870 Main StBlowing Rock, NC 28605

Property Details for 870 Main St

Year built

1940

Lot size

0.26 AC

Property size (Sq ft)

2,220 SF

Zone code

BR-CB

Property type

Turn key restaurants

APN

2807-98-4866-000

APU

2807984866000

Description

This exceptional, completely renovated, three-story mixed-use building at 870 Main St, Blowing Rock, NC offers a unique investment opportunity. The 6,207 square foot property boasts a ground-floor restaurant, "The Social on Main," operating under a five-year lease (with two five-year renewal options) generating $8,500 in monthly rent, including a 3% annual rent bump. Above the restaurant are two separate residential units, each offering multiple bedrooms and marble bathrooms, ideal for short-term rentals. The building features 11 bedrooms in total. Extensive 2024 renovations exceeding $3,500,000 include new HVAC, instant water heaters, separate utility meters, updated kitchens, and smart TVs. Each floor has a private deck. The property includes 19 parking spaces, a rare amenity in downtown Blowing Rock. The 0.26-acre lot is zoned BR-CB. Annual operating expenses are approximately $49,542.40, yielding a strong NOI of $436,458 and an 8.82% cap rate based on the $4,950,000 asking price. The building's prime location in the heart of Blowing Rock, a thriving mountain resort community, ensures high occupancy rates and strong rental demand. This property presents a compelling blend of stable restaurant income and high-potential short-term rental revenue, making it an attractive investment for discerning buyers. The property's history dates back to 1940, with the recent renovations enhancing its modern appeal. The building's features include new lighting, ceiling fans, and appliances. The property is currently 33% occupied, with occupancy commencing October 31, 2023.

• CAP approach

  CAP return

  Valuation

  6%

  $762,515

  6.5%

  $703,860

  7%

  $653,584

• Comparable approach

  Method

  Valuation

  Relative Method

  $947,356

  Geo Method

  $947,356

• Alternative Use

  Use

  Valuation

  Residential

  $593,732

  Hospitality

  $543,855

  Educational

  $452,481

  Medical

  $468,043

  Retail

  $703,860

Location Insight

City

Blowing Rock

County

Watauga

State

North Carolina

Latitude

36.1356

Longitude

-81.6772

CBSA code

14380

CBSA name

BOONE, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].