1126 Blowing Rock RdBoone, NC 28607

Property Details for 1126 Blowing Rock Rd

Year built

1978

Lot size

0.48 AC

Property size (Sq ft)

6,200 SF

Zone code

BOB3

Property type

Office properties

Property subtype

Office buildings

APN

2910-23-7697-000

APU

2910237697000

Description

This exceptional mixed-use investment opportunity in Boone, North Carolina, presents a compelling value-add proposition. Located on the prime commercial corridor of US Highway 321 (Blowing Rock Road), this property encompasses 13,031 square feet across two buildings, featuring a blend of retail and apartment spaces. The property boasts a 100% occupancy rate with seven tenants, generating a substantial net operating income (NOI) of $148,415, resulting in a 6.90% capitalization rate. The asking price is $2,150,000, translating to $164.99 per square foot. Built in 1978, this multi-tenant property includes a quadruplex, and sits on a 0.897-acre lot zoned B-3 General Business. The property's net rentable area is 8,393 square feet. Three of the seven tenants have 3% annual rent bumps built into their leases. Parcel identification numbers include 2910-23-7697-000, 2910-23-7548-000, and 2910-23-6658-000. Note that portions of the property fall within FEMA Flood Hazard Areas. Showings require prior coordination to avoid disturbing tenants. This property offers a strong cash flow and significant potential for future appreciation. The lease type is gross, and the investment type is value-add.

• CAP approach

  CAP return

  Valuation

  6%

  $1,448,670

  6.5%

  $1,337,234

  7%

  $1,241,717

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,049,908

  Geo Method

  $1,049,908

• Alternative Use

  Use

  Valuation

  Residential

  $1,658,170

  Hospitality

  $1,518,875

  Educational

  $1,263,686

  Medical

  $1,307,146

  Retail

  $1,965,734

Location Insight

City

Boone

County

Watauga

State

North Carolina

Latitude

36.204

Longitude

-81.6681

CBSA code

14380

CBSA name

BOONE, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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