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Miscellaneous

Rent-A-Center (Corporate, Low Rent - 20+ Years at Site)

1815 W Ehringhaus St, Elizabeth City, NC 27909

Listing Price: $536,000

Cap Rate
7.00%
Tenant Name
Rent-A-Center
Years Remaining On Lease
3.1
Guarantor
Corporate Guarantee
Rentable SF
2,964
Lease Type
Double Net
Rent Per Square Feet
$12.65

Investment Overview

Marcus and Millichap is proud to offer for sale fee simple ownership of the Rent-A-Center located along West Ehringhaus Street in Elizabeth City, North Carolina. The site was a build to suit for Rent-A-Center in 1999. Since then, Rent-A-Center has extended their lease on several occasions and most recently executed a five-year extension in April of 2022 while retaining two additional 5-year options for renewal. Rent-A-Center is located as an outparcel to a retail center anchored by Harbor Freight, Dollar Tree, UPS, US Coast Guard, Plant Fitness and Ollie’s Bargain Outlet. The offering also includes the adjacent 0.42-acre parcel providing an opportunity for new development or potential expansion for the existing tenant.



Elizabeth City is situated in the far northeastern corner of North Carolina on the Pasquotank River and Intercoastal Waterway. The county seat of Pasquotank County, the city is just west of the Outer Banks of North Carolina and just south of Hampton Roads, Virginia. Dubbed “The Harbor of Opportunity” the city was once a major seaport and Elizabeth City today offers free 48-hour boat dockage to travelers around the world. Elizabeth City is home to six major commands of the U.S. Coast Guard. The Sentara Albemarle Medical Center along Power Road celebrated the grand opening in August 2023 of their brand new $200 million, 80,000 square foot campus. Major industries aviation and aerospace, distribution and warehousing, food and beverage processing and manufacturing. The College of Albemarle, Mid-Atlantic Christian University and Elizabeth City State University are colleges present in the area.

Investment Highlights

  • Recently Executed 5 Year Extension With Two 5-Year Options Retained - Continued Commitment of Almost 25 Years to Location
  • Corporate Guarantee – Parent Company Upbound Group Inc, (Ticker: UPBD - NASQAQ) Rent-A-Center Operates Over 2,700 Locations
  • Nearby Retailers Include Food Lion, Lowe's, Panera Bread, NextCare Urgent Care and Chick Fil A
  • 3+ Years Remain on Passive Lease Structure – Landlord Only Responsible for Roof, Structure and Foundation (Recent Improvements Include Façade, Paint and Signage)

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s) NC: 303785

    North Carolina

Miscellaneous

Rent-A-Center (Corporate, Low Rent - 20+ Years at Site)

Listing Price: $536,000

Cap Rate
7.00%
Tenant Name
Rent-A-Center
Years Remaining On Lease
3.1
Guarantor
Corporate Guarantee
Rentable SF
2,964
Lease Type
Double Net
Rent Per Square Feet
$12.65

Investment Highlights

  • Recently Executed 5 Year Extension With Two 5-Year Options Retained - Continued Commitment of Almost 25 Years to Location
  • Corporate Guarantee – Parent Company Upbound Group Inc, (Ticker: UPBD - NASQAQ) Rent-A-Center Operates Over 2,700 Locations
  • Nearby Retailers Include Food Lion, Lowe's, Panera Bread, NextCare Urgent Care and Chick Fil A
  • 3+ Years Remain on Passive Lease Structure – Landlord Only Responsible for Roof, Structure and Foundation (Recent Improvements Include Façade, Paint and Signage)

Investment Overview

Marcus and Millichap is proud to offer for sale fee simple ownership of the Rent-A-Center located along West Ehringhaus Street in Elizabeth City, North Carolina. The site was a build to suit for Rent-A-Center in 1999. Since then, Rent-A-Center has extended their lease on several occasions and most recently executed a five-year extension in April of 2022 while retaining two additional 5-year options for renewal. Rent-A-Center is located as an outparcel to a retail center anchored by Harbor Freight, Dollar Tree, UPS, US Coast Guard, Plant Fitness and Ollie’s Bargain Outlet. The offering also includes the adjacent 0.42-acre parcel providing an opportunity for new development or potential expansion for the existing tenant. Elizabeth City is situated in the far northeastern corner of North Carolina on the Pasquotank River and Intercoastal Waterway. The county seat of Pasquotank County, the city is just west of the Outer Banks of North Carolina and just south of Hampton Roads, Virginia. Dubbed “The Harbor of Opportunity” the city was once a major seaport and Elizabeth City today offers free 48-hour boat dockage to travelers around the world. Elizabeth City is home to six major commands of the U.S. Coast Guard. The Sentara Albemarle Medical Center along Power Road celebrated the grand opening in August 2023 of their brand new $200 million, 80,000 square foot campus. Major industries aviation and aerospace, distribution and warehousing, food and beverage processing and manufacturing. The College of Albemarle, Mid-Atlantic Christian University and Elizabeth City State University are colleges present in the area.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s): NC: 303785

    North Carolina

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