Available For Sale - Industrial , Office , Retail , Multifamily , Warehouse

8,300 SF

AVAILABILITY DETAILS

Size
8,300 SF
Price/SF
N/A - Contact for Info
Listing ID
SA474007
Notes
OFF-MARKET COMMERCIAL PROPERTY FOR SALE IN CHARLOTTE, NC



(17 Minutes from downtown Charlotte)





Business Name:

https://www.leesperformance.com/



* Business is within the area of the Charlotte 2040 Project.

* Property is for sale, not the business.

* Seller is requesting a 1 year lease back



Address:



9616 Old Statesville Rd



Charlotte, NC 28269







Pictures (Dropbox link):



https://www.dropbox.com/sh/63kw9...







Videos (Dropbox link):



https://www.dropbox.com/sh/hniqc...







Property asking price: $1.8M



Repairs: There are no major repairs needed at all.



Closing: Negotiable







Comps:



"The lot size is amazing at 3.86 acres, (see the Meck County website for how it's shaped): https://property.spatialest.com/...



It's stuffed between a road and a railroad. The bottom of the plot on the south-most part, excluding the tracks, is at or less than 40ft across. The middle of the lot has about 100ft of clearance, so it has some room for future development, but I'd guess there's some restrictions on how far you can build from the railroad and of course account for road frontage. So in reality, we have about 1.25-1.75 acres of usable land to work with.



It has the advantage of being on an intersection so your visibility is increased, and I'd imagine a lot of the residential folks from the east of the property drive past it to get to 485 and 77. The other big advantage as I looked around for industrial rent rates is that newer buildings will always demand a higher rent since there's less deferred maintenance and repairs, and will most certainly be viewed favorably for CAP rates and resale.



We looked at rent rates of available units to get an idea of what an industrial storage type building could rent for annually."



Calculated by sqft/year



4746 Sweden Rd - $14.72/sq ft/yr



https://www.loopnet.com/Listing/...



5744 N Tryon St - $15.00/sq ft/yr



https://www.loopnet.com/Listing/...



810 Moretz Ave - $11.53/ sq ft/yr



https://www.loopnet.com/Listing/...



There are also a lot of locations around $10-$11/sq ft/yr that are older, I like using $11/sq/ft as my floor and $15/sq ft/yr as the ceiling just for practical purposes of running this valuation. I of course do not know the layout of usability of the subject property nor the ones above.





On-Market Sale Comps

311-333 Oakdale Rd - this is an owner/operator sale like ours. Industrial with similar lot and larger square footage. Selling at $142/sq ft. AVAILABLE



https://www.loopnet.com/Listing/...





2816 Sparta Ave - owner/operator sale like ours. Industrial but I-2 and smaller lot and square footage. But it is also a body shop and the owner wants to lease back. Selling at $215/sq ft. AVAILABLE



https://www.loopnet.com/Listing/...





5312 Rozzelles Ferry Rd - vacant unit and smaller than the subject property but with similar floor plan. A lot less acreage as well. Selling at $158/sq ft. UNDER CONTRACT



https://www.loopnet.com/Listing/...





Financials, Cap Rate and Valuation

Taxes annually - $8,450 (actual)

Insurance annually - $15,000 (estimate)







Details:



* Needs to remain in the property with his business and pay rent for at least a year. (1 Year lease back)



* 3.86 acres

* 8300 sqft

* Not interested in creative financing

* Zoned I1

* EMD $10K

* Steel Roof is 21 years old & in good condition (May need changing soon)



* Building designed/built by owner



* Building walls are removable and can be converted into a wide open area/warehouse

* Plumbing; electrical & foundation are in good condition

* New AC units 2021



* City is currently working on turning the road in front of the property into a 4 lane. Expected completion- End of 2022- Beginning of 2023



(Nothing will be taken away from property. They are building on opposite side of road)



(This project will draw a lot more traffic into the area)



* Name of the project the City is currently working on is called: Highway 115 Widening Project from Harris Blvd to 485



* No citations or fines

* Loan balance $350K - $3,800/mon rate 3.95%

* Huge Amazon distribution center across the street

* Built 2001



* 3 Bathrooms (2 in main area/ 1 in back, shop area)



* 3 Offices (Main area)



* Security system



* Title flooring (Main area)



* Concrete flooring (Storage areas/ shop)



* Includes kitchen with sink and refrigerator



* 2 Warehouse Dock Doors (Leading to shop/storage)





Contact:



Stephan Rich

Real Estate Investor



Royaltyestatesllc.com



Stephanrich@Royaltyestatesllc.com
Uses
Industrial
Office
Retail
Multifamily
Warehouse

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Stephan Rich, Royalty Estates, LLC