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.
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Contacts
Fitzy Barrocas
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315 Elizabeth St, Lenoir, North Carolina, 28645
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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315 Elizabeth St
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