2200 Vernon AveKinston, NC 28504

Property Details for 2200 Vernon Ave

Year built

1956

Lot size

2.86 AC

Property size (Sq ft)

11,907 SF

Zone code

I1

Property type

Strip malls

Property subtype

Neighborhood centers

APN

451510455843

APU

451510455843

Description

This exceptional Kinston, NC investment opportunity presents a 15,907 square foot retail storefront complex situated on a 2.89-acre lot at 2200 W Vernon Ave. The property boasts three long-term tenants, achieving 100% occupancy and generating a strong pro-forma NOI of $67,900, representing a 7.34% pro-forma cap rate. The asking price is $925,000, translating to $58.15 per square foot. Built in 1956, the property includes three buildings, encompassing the main 15,907 square foot retail space, a 10,000 square foot metal warehouse, and a 6,000 square foot covered shelter. This versatile property is zoned I1, allowing for flexibility in commercial and industrial uses. Located on a highly trafficked area of Vernon Ave, with a daily traffic count of 18,500 vehicles, this property offers excellent visibility and accessibility. The property's strong tenant base, high occupancy rate, and prime location make it an attractive investment opportunity in Kinston's growing market. The APN is 10918 and the lease type is gross. This multi-tenant property offers a secure investment with significant potential for future growth. The property is located in Lenoir County, NC, zip code 28504.

• CAP approach

  CAP return

  Valuation

  6%

  $4,242,692

  6.5%

  $3,916,332

  7%

  $3,636,594

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,943,138

  Geo Method

  $6,887,494

• Alternative Use

  Use

  Valuation

  Residential

  $3,303,572

  Hospitality

  $3,026,054

  Educational

  $2,517,642

  Medical

  $2,604,227

  Retail

  $3,916,332

Location Insight

City

Kinston

County

Lenoir

State

North Carolina

Latitude

35.2693

Longitude

-77.6112

CBSA code

28820

CBSA name

KINSTON, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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