1873 Ehringhaus StElizabeth City, NC 27909

Property Details for 1873 Ehringhaus St

Year built

1990

Construction

WOOD

Lot size

10.92 AC

Zone code

GB

Property type

Retail space

APN

891301050160

APU

891301050160

Description

This exceptional 227,399 square foot shopping center in Elizabeth City, North Carolina presents a compelling investment opportunity. Boasting a 99% occupancy rate and a strong 9.00% capitalization rate, the property generates a substantial net operating income (NOI) of $1,725,174. Anchored by nationally recognized tenants including Dollar Tree, Planet Fitness, Harbor Freight, Ollie's Bargain Outlet, and the US Coast Guard, the center benefits from a diverse and stable tenant mix. The property comprises two single-story buildings on a sizable 34.96-acre lot, offering ample parking with 1,097 spaces. Built in 1990, the center has undergone significant capital improvements exceeding $1.4 million, encompassing roof replacements, HVAC upgrades, asphalt repairs, and signage enhancements. The property features 18 units and 15 tenants, with 74% of the gross leasable area occupied by tenants for over a decade. Its strategic location, situated between two signalized intersections and near major retailers like Lowe's and Chick-fil-A, ensures high visibility and accessibility. The General Business (GB) zoning allows for a wide range of future uses, adding to its long-term value. The asking price is $19,168,000, representing a price per square foot of $84.29. This is a rare opportunity to acquire a well-established, high-performing retail center in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $129,685,696

  6.5%

  $119,709,872

  7%

  $111,159,168

• Comparable approach

  Method

  Valuation

  Relative Method

  $134,482,112

  Geo Method

  $215,102,064

• Alternative Use

  Use

  Valuation

  Residential

  $100,979,752

  Hospitality

  $92,496,912

  Educational

  $76,956,344

  Medical

  $79,602,992

  Retail

  $119,709,872

Location Insight

City

Elizabeth City

County

Pasquotank

State

North Carolina

Latitude

36.2888

Longitude

-76.2513

CBSA code

21020

CBSA name

ELIZABETH CITY, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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