EXECUTIVE SUMMARY & INVESTMENT OVERVIEW Country Club Plaza presents an exceptional acquisition opportunity to secure a multi-tenant commercial asset in Elizabeth City, North Carolina. Offered at $1,350,000 (~$98/SF), the property is priced significantly below replacement cost. The offering delivers immediate, day-one positive cash flow with an 8.65% going-in cap rate backed by a current Net Operating Income (NOI) of $116,790. The asset is structured for a 3-year value-add hold, combining stable essential-services tenancy, built-in revenue growth, and clear upside mechanics through targeted lease-up and NNN conversions. PROPERTY PROFILE & PHYSICAL DESCRIPTION Location: 1537–1601 N. Road St. (US-17 Business), Elizabeth City, NC 27909 Total Gross Leasable Area (GLA): 13,765 SF across three established, multi-tenant commercial buildings (12 total suites) Site Area: Approximately 2.24 acres (+97,500 SF) distributed across four distinct parcels (1537 N. Road St. [0.42 ac], 1541 N. Road St. [0.38 ac parking lot], 1545 N. Road St. [0.92 ac], and 1601 N. Road St. [0.52 ac]) Current Occupancy: 93% (11 of 12 units leased; 1 vacant suite available for immediate lease-up) Zoning: C-1 General Commercial, permitting a broad range of retail, office, medical, and professional service uses Tax Advantage: The property is situated outside the Elizabeth City limits, resulting in no municipal property taxes assessed, which significantly lowers annual operating expenses and optimizes net yield. Parking: Ample surface parking surrounding all buildings with no constraints on tenant mix. TENANCY & INCOME STRUCTURE Mission-Critical Tenancy: Government-adjacent operators (such as the State NC DMV vendor) and regional healthcare providers account for 44% of occupied space. These essential-service operators exhibit high location dependency and strong renewal history. Sticky Tenant Base: The average tenant tenure across the center exceeds 13 years, reflecting deep operational roots and low relocation incentives. No single private tenant exceeds 15% of the total GLA. Built-In Escalations: Existing leases feature contractually locked 3% to 5% annual rent escalations, allowing income to grow automatically without capital outlay. Operating Expenses: Current gross lease structures incur roughly $37,218 in annual owner-paid operating expenses (~$2.91/SF), dominated by repairs/maintenance, management, and insurance. MARKET & LOCATION HIGHLIGHTS Primary Commercial Corridor: Fronts US-17 (N. Road St.), Elizabeth City’s main commercial thoroughfare handling approximately 30,000 vehicles per day. Regional Hub: Elizabeth City serves as a core commercial satellite for northeastern North Carolina and southeastern Virginia, pulling from a regional trade area exceeding 50,000 residents alongside over $200M in annual northbound retail leakage from Suffolk, VA. Strategic Adjacency: Directly borders The Pines Country Club, an established residential golf community supplying a steady, affluent local consumer base. Growth Catalysts: An adjacent parcel is approved for multi-family residential development, pointing to incoming density and increased rooftop customer counts. Furthermore, active NCDOT corridor enhancements (Project U-5940) aim to improve traffic flow, access management, and long-term corridor desirability. VALUE-ADD STRATEGY & UPSIDE The business plan requires zero initial capital expenditure beyond routine lease management and focuses on two key milestones: Phase 1 Lease-Up (Year 1): Lease the sole vacant 960 SF suite (Unit C at 1545 N. Road St.) at a projected $12/SF NNN rate, generating an incremental $14,114 in NOI and pushing property occupancy from 93% to 100%. Phase 2 NNN Conversions (Years 2–3): Target NNN lease conversions on roughly 50% of the gross leases during scheduled 2027–2028 renewal windows (starting with the healthcare tenant in September 2027). This aims to shift expense burdens, yielding approximately $18,600 in annual expense relief and driving the stabilized cap rate to ~12.1% by Year 3 (projected NOI of ~$163,000). DEBT STRUCTURE & PROJECTED RETURNS (3-YEAR HOLD) Acquisition Financing: Modeled with a conservative 80% LTV conventional loan ($1,080,000) at a 6.75% interest rate on a 25-year amortization schedule. Equity Required: $270,000 (20% down payment). Day-One Performance: Produces an annual debt service of $89,556, resulting in a healthy 1.30x DSCR (exceeding typical 1.20x lender minimums) and an annual pre-tax cash flow of $27,234 (10.1% cash-on-cash return). Exit Assumptions (Year 3): Assuming a conservative exit cap rate held flat at 8.0% on a stabilized Year 3 NOI of ~$163,000 yields a gross projected sale price of $2,038,000. Investor Multiples: Accounting for loan payoff, selling costs, cumulative cash flow (~$192,740 post-debt service), and net exit proceeds (~$958,000), the 3-year hold projects a total return of ~$1,150,740, a 4.3x gross equity multiple, and a ~326% total ROI (~109% simple annual return). OPTIONAL RESIDENTIAL PORTFOLIO EXPANSION For investors seeking expanded scale, two adjacent tenant-occupied single-family residential homes are available separately or as a combined portfolio addition: 1533 N. Road St.: 3 Bed / 1 Bath (1,194 SF) leased at $1,030/mo plus $100/mo billboard income ($1,130/mo total). 1535 N. Road St.: 2 Bed / 1 Bath with 1-car garage (1,140 SF) leased at $1,300/mo. Portfolio Metrics: Combined asking price of $439,800 ($219,900 each) generating $29,160/year ($2,430/mo) in immediate gross cash flow with no lease-up required.