501 Naomi StRandleman, NC 27317

Property Details for 501 Naomi St

Year built

1950

Construction

WOOD FRAME

Lot size

19.06 AC

Property size (Sq ft)

1,800 SF

Zone code

I1

Property type

Office properties

Property subtype

Office buildings

APN

7765349303

APU

7765349303

Description

This exceptional 120,000 square foot industrial property, located at 501 E Naomi St, Randleman, NC 27317, presents a unique investment opportunity. The property consists of three buildings, each three stories high, situated on an expansive 8.77-acre lot. Built in 1950, the complex is classified as Class C and currently features single tenancy. The property boasts a recently installed sprinkler system, meeting both industrial and residential fire codes, a significant upgrade completed within the last 18 months. A professional structural engineer has evaluated and updated the building's infrastructure. The interior is exceptionally clean and well-maintained. Detailed architectural plans are available, illustrating potential layouts for converting the main building into a multifamily residential complex with one, two, and three-bedroom apartments. This adaptable property offers significant potential for various uses, including continued industrial operation or a lucrative multifamily conversion project. Its prime location overlooks the Deep River and is adjacent to the Randleman Greenway, providing attractive surroundings. An adjacent 7.58-acre parcel, already zoned for duplex or townhome development and featuring compatible architectural plans, is available for purchase separately, presenting a compelling opportunity for a larger-scale development. The asking price for this remarkable property is $6,199,000.

• CAP approach

  CAP return

  Valuation

  6%

  $197,481

  6.5%

  $182,290

  7%

  $169,270

• Comparable approach

  Method

  Valuation

  Relative Method

  $228,479

  Geo Method

  $413,172

• Alternative Use

  Use

  Valuation

  Residential

  $226,040

  Hospitality

  $207,051

  Educational

  $172,264

  Medical

  $178,189

  Retail

  $267,967

Location Insight

City

Randleman

County

Randolph

State

North Carolina

Latitude

35.8203

Longitude

-79.7962

CBSA code

24660

CBSA name

GREENSBORO-HIGH POINT, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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