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$9,500,000
94 Glenn Bridge Rd, Arden, NC 28704
0 Beds
0 Baths
n/a sqft

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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.
  • Price:
  • $9,500,000
  • Acreage:
  • 17.37
  • Year Built:
  • 1967
  • Listing ID #:
  • CAR3779682
  • Street Address:
  • 94 Glenn Bridge Rd
  • City:
  • Arden
  • State:
  • North Carolina
  • Postal Code:
  • 28704
  • County:
  • Buncombe
  • Listing Status:
  • Active
  • Listing Type:
  • Commercial Sale
  • Construction Description:
  • Block
  • Flooring:
  • Concrete
  • Foundation:
  • Slab
  • Has Handicap Features:
  • 2 Or More Access Exits
  • Structure:
  • Industrial
  • Type Of Roof:
  • Rubber
  • Year Built:
  • 1967
  • Elevation:
  • 2000
  • Lot Size:
  • 17.37
  • Road Frontage Type:
  • City Street, Paved Road, Highway
  • Suitable Use:
  • Commercial
  • Zoning Description:
  • Emp
  • Days On Market:
  • 100
  • Included In Sale:
  • Building, Land
  • Originating Mls:
  • Carolina
  • Cooling System:
  • Office Only
  • Heating:
  • Natural Gas
  • Utilities:
  • City Sewer, City Water, Electricity Available
  • Listing Provided By Pulliam Properties
  • NCCANOPY
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo

Source: CINC