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Rare opportunity to purchase an exceptionally well located, large warehouse/production building on 17.4 acres, with land approved for additional development. Prime Arden location. The existing single tenant lease (47 months remains/ no renewal rights) is dramatically below fair market. Current fair market rent of $7.50 psf would produce income of $900,000/ year, a forward CAP rate of 10%, exclusive of surplus land value. The approximately 6.5 acres of surplus land fronting Old Shoals Rd has been approved for construction of an additional 93,000/sf. This land could also readily accommodate climate controlled self-storage or apartment construction. FMV of the surplus land is $250,000/ acre, or better.

Listing ID3886978
Price$9,500,000
StatusActive
Acres 17.370
CountyBuncombe
Year Built1967
Property TypeCommercial
Property Sub TypeCommercial

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Debe Maxwell
Address: 2901 Coltsgate RD, Suite 100
Charlotte, NC 28211
United States
Phone: (704) 491-3310
Phone Alt: (704) 491-3310

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