Description

206 North Main Street is a single-tenant retail property for sale in Kenansville, NC. Leased to Speedway with 100% occupancy, it offers a buyer an income-producing retail asset anchored by an identified tenant rather than a vacant space to reposition.

The property has 1,322 SF of gross leasable area on 0.52 acres, with monument signage and 2 parking spaces. Built in 1993 and renovated in 2022, it gives an investor a defined building and site footprint for reviewing the tenant’s operation and the property’s long-term fit. The parking ratio is 1.51 per 1,000 SF. For a retail buyer, the combination of a single tenant, signage and an occupied building keeps the focus on the existing lease and income stream, rather than on leasing multiple storefronts or managing a tenant mix.

The asking price is $2,600,000, or $1,966.72 PSF, with a 5% cap rate and $130,000 in NOI. In-place rent is $130,000 annually, and the lease is Absolute Net with 14 years of WALT. Those terms put lease duration and the allocation of property expenses at the center of the investment case. A buyer can weigh the stated income against the asking price while underwriting a property leased to a single retail operator.