1131 N Atlantic Ave - Retail FOR SALE


Southport, NC 28461
$930,000 USD
919-669-4931
1131 N Atlantic Ave, Southport, NC for Sale
$930,000 USD
Retail - FOR SALE
1/11
null | 6.51% Cap Rate

1131 N Atlantic Ave
Southport, NC 28461


HIGHLIGHTS

  • Located just minutes from the downtown waterfront
  • Convenient and easy access from all areas of Southport
  • On-site, surface parking for the exclusive benefit of the tenants and customers

OVERVIEW

The subject property is ideally located in the heart of Southport, just off of Howe Street, which is Southport's main corridor with many restaurants and retail shops. 100% leased, multi-tenant, mixed-use building in the heart of Southport, NC. The 5,020 square foot, two-story building consists of two large, residential units on the second floor and a Thai restaurant on the first floor. The property has on-site, surface parking for the exclusive benefit of the tenants and customers. Both large, residential units each have 3 bedrooms/3 full baths and are approximately 1,500 SF each. Both units have very large, covered porches Priced well below replacement cost at $185 per square foot Located just minutes from the downtown waterfront Convenient and easy access from all areas of Southport Established Thai restaurant operating on entire first floor Restaurant has a 5 year lease with 3% annual escalations Residential tenants recently signed 1 year lease extensions (one tenant been there over 5 years) Residential units can be short-term rented in this zoning district Residential unit rents are currently below market

FOR SALE DETAILS

PRICE

$930,000 USD

PRICE/SF

$185 USD /SF

CAP RATE

6.51%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Atlantic Commons

PROPERTY TYPE

Retail

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2008

SPRINKLERS

-

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.26 AC

LAND SF

11,326 SF

ZONING

BD

APN/PARCEL ID

237DA017

ASK ABOUT THIS PROPERTY

David DivineLee & AssociatesMore Info
919-669-4931

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David DivineLee & AssociatesMore Info
919-669-4931

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.