0 Beds

n/a Full bath

n/a SqFt

Active

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.

Property Details
Price $9,500,000
Lot Size Area 17.37
Lot Size Area Units Acres
Property Type Commercial
MLS Sub type Commercial
Year Built 1967
Roof Rubber
Heating Natural Gas
Foundation Slab
Accessibility Two or More Access Exits
Geographic Data
County Buncombe
Latitude 35.465223
Longitude -82.522458
Address Information
Address 94 Glenn Bridge Road, Arden, NC 28704
Postal Code 28704
City Arden
Cross Street Old Shoals
State NC
Country United States
Listing Information
Listing Office Pulliam Properties, Inc
Listing Office Phone 828-684-4344
Listing Agent Steven Shepard
Listing Agent Phone 908-578-4750
Special listing conditions Subject to Lease
MLS Information
Days on market 40
MLS Status Active
Listing Date Jul 22, 2022
Listing Last Modified Sep 19, 2022
Tax ID 9654-12-3895-00000
MLS # CAR3886978

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This information is believed to be accurate, but without any warranty.