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33279546
33279618

133 River Park Road, Mooresville, NC 28117

SH
NC NC 300718
Newport Properties
Listed by Newport Properties
$4,400,000
2 days on market
Updated 2 days ago

River Park Office Building

Details
APN 4637-39-6614 (.111, .112, .133, .121, .122, .123, .124, .131, .132, .133 and .134)
Property Type Office
Sub Type Traditional Office
Square Footage 16,000
Units 52
Cap Rate 6.56%
NOI $288,546
Occupancy 100%
Tenancy Multi
Price per SqFt $275
Class A
Year Built 2006
Buildings 1
Stories 3
Acreage 1.460
Zoning RO - Iredell County
Investment Type Stabilized
Ceiling Height Approximately 12 ft

Office | 6.56% CAP | 16,000 SqFt

Marketing description

Class A office building located off HWY 150 in growing Mooresville, North Carolina. Built in 2006 by local builder, Spivey, this three-story office building contains 11 individual commercial condos that culminate in over 16,000 sf of contemporary offices. The main floor is fully leased with tenants leasing suite 106 (approximately 2285 sf) and suite 102 (approximately 2107 SF). The second floor contains over 5000 sf with 2 open office spaces, 12 offices and a conference room. This floor can be demised to support 2 tenants or owner can potentially occupy the entire floor. The fully leased lower level is comprised of an estimated 5000 sf with a large training room and 6 private offices as well as an open office area. This space also connects to outdoor gazebo and wooded retreat area.

This location is less than 3 miles from I77. Growth in neighboring Troutman and Denver, North Carolina increase the demand for office space in this corridor of Mooresville. Ample parking provided for the building as well as an elevator for easy access to all floors. Taxes are limited to only Iredell County assessment. Prime opportunity to own an investment property or for an owner operator to occupy 5000 sf and collect the income from the remainder of the fully leased main and lower floors.

Investment highlights

  • Rare opportunity to own class A office space in Mooresville.
  • Strong visibility along Mooresville main road- HWY 150 with easy access to I77 and Route 16.
  • Stable tenant occupancy
  • Current market rents in line with general office use in Mooresville
  • Ample parking
  • Strong demographic growth
  • Property is a collection of 11 commercial office condos thus allowing the owner to sell off condos in the future
  • Future value add- NCDOT scheduled to widen HWY 150 at the entrance to River Park Road. This widening is slated to begin in 18-24 months and will result in a required right hand turn when exiting River Park onto HWY 150 with sufficient u-turn lanes for semi-trailers to head west on HWY 150.

Listing Contacts

SH
NC NC 300718
Newport Properties
Listed by Newport Properties

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$288,546.00
$24,045.50/mo

Valuation Metrics

0
DSCR
6.56%
Cap Rate
6.56%
ROI

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Additional Information

Name
Sue Harding
License
NC 300718
Brokerage
Newport Properties
Brokerage Phone
704-663-7779
Title
NC
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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