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1141 Road Street N

Elizabeth City, NC 27909
  • $2,400,000
  • STATUS: Active Under Contract
  • ON SITE: 36 Days
  • MLS #: 108213
Under Contract
UPDATED: 43 min ago
$2,400,000
  • 0
    BEDS
  • 25
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 32,066
    SQFT
  • $75
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1989
County:

School Ratings & Info

Description

Fully leased Medical/Office Park with 8 tenants on modified gross leases. Current income for 2022 is $357,857.40 with projected expenses of $97,044.46 or less giving a projected NOI of $260,812.94 making this a 10.86% cap rate investment. Approximately 3 acres of high land behind the Bank included with the sale for future development potential. Additional acreage behind the buildings is mostly swampland. Actual 2021 NOI was $194,017.25 due to having $30k less in rents with vacancies, $36k upfitting those vacancies, $12k in Real Estate commissions, and paying electric bills on vacancies.

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IDX information © 2022 Albemarle Area Association of Realtors®. The data relating to real estate for sale on this website comes in part from the (IDX)Internet Data Exchange Program of the Albemarle Area Association of Realtors, Multiple Listing Service. Real estate listings held by brokerage firms other than the Realtor owner of this website are marked with the Internet Data Exchange logo (IDX) or the Internet Data Exchange brief/thumbnail logo and detailed information about them includes the name of the listing firm. Information on this website is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data Last Updated: 2022-07-03T18:20:39.087
www.mattmyatt.com/homes/129242085
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1141 Road Street N Elizabeth City, NC 27909

  • Price: $2,400,000
  • Status: Active Under Contract
  • On Site: 36 Days
  • Updated: 43 min ago
  • MLS #: 108213
0
Beds
0
Baths
0
½ Baths
25
Acres
32,066
SQFT
$75
$/SQFT
1989
Built
Neighborhood:
Elizabeth City
County:
Pasquotank
Area:
Elizabeth City
Property Description
Fully leased Medical/Office Park with 8 tenants on modified gross leases. Current income for 2022 is $357,857.40 with projected expenses of $97,044.46 or less giving a projected NOI of $260,812.94 making this a 10.86% cap rate investment. Approximately 3 acres of high land behind the Bank included with the sale for future development potential. Additional acreage behind the buildings is mostly swampland. Actual 2021 NOI was $194,017.25 due to having $30k less in rents with vacancies, $36k upfitting those vacancies, $12k in Real Estate commissions, and paying electric bills on vacancies.
Exterior Features

Access Us Highway Construction Frame Foundation Slab Roof Composition Waterfront None

Interior Features

Air Conditioning Central Air Floors Wall To WallVinyl Heating System Air To AirElectric Hvac Cent Elec

Property Features

Annual Expenses 97044.46 Annual Income 357857.40 City Limits 1 Commercial Park N/A Commercial Park Fee N/A Current Lease Info See Docs Current Use OfficeMedical/Dental Documents On File Income/Expenses Electric Company City Of Elizabeth City Features Security LightingHandicapped AccessIndividual Water MetersIndividual Electric Meters Financing Types CashConventional1031 Exchange Flood Zone OtherZone X Location Corner LotCity Lot Number N/A Number Buildings 6 Permitted Uses RetailOfficeMedical/DentalProfessional Service Tax Value 2290200 Tax Year 2022 Terms Of Existing Lease GrossYear To YearLong Term Lease Traffic Count 29000 Utilities Electricity ConnectedNatural Gas AvailableSewer ConnectedWater Connected Zoning Jurisdiction Gb

Offered by Alex Rich of Rich Company.


IDX information © 2022 Albemarle Area Association of Realtors®. The data relating to real estate for sale on this website comes in part from the (IDX)Internet Data Exchange Program of the Albemarle Area Association of Realtors, Multiple Listing Service. Real estate listings held by brokerage firms other than the Realtor owner of this website are marked with the Internet Data Exchange logo (IDX) or the Internet Data Exchange brief/thumbnail logo and detailed information about them includes the name of the listing firm. Information on this website is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data Last Updated: 2022-07-03T18:20:39.087
 
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Keller Williams Realty OBX
5595 N. Croatan Highway
Southern Shores NC, 27949