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1609 Airport Rd
Monroe, NC 28110
Industrial Property For Sale
Investment Highlights
- 7.40% cap rate at $9,220,000 purchase price
- 100% occupied across 111,500 SF
- 40,000 SF roof replacement completed in 2024
- $682,275 projected 2026 NOI with $116,093 reimbursements
- 3M and Spiroflow provide established industrial tenancy
- 8 docks, 4 drive-ins, and 16'10"-25' clear heights
Executive Summary
Positioned as a stabilized, income-producing industrial investment, this 111,500 SF asset is offered at $9,220,000 ($82.60/SF), delivering a 7.40% cap rate with durable cash flow and built-in growth.
The property is 100% leased across four suites, anchored by strong industrial users including 3M (Scott Technologies) occupying 16,000 SF, alongside Spiroflow, which leases the remaining 95,500 SF across three suites. This diversified rent roll provides stability while maintaining institutional-quality tenancy.
Lease terms offer near- to mid-term security, with expirations extending through May 2028 and April 2029. Additional upside is embedded through structured rent escalations beginning in 2026, driving projected NOI to $682,275, with an additional $116,093 in reimbursements. Tenant options further enhance long-term flexibility, including a 3-year option for Scott Technologies and two 5-year renewal options across the Spiroflow spaces.
From an ownership perspective, the asset is designed for ease and efficiency, with minimal landlord responsibilities and participation in the Brownfield Program, offering potential financial and regulatory advantages. A waived right of first offer is already in place, streamlining a future disposition, while a fair-market-value purchase option tied to Akona Process Solutions introduces an additional strategic consideration.
This is a rare opportunity to acquire a fully leased industrial asset with strong tenancy, contractual income growth, and long-term optionality in a proven industrial corridor.
The property is 100% leased across four suites, anchored by strong industrial users including 3M (Scott Technologies) occupying 16,000 SF, alongside Spiroflow, which leases the remaining 95,500 SF across three suites. This diversified rent roll provides stability while maintaining institutional-quality tenancy.
Lease terms offer near- to mid-term security, with expirations extending through May 2028 and April 2029. Additional upside is embedded through structured rent escalations beginning in 2026, driving projected NOI to $682,275, with an additional $116,093 in reimbursements. Tenant options further enhance long-term flexibility, including a 3-year option for Scott Technologies and two 5-year renewal options across the Spiroflow spaces.
From an ownership perspective, the asset is designed for ease and efficiency, with minimal landlord responsibilities and participation in the Brownfield Program, offering potential financial and regulatory advantages. A waived right of first offer is already in place, streamlining a future disposition, while a fair-market-value purchase option tied to Akona Process Solutions introduces an additional strategic consideration.
This is a rare opportunity to acquire a fully leased industrial asset with strong tenancy, contractual income growth, and long-term optionality in a proven industrial corridor.
Property Facts
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 7.40% | Year Built/Renovated | 1978/2007 |
| Property Type | Industrial | Parking Ratio | 1.79/1,000 SF |
| Property Subtype | Manufacturing | Clear Ceiling Height | 25’10” |
| Building Class | C | No. Dock-High Doors/Loading | 8 |
| Lot Size | 9.46 AC | No. Drive In / Grade-Level Doors | 4 |
| Rentable Building Area | 111,500 SF | ||
| Zoning | G-I - GI | ||
| Sale Type | Investment |
| Cap Rate | 7.40% |
| Property Type | Industrial |
| Property Subtype | Manufacturing |
| Building Class | C |
| Lot Size | 9.46 AC |
| Rentable Building Area | 111,500 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1978/2007 |
| Parking Ratio | 1.79/1,000 SF |
| Clear Ceiling Height | 25’10” |
| No. Dock-High Doors/Loading | 8 |
| No. Drive In / Grade-Level Doors | 4 |
| Zoning | G-I - GI |
Utilities
- Lighting - Metal Halide
- Gas - Natural
- Water - City Water
- Sewer - City Sewer
Property Taxes
| Parcel Number | 09-369-007-B | Improvements Assessment | $4,718,700 |
| Land Assessment | $729,300 | Total Assessment | $5,448,000 |
Property Taxes
Parcel Number
09-369-007-B
Land Assessment
$729,300
Improvements Assessment
$4,718,700
Total Assessment
$5,448,000
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