135 S Main St - Hospitality CONDO FOR SALE


High Point, NC 27260- Downtown High Point
$11,950,000 USD
678-808-2804
135 S Main St, High Point, NC for Sale
$11,950,000 USD
Hospitality CONDO - FOR SALE
1/23
null | 7.83% Cap Rate

135 S Main St
High Point, NC 27260
Downtown High Point


HIGHLIGHTS

  • Prime Investment Opportunity | Multi-Tenant Retail/Showroom Condo in High Point, NC
  • Rare Opportunity to Acquire the Ground Floor of a Future High-Quality Hotel Redevelopment
  • Strong Tenancy Including Karat Home (Z Gallerie) & The Phillips Collection | All Leases Feature 3% Annual Escalations
  • Upside Opportunity by Leasing the Basement Showroom | Three Retail Access Points with Dual Street Exposure
  • Located in the Heart of High Point’s Market District | Furniture Capital of the World
  • In Between the 3.5M SF International Home Furnishings Center Owned by Blackstone & the 400,000+ SF Showplace Center

OVERVIEW

The AP Group of Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in the fully stabilized retail/showroom condo 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 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. 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.

FOR SALE DETAILS

PRICE

$11,950,000 USD

PRICE/SF

$257 USD /SF

CAP RATE

7.83%

# OF UNITS

1

CONDO SIZE

-

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Craftsman Plaza Hotel

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

181,395 SF

STORIES

8

BUILDING CLASS

B

YEAR BUILT

1983

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.51 AC

LAND SF

65,776 SF

ZONING

CB

APN/PARCEL ID

0171406

ASK ABOUT THIS PROPERTY

Ani PaulsonMarcus & MillichapMore Info
678-808-2804

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Ani PaulsonMarcus & MillichapMore Info
678-808-2804

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.