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400 N Main St 7,628 SF Retail Building Hemingway, SC 29554 $1,210,000 ($158.63/SF) 6.65% Cap Rate
Investment Highlights
- Advance Auto store with long term commitment to the area
- Corporate Guaranty by Advance Stores Company, Inc.
- Rent increases 10% every 5 years in Option Periods
Executive Summary
This Advance Auto Parts property presents an attractive net-leased investment opportunity in Hemingway, South Carolina. Built in 2006, the property features a 7,000-square-foot facility on a 1.24-acre parcel with ample parking and strong visibility along North Main Street, the community’s primary thoroughfare. The tenant, Advance Stores Company, Inc., operates under a corporate-guaranteed lease, providing investors with a stable income stream backed by an established, publicly traded company (NYSE: AAP).
The lease structure is a NN format, placing roof and structural responsibilities with the landlord, while rent is set at $80,500 annually with 10% escalations every five years during option periods. The lease runs through March 31, 2033, offering approximately seven years of guaranteed initial term and long-term upside via options.
Located 50 miles from Myrtle Beach and near regional growth corridors, the property benefits from steady traffic counts of 8,300 VPD and proximity to existing retail operators including Dollar General, CVS, and Subway. With a purchase price of $1,210,000 and a 6.65% cap rate, this asset is well-suited for 1031 exchange buyers and investors seeking credit-backed, income-producing retail in a growth market.
The lease structure is a NN format, placing roof and structural responsibilities with the landlord, while rent is set at $80,500 annually with 10% escalations every five years during option periods. The lease runs through March 31, 2033, offering approximately seven years of guaranteed initial term and long-term upside via options.
Located 50 miles from Myrtle Beach and near regional growth corridors, the property benefits from steady traffic counts of 8,300 VPD and proximity to existing retail operators including Dollar General, CVS, and Subway. With a purchase price of $1,210,000 and a 6.65% cap rate, this asset is well-suited for 1031 exchange buyers and investors seeking credit-backed, income-producing retail in a growth market.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
7,628 SF
Building Class
C
Year Built
2005
Price
$1,210,000
Price Per SF
$158.63
Cap Rate
6.65%
NOI
$80,465
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
1.20 AC
Zoning
commercial
Parking
40 Spaces (5.71 Spaces per 1,000 SF Leased)
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 08-015-115 | Improvements Assessment | $21,790 |
| Land Assessment | $1,060 | Total Assessment | $22,850 |
Property Taxes
Parcel Number
08-015-115
Land Assessment
$1,060
Improvements Assessment
$21,790
Total Assessment
$22,850
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400 N Main St
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