Rare opportunity to purchase an exceptionally well located, large warehouse/production building on 17.4 acres, with land approved for additional development. Prime Arden location. The existing single tenant lease (47 months remains/ no renewal rights) is dramatically below fair market. Current fair market rent of $7.50 psf would produce income of $900,000/ year, a forward CAP rate of 10%, exclusive of surplus land value. The approximately 6.5 acres of surplus land fronting Old Shoals Rd has been approved for construction of an additional 93,000/sf. This land could also readily accommodate climate controlled self-storage or apartment construction. FMV of the surplus land is $250,000/ acre, or better.
|--||New Value: $9,500,000|
|7/22/2022 1:29:00 PM||New Value: $9,500,000|