140 Applecross RdPinehurst, NC 28374

Property Details for 140 Applecross Rd

Year built

2003

Lot size

0.88 AC

Zone code

OS

Property type

Office buildings

APN

31625

APU

31625

Description

This exceptional Class A, two-story office building, situated on a 0.89-acre lot in Pinehurst, North Carolina's Turnberry Wood Business Park, presents a compelling owner-user investment opportunity. The 7,641 square foot building, constructed in 1992 and renovated in 2018, features 7,012 square feet of net rentable space, currently divided into three units and occupied by two tenants. The property boasts 28 parking spaces and is zoned OS. The asking price is $1,875,000, representing a price per square foot of $245.39 and a pro-forma cap rate of 6.05%. The current NOI is $69,652, with a pro-forma NOI of $125,507. The building offers a unique blend of medical and traditional office space, making it suitable for a variety of businesses. The strategic location at the northwest corner of Highway 15-501 and Morganton Road provides excellent access to major commercial corridors, schools, residential areas, and Pinehurst's renowned golf courses. The first floor comprises 4,458 square feet of fully occupied space, while the second floor offers 2,554 square feet of usable space, plus an additional 629 square feet of unfinished attic space. This presents an owner-occupant the chance to offset investment costs with rental income from the existing tenant(s). The property's APN is 856220909161. The lease type is NNN. There is no tenant credit rating available.

• CAP approach

  CAP return

  Valuation

  6%

  $9,920,793

  6.5%

  $9,157,655

  7%

  $8,503,537

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,759,487

  Geo Method

  $8,798,957

• Alternative Use

  Use

  Valuation

  Residential

  $11,355,492

  Hospitality

  $10,401,570

  Educational

  $8,653,984

  Medical

  $8,951,608

  Retail

  $13,461,753

Location Insight

City

Pinehurst

County

Moore

State

North Carolina

Latitude

35.1783

Longitude

-79.4352

CBSA code

38240

CBSA name

PINEHURST-SOUTHERN PINES, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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