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94 Glenn Bridge Road

Arden, NC 28704
  • $9,500,000
  • STATUS: Active
  • ON SITE: 93 Days
  • ID#: 3779682
UPDATED: 82 min ago
$9,500,000
  • 0
    BEDS
  • 17.37
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1967
County:
Area:

School Ratings & Info

Offered by Pulliam Properties, Inc. Copyright 2021 Canopy MLS. All rights reserved.

Description

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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Based on information submitted to the MLS GRID as of 2021-11-28T13:32:52.363 UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The data relating to real estate on this Web site derive in part from the Canopy MLS IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither Cloninger Properties | Keller Williams Realty nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2021 Canopy MLS.

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94 Glenn Bridge Road Arden, NC 28704

  • Price: $9,500,000
  • Status: Active
  • On Site: 93 Days
  • Updated: 82 min ago
  • ID#: 3779682
0
Beds
0
Baths
0
½ Baths
17.37
Acres
1967
Built
County:
Buncombe
Area:
Arden
Property Description
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.
Exterior Features

Construction Materials Block Foundation Details Slab Road Frontage Type City StreetPaved RoadHighway Road Responsibility Public Maintained Road Roof Rubber Structure Type Industrial

Interior Features

Cooling Office Only Flooring Concrete Heating Natural Gas

Property Features

Accessibility Features 2 Or More Access Exits CCRSubject To No Commercial Location Description Business Park Documents Aerial Photo Elevation 2000 Flood Plain No Hoa Subject To None Inclusions BuildingLand Inside City YN Yes Listing Agreement Exclusive Right To Sell New Construction YN No Number Of Docks Total 6 Possible Use Commercial Property Sub Type Commercial Property Sub Type Secondary Manufacturing Restrictions N/A Restrictions Description Na Special Listing Conditions None Sprinkler Wet Transaction Type For Sale Utilities City SewerCity WaterElectricity Available Zoning Description Emp



Based on information submitted to the MLS GRID as of 2021-11-28T13:32:52.363 UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The data relating to real estate on this Web site derive in part from the Canopy MLS IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither Cloninger Properties | Keller Williams Realty nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2021 Canopy MLS.

Digital Millennium Copyright Act
 
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Cloninger Properties | Keller Williams Realty
7585 NC Hwy 73 Suite G
Denver NC, 28037
Offered by Pulliam Properties, Inc. Copyright 2021 Canopy MLS. All rights reserved.