20110 W Catawba Ave - Auto Repair FOR SALE


Cornelius, NC 28031
$5,650,000 USD
310-691-1350
20110 W Catawba Ave, Cornelius, NC for Sale
$5,650,000 USD
Auto Repair - FOR SALE
1/8
null | 4.25% Cap Rate

20110 W Catawba Ave
Cornelius, NC 28031


HIGHLIGHTS

  • Rare 100% Absolute NNN corporate lease (land & building) with Goodyear Tire & Rubber, Inc. – the third largest tire manufacturer in the world
  • 28+ Year Operating History & New 15-Year Commitment: Operating since 1998, recently executed a 15-yr lease extension with 2 additional 5-yr options
  • Corporate guaranty from Goodyear Tire & Rubber Co. (NASDAQ: GT); $2.4B market cap, $250M+ net income, a 127-year-old company
  • Extremely rare 18.75% rent increases every five years, including during both option periods, provides inflation protection for 25 years
  • Below Market Rent, Low Basis Investment: Neighboring parcels are garnering over $70 PSF in base rent
  • Situated in Cornelius within the Lake Norman submarket: Avg HHI exceeds $135,000 & luxury estates trade as high as $20M+

OVERVIEW

Pegasus Investments Real Estate Advisory, in conjunction with ParaSell, Inc., is pleased to offer investors the opportunity to acquire a 100% Absolute NNN Goodyear Tire asset in Cornelius, North Carolina, one of the most affluent submarkets in the Charlotte metro (the “Property”). The Goodyear Tire & Rubber Company (NASDAQ: GT) has operated at this location since 1998, underscoring its exceptional historical occupancy and long-standing commitment to the site. In 2025, the tenant executed a rare 15-year lease extension that not only secures tenancy well into the future but also converted the lease from a double-net to an absolute NNN structure, with the tenant now responsible for all expenses including roof and structure. The fee-simple (land and building) ownership structure may allow investors to take advantage of accelerated depreciation. Finally, the lease features highly attractive and extremely rare 18.75% rent increases every five years, including during both five-year renewal options, providing an ideal passive net lease structure that is both tax-efficient and inflation protected for the next 25 years. Strategically located on Catawba Avenue in Cornelius, NC, the 6,400 SF property benefits from prime visibility and a strong national retail trade area. Surrounding tenants include Chick-fil-A, Five Guys, and Andy’s Frozen Custard in a recently completed development across the street, which will be bolstered by a new development featuring Chipotle and VEG. The limited remaining land and high barrier to entry market dictated by the city’s strict development standards, have driven substantial rent growth and property appreciation along Catawba Ave in Cornelius, rendering even this new 15-year lease significantly below market. A city moratorium on new auto-service uses has created permanent demand from auto-use tenants as this Goodyear Tire property is one of only three auto-service providers in the region, and the only full-service option with superior positioning near the I-77 Express corridor. This irreplaceable location further strengthens the tenant’s long-term viability and the Property’s investment profile. The Property is corporately leased by Goodyear Tire & Rubber, a Fortune 500 company with a $2.4 billion market cap, $250M+ in net income (+222% Y/Y), and a 5.69% net margin (+229% Y/Y). Goodyear, which has been in business for over 125 years, is currently executing its “Goodyear Forward” transformation plan, focused on premium high-margin product lines, EV and autonomous vehicle tires, and streamlined operations. The company recently announced a $320 million expansion of its Lawton, Oklahoma plant, which will increase capacity by ~30%, alongside the launch of five new “power line” product families and nearly 200 new SKUs in 2025. Having divested non-core assets to unlock capital and sharpen its focus, Goodyear has seen its stock appreciate nearly 30% in 2025, further reinforcing its position as a forward-looking, growth-oriented tenant. Located within the affluent Lake Norman submarket of the Charlotte metro, Cornelius combines strong demographics with unmatched lifestyle appeal. Average household incomes exceed $135,000 within a three-mile radius, while Lake Norman’s luxury waterfront estates, golf communities, and yacht clubs, including The Peninsula Club and Peninsula Yacht Club, make it one of North Carolina’s most prestigious residential markets. Luxury homes in the area regularly trade in the $5M–$20M+ range, reflecting the depth of local wealth, which in turn bolsters commercial property values. Combined with Charlotte’s ranking as the second-largest U.S. banking hub and headquarters for major corporations such as Bank of America, Lowe’s, Truist, Honeywell, and Duke Energy, the region offers one of the Southeast’s most dynamic, diversified, and resilient markets, providing long-term stability and growth for investors.

FOR SALE DETAILS

PRICE

$5,650,000 USD

PRICE/SF

$935 USD /SF

CAP RATE

4.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

15-Year Abs. NNN Corporate Goodyear Tire

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Auto Repair

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1998

SPRINKLERS

-

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.49 AC

LAND SF

21,344 SF

ZONING

HC

APN/PARCEL ID

005-271-18

ASK ABOUT THIS PROPERTY

David ChasinPegasus InvestmentsMore Info
310-691-1350

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David ChasinPegasus InvestmentsMore Info
310-691-1350

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