94 Glenn Bridge Road, Arden, NC 28704 | 3779682 | Ivester Jackson Distinctive Properties

94 Glenn Bridge Road $9,500,000

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    94 Glenn Bridge Road Arden, NC 28704

    • 17.37 Acres
    • Commercial
    • MLS# 3779682
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    Views: 93 Days On Site: 154

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    Property Details

    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.

    • General Features
      • Year Built 1967
      • New Construction Y/N false
    • Building Features
      • Accessibility Features 2 or More Access Exits
      • Cooling Office only
      • Roof Rubber
      • Heating Natural Gas
      • Flooring Concrete
    • Property Features
      • Utilities City Sewer, City Water, Electricity Available

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    Neighborhood

    28704 (Arden) Demographics

    42 Median Age
    570 Population Density (per sq. mile)
    52% College Educated
    $65,173 Estimated Median Income
    4,919 Estimated Total Home Owners
    2,979 Estimated Total Renters
    62% / 38% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    19,261 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $365,540 Median Sales Price
    43 Homes Sold
    23 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $9,500,000
        8/26/2021 4:58:00 PM New in Database Source: Multiple Listing Service New Value: $9,500,000

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        IDX Based on information submitted to the MLS GRID as of 1/27/2022 5:30:44 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. © 2022

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.