Property Details - 94 Glenn Bridge Road, Arden 28704
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County Subdivision
Buncombe
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MLS # Price BR BA Sqft Acres Year Built $/Finished Sqft
3779682 $9,500,000 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.

Type Description
BasementSlab
Business TypeCommercial
CoolingOffice Only
Docs On FileAerial Photo
FoundationSlab
HeatingNatural Gas
RoofRubber
StreetRoad
UtilitiesCity Sewer, City Water, Electricity Available
Listing provided by: Pulliam Properties, Inc     


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