility of converting the space into additional showroom square footage to further increase income. Located in the heart of downtown High Point’s Market District, the property sits between the International Home Furnishings Center (3.5 million square feet) and The Showplace (400,000 square feet), both of which serve as anchor venues for the High Point Market.
Located within the Piedmont Triad, the region is comprised of Greensboro, Winston-Salem, and High Point, with a total MSA population of 1.7 million people. The metropolitan area is connected by Interstates 40, 85, 73, and 74 and is served by the Piedmont Triad International Airport. The Triad is known for its growing technology sector, which includes the Wake Forest Innovation Quarter, a highly interactive, 200-acre, master-planned innovation community developed to support life science and information technology research and development. The Triad area is also notable for large textile, tobacco, and furniture operations. The region has a workforce of over 835,000 and boasts 16 colleges and universities with more than 115,000 students. High Point has been deemed the “Furniture Capital of the World” and is base to large trucking, logistics, and warehousing businesses that support the textile industry.
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135 S Main St - Craftsman Multitenant Retail
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