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.
Courtesy of Pulliam Properties, Inc
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