This property displays an opportunity for an investor to purchase with below market rents in place, currently on a NN lease paying $2.57 per SF annually. Market rate per SF of nearby similar facilities is approximately $3.50 - $4.00 annually with a NNN lease.
Potential purchasers will be able to cash flow the property at a cap rate of 8.56% until the end of September, with full approval by the current tenant to publicly advertise this space for lease. Another potential use for the property would be sub-division, further increasing rent p/sf by leasing space to multiple short term tenants at higher rates.
Property is centrally located in the Rocky Mount-Wilson-Roanoke Rapids CSA, 7th largest metro area in NC. Within a ten-mile radius total population is +85,500, average household income of +$70,500, projected annual growth in population of +0.39% and boasting a total of 946 Million in total specified consumer spending annually.
Property is +/-11 Miles from future Kingsboro Business Park industrial development. This is Natron Energy’s Kingsboro Mega-Site. This new development will be creating more than 1,000 jobs in the local area. The company will be investing nearly 1.4 Billion into Edgecombe County in the foreseeable future. Tenants will also be operating out of a location +/-50 minutes from the Raleigh-Durham and Greenville MSA's.
Links to Kingsboro Mega-site
https://www.commerce.nc.gov/news/press-releases/2024/08/15/governor-cooper-announces-1000-new-jobs-edgecombe-county-natron-energy-selects-kingsboro-megasite#:~:text=Natron%20Energy%2C%20Inc.%2C%20a,%241.4%20billion%20in%20Edgecombe%20County.
https://edpnc.com/find-a-site/megasites/kingsboro-csx-select-megasite/
https://www.rockymounttelegram.com/news/local/kingsboro-lands-1-4b-plant-with-1-062-jobs-on-the-way/article_c5794ea2-bc9a-11ef-a4a3-7fa6f04b9f01.html
BUILDING PHYSICAL COMPISITION
Total Office = 20.87% (10,000 SF)
Total Warehouse = 53.05% (25,424 SF)
Total Storage = 26.08% (12,500 SF)