For Sale
$7,500,000

315 Elizabeth StLenoir, NC 28645

800,000 SF Warehouse, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 800,000-square-foot industrial warehouse in Lenoir, NC, presents a compelling value-add investment opportunity. Completely renovated in 2023, the property boasts a 20-foot clear height, 20 loading docks, and approximately 4,000 square feet of dedicated office space. Currently, two credit-rated tenants, Chase Corp and SJM Marketplace, occupy 148,800 square feet, generating a stable income stream. The property sits on 11.2 acres and offers 210 parking spaces. The asking price is $7,500,000, representing a cost per square foot well below replacement cost. With a pro-forma cap rate of 11.87% and a projected NOI of $889,898, this asset offers significant potential for return. The property benefits from a prime location, minutes from Highway 321, with easy access to Highways 64 and I-45, and proximity to Charlotte. The existing leases have a remaining term of 4.4 years, with a lease commencement date of May 23, 2023, and expiration on May 1, 2029. Rent bumps are set at 3%. The property is zoned 1-2 Industrial and features a three-story building constructed in 1971. This is a multi-tenant property with an 18% occupancy rate. The lease type is NNN. This investment is categorized as a value-add, owner-user opportunity. The property's location in the growing Caldwell County offers further upside potential.

Highlights

  • 2023 Renovation: Modern infrastructure and updated facilities.
  • Strong Tenants: Chase Corp and SJM Marketplace occupy 148,800 SF.
  • 20-Foot Clear Height: Suitable for various industrial uses.
  • 20 Dock Doors: High-volume logistics capabilities.
  • 4,000 SF Office Space: Dedicated space for administrative functions.
  • Excellent Highway Access: Minutes from Highways 321, 64, and I-45, near Charlotte.

Property Details for 315 Elizabeth St

Property type
Warehouses, Industrial properties
Square Feet
800,000 SF
Year Built/Renovated
1971/2023
Buildings
1
Stories
3
Lot Size (sq. ft)
487,872 SF

Location Insight

City
Lenoir
County
Caldwell
State
North Carolina
Latitude
35.931414059389
Longitude
-81.538237146668
315 Elizabeth St, Lenoir, North Carolina

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315 Elizabeth St
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