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135 S Main St - Craftsman Multitenant Retail 46,849 SF Retail Condo Unit Offered at $11,349,000 in High Point, NC 27260
Investment Highlights
- Prime Investment Opportunity | Multi-Tenant Retail/Showroom in the Greensboro-High Point MSA
- 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 a Ground Level Showroom Asset Structurally Connected to 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 | 46,849 SF | Sale Type | Investment |
| Price | $11,349,000 | Cap Rate | 8.70% |
| Price Per SF | $242.25 | NOI | $987,805 |
| Condo Use | Retail |
| Unit Size | 46,849 SF |
| Price | $11,349,000 |
| Price Per SF | $242.25 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 8.70% |
| NOI | $987,805 |
Sale Notes
Northmarq is pleased to present to qualified investors the opportunity to acquire the fee simple interest in the multi-tenant showroom asset located at 135 S Main Street, in 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 three years, all leases feature 3% annual escalations and two, 5-year renewal options. The basement space is being converted into a showroom and offers substantial upside opportunity through future lease-up. 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 condo 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.
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135 S Main St - Craftsman Multitenant Retail
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