1900 Vernon AveKinston, NC 28504

Property Details for 1900 Vernon Ave

Year built

1977

Lot size

1.28 AC

Property size (Sq ft)

6,748 SF

Zone code

B1 RA5

Property type

Office buildings

APN

451511568270

APU

451511568270

Description

This exceptional retail investment opportunity presents a 7,878 square foot, two-story bank building situated on a 1.28-acre lot in Kinston, North Carolina. Located at 1900 W Vernon Ave, this property boasts a 100% occupancy rate with an absolute NNN lease in place, guaranteeing no landlord responsibilities. The current tenant, United Bank (a bank with approximately $30 billion in assets), has a lease extending through September 30, 2028, with two five-year renewal options including 10% rent increases. The property generates a strong net operating income (NOI) of $95,000, resulting in a 7.0% capitalization rate at the asking price of $1,357,000. Built in 1977, the building is zoned B-1 and benefits from a high-traffic location on a major corridor with 18,500 cars passing daily. The property's prime downtown Kinston location offers convenient access to numerous amenities, including restaurants, breweries, and historical attractions. This is a rare opportunity to acquire a stable, high-performing asset with significant upside potential. The property's parcel number is 12190.

• CAP approach

  CAP return

  Valuation

  6%

  $1,635,675

  6.5%

  $1,509,854

  7%

  $1,402,007

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,786,341

  Geo Method

  $1,548,936

• Alternative Use

  Use

  Valuation

  Residential

  $1,872,218

  Hospitality

  $1,714,942

  Educational

  $1,426,812

  Medical

  $1,475,882

  Retail

  $2,219,485

Location Insight

City

Kinston

County

Lenoir

State

North Carolina

Latitude

35.2702

Longitude

-77.6066

CBSA code

28820

CBSA name

KINSTON, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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