315 Elizabeth St Lenoir, NC 28645

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.