For Sale
$250,000

1601 Vernon Ave Kinston, NC 28504

High-yield retail space, partially leased.

Overview

Added:
Dec 11, 2024
Days on market:
127
This exceptional investment opportunity presents a 3,196 square foot storefront located at 1601 W Vernon Ave, Kinston, NC 28504. The property is zoned B1 and features a single building currently operating under a gross lease with one tenant, resulting in a 50% occupancy rate. The asking price is $250,000, offering a compelling 7.16% capitalization rate based on a Net Operating Income (NOI) of $17,893. The price per square foot is $78.22. This multi-tenant property presents a strong potential for increased revenue through lease-up of the vacant space. The property's prime location on Vernon Avenue in Kinston, Lenoir County, North Carolina, provides excellent visibility and accessibility. This is an ideal opportunity for investors seeking a stable income stream with significant upside potential. The property's strong NOI and attractive cap rate make it a compelling addition to any portfolio. Serious inquiries are encouraged.

Highlights

  • $250,000 asking price for a 3,196 SF retail storefront.
  • Gross lease, multi-tenant property (currently 1 tenant).
  • 7.16% cap rate with a $17,893 NOI.
  • 50% occupancy.
  • Located at 1601 W Vernon Ave, Kinston, NC 28504, zoned B1.

Property Details for 1601 Vernon Ave

Property type
Retail properties, Retail space
Square Feet
3,196 SF
Buildings
1

Location Insight

City
Kinston
County
Lenoir
State
North Carolina
Latitude
35.270931470977
Longitude
-77.602254926936
1601 Vernon Ave, Kinston, North Carolina

FAQs

What type of property is this?
Retail property - High-yield retail space, partially leased.
Where is the retail property located?
The property is located at 1601 Vernon Ave Kinston, NC.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: $250,000 asking price for a 3,196 SF retail storefront.; Gross lease, multi-tenant property (currently 1 tenant).; 7.16% cap rate with a $17,893 NOI.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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1601 Vernon Ave
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