94 Glenn Bridge Road, Arden, NC 28704 | 3886978 | 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# 3886978
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    Views: 50 Days On Site: 136

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    Property Details

    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.

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    Neighborhood

    28704 (Arden) Demographics

    41 Median Age
    610 Population Density (per sq. mile)
    49% College Educated
    $67,217 Estimated Median Income
    4,837 Estimated Total Home Owners
    2,982 Estimated Total Renters
    62% / 38% Estimated Owner / Renter Divide
    3 Estimated Average Household Size
    20,606 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $476,096 Median Sales Price
    31 Homes Sold
    10 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
        7/22/2022 1:29:00 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 12/5/2022 6:59:16 AM. 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. Some IDX listings have been excluded from this website. © 2022

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        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.