139 Blowing Rock BlvdLenoir, NC 28645

Property Details for 139 Blowing Rock Blvd

Year built

2022

Lot size

0.63 AC

Property size (Sq ft)

2,388 SF

Property type

Drive through restaurants

APN

09 50 1 3A

APU

095013A

Description

This exceptional investment opportunity presents a fee-simple interest in a brand-new, 3,500-square-foot Aspen Dental building, constructed in 2023. Located at 139 Blowing Rock Blvd, Lenoir, NC 28645, this single-tenant property sits on a 0.85-acre lot and boasts a strong 100% occupancy rate. The property benefits from a 10-year net lease (NN) with a commencement date of July 1, 2023, and an expiration date of June 30, 2033, leaving 8.6 years remaining on the initial term. The lease includes attractive 10% rent bumps every five years, providing a built-in hedge against inflation. The current annual net operating income (NOI) stands at $149,500, representing a compelling 6.00% cap rate on the asking price of $2,491,667. The lease also includes three, five-year renewal options, further enhancing the long-term value of this investment. This freestanding building enjoys excellent visibility and access within a dense retail area, benefiting from a growing demographic profile. The property's strategic location in Caldwell County, North Carolina, offers significant potential for future growth and appreciation. This is a rare opportunity to acquire a high-quality, passively managed investment with a leading dental provider in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $820,218

  6.5%

  $757,125

  7%

  $703,044

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,019,048

  Geo Method

  $1,019,048

• Alternative Use

  Use

  Valuation

  Residential

  $638,663

  Hospitality

  $585,012

  Educational

  $486,723

  Medical

  $503,462

  Retail

  $757,125

Location Insight

City

Lenoir

County

Caldwell

State

North Carolina

Latitude

35.9156

Longitude

-81.5254

CBSA code

25860

CBSA name

HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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