Address
94 Glenn Bridge Road Arden, NC
Price
$ 9,500,000
Property Attributes
  • ID#3779682
  • TypeCommercial
  • CountyBUNCOMBE
  • CityArden
  • AreaBuncombe County
  • Zip28704
  • StyleCommercial
  • Price$ 9,500,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size17.37 Acres
Listing Provided Courtesy Of:
Pulliam Properties, Inc
Data Source:
Canopy MLS
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.

Price History
8/26/2021 Listed $9,500,000

General Features

Accessibility 2 or More Access Exits
Car Hoasubjectto None
City Arden
Construction Materials Block
Cooling Office Only
County Buncombe
Days on Market 28
Elevation 2000
Flooring Concrete
Heating Natural Gas
New Construction No
Possible Use Commercial
Property SubType Commercial
Property Type Commercial Sale
Restrictions N/A
Roof Rubber
Secondary Sub-Type Manufacturing
Standard Status Active
Street Name Glenn Bridge
Structure Type Industrial
TaxAssessedValue 1440700
Utilities City Sewer, City Water, Electricity Available
Year Built 1967
Zoning Description EMP

Interior Features

Number Of DocksTotal 6
Sprinkler Wet
Street Suffix Road

Exterior Features

Foundation Details Slab
Inclusions Building, Land
Lot Size Area 17.37
Road Frontage Type City Street, Paved Road, Highway
Road Responsibility Public Maintained Road

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in 28704

Price
AVG $1.22M
$9.5M
Visits
AVG 108
61
Year Built
AVG 1993
1967
Walkscore
AVG 32
22
Data Provided by Walkscore ® not using MLS data

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