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MLS # |
Price |
BR |
BA |
Sqft |
Acres |
Year Built |
$/Finished Sqft |
3779682 |
$9,500,000 |
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0 |
17.37 |
1967 |
$0.00 |
Area Statistics (All listings < 5 mile) |
# |
Avg Price |
Min Price |
Max Price |
Avg Sqft |
Avg Acres |
$/Finished Sqft |
14 |
$1,493,256 |
$89,900 |
$9,500,000 |
1,504 |
2.73 |
$229.27 |
Rare opportunity to purchase a quality large production warehouse building on 17+ acres, with land approved for additional development. Prime Arden location just 2.7 mi from Asheville Regional Airport and I-26.
Nearly 100,000/sf of the building is naturally lit production space. Current FMV for such space is $7.50/psf or better. However, the existing single tenant lease is dramatically below fair market ($208,000 NOI with 4.5 years remaining with no renewal rights). Looking beyond that to current fair market rent, the forward CAP rate is 10+% exclusive of surplus land value. If parceled @ FMV, the forward CAP rate is 13% . If converted to climate-controlled storage, even higher returns are obtainable.
The approximately 8 acres of surplus land fronting Old Shoals Rd and has been approved for construction of an additional 93,000/sf. This land could readily accommodate climate controlled self-storage or apartment construction. FMV of the surplus land is $2,000,000.
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Type |
Description |
Basement | Slab | Business Type | Commercial | Cooling | Office Only | Docs On File | Aerial Photo | Foundation | Slab | Heating | Natural Gas | Roof | Rubber | Street | Road | Utilities | City Sewer, City Water, Electricity Available |
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Listing provided by: Pulliam Properties, Inc
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