316 W Ehringhaus St
Elizabeth City, NC 27909
Aaron's Center: Aaron's & Firehouse Subs · Retail Property For Sale

The subject offering affords an incoming investor the opportunity to acquire a 10,400 square foot shopping center, anchored by Aaron's Corporate, with recently extended long term leases. This building, situated on a 1.24 Acre lot, was built in 2012 by the previous operator of the Aaron's business, and has since become a virtually management-free asset. Following a 2018 acquisition of operations, Aaron's corporate executed a seven-year lease in January of 2019, which further demonstrates their commitment to the site. Additionally, the Firehouse Subs franchisee executed an early ten-year extension in September of 2018, and have historically been one of the top performing franchisees in the Firehouse Subs system. This asset has minimal landlord responsibility, as the tenants are responsible for regular maintenance to the interior, servicing of the HVAC systems up to $2,000 per year, and all utilities associated with the building. The leases require the tenants to reimburse the landlord for their proportionate share of Taxes, Insurance, and CAM, paid as additional rent monthly. In the event that the actual cost TICAM is greater than the additional rent set forth, tenants and landlord will reconcile at year end to cover their proportionate share of the additional expenses.