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24728572
24728573

500 West St, Spindale, NC 28160

DP
OH SAL.2012000748
Marcus & Millichap | The Patel Yozwiak Group
JF
OH OH 2002011928
Marcus & Millichap | The Patel Yozwiak Group
DY
OH SAL.2008003600
Marcus & Millichap | The Patel Yozwiak Group
Listed by Marcus & Millichap | The Patel Yozwiak Group
$1,750,000
327 days on market
Updated 82 days ago

Rutherford Business Center | Southeast of Asheville, NC

Details
Property Type Office
Sub Type Traditional Office, Executive Office
Square Footage 11,809
Units 3
Cap Rate 8.96%
NOI $156,768
Occupancy 86.06%
Tenancy Multi
Brand/Tenant USDA
Lease Type Modified
Lease Term 10
Lease Expiration 08/26/2035
Rent Bumps Yes
Pro-Forma Cap Rate 9.59%
Pro-Forma NOI $167,794
Price per SqFt $148
Class A
Year Built 1987
Year Renovated 2015
Buildings 1
Stories 2
Acreage 3.500
Zoning Commercial
Parking Spaces 120 spaces
Parking Per SqFt 10.16
Tenant Credit Credit Rated
Lease Commencement 08/27/2025
Ownership Fee Simple

USDA Occupants | 11,809-SF Class A Office

Marketing description

11,809-SF, Two Story, Class-A Multi-Tenant Office Building On +/-3.50 Acre Lot With Lighted Parking Lot and 120 Surface Spaces. 86% Occupied by USDA Farm Services and Carolina Home Health, United Healthcare Parent Company. Additional 2,000-SF of Vacant space on 2nd floor for lease up.

Investment highlights

  • 11,809-SF, Two Story, Class-A Multi-Tenant Office Building On +/-3.50 Acre Lot With Lighted Parking Lot (120 Surface Spaces)

  • 83% Occupied by USDA Farm Services Bureau and Carolina Home Health, United Healthcare Parent Company

  • USDA Recently Renewed Their Lease for 10 Years, Carolina Home Care Has 2.5+ Years Remaining With 2, 5-Year Renewal Options and 2.5% Annual Increases

  • Leasing Upside: 2,000-SF Vacancy on 2nd Floor | Open Floor Plan With High Ceilings, Large Windows and Elevator Access | Two High Speed Fiber Internet Lines Available

  • +/-10.50 Acres of Flat Land on Adjacent Parcel Also For Sale | Residential Zoning With Frontage Along Railroad Ave/US-74 Alt

  • Convenient Zoning Allows For Wide Variety of Residential Developments

  • Easy Access to US-74 ALT, With 15,000 Vehicles Per Day and 0.5 Miles From US-221 / US-74 Intersection, Seeing 25,000+ VPD

  • Close Proximity to Newly Built Residential Communities and National Retail Tenants Such as Food Lion, Walgreens, Exxon, McDonald’s, KFC, Dollar General, Advance Auto and More

  • Spindale is Roughly 50 Miles From Asheville, Charlotte and Spartanburg Metro Areas

  • CNBC Recently Selected North Carolina as The Number 1 State For Business in U.S., for Its Economy and Workforce

  • Strong and Stable Demographics: Population Exceeds 23,300 Within 5-Miles and is Projected to Grow by 2029 | Daytime Population Of 24,700+ Within 5-Miles

Listing Contacts

DP
OH SAL.2012000748
Marcus & Millichap | The Patel Yozwiak Group
JF
OH OH 2002011928
Marcus & Millichap | The Patel Yozwiak Group
DY
OH SAL.2008003600
Marcus & Millichap | The Patel Yozwiak Group
Listed by Marcus & Millichap | The Patel Yozwiak Group

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$
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$156,768.00
$13,064.00/mo

Valuation Metrics

0
DSCR
8.96%
Cap Rate
8.96%
ROI

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Additional Information

Name
Charles Gallagher
License
Lic. 351471
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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