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94 Glenn Bridge Road, Arden, 28704

Price: $ 9,500,000
Taxes: $ 0
Bed/Bath: /
Sq. Ft.:
Lot Size: 17.37
Subdivision:
County: Buncombe
 
Listing Agency: Pulliam Properties, Inc
Listing Agent: Steven Shepard
Agent Phone:
 
Property Description
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.
 
Features