164 E Main St
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164 E Main St
8,850 SF 100% Leased Retail Building Forest City, NC 28043 $1,695,000 ($192/SF) 5.86% Cap Rate
Investment Highlights
- Located in a high traffic area in the middle of downtown area
- Access to Public transportation
Executive Summary
Prime investment opportunity. Fully leased property with an annual income of $99,333. First floor is a restaurant that offers both indoor and outdoor seating, leased by, "The Hoot Nannie" who are currently on a five year lease with two five year options. Second floor consists of three 2 bedroom 1.5 bath apartments which are leased on annual basis.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
8,850 SF
Building Class
C
Year Built/Renovated
1938/2021
Price
$1,695,000
Price Per SF
$192
Cap Rate
5.86%
NOI
$99,327
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.90
Lot Size
0.07 AC
Zoning
C1 - a neighborhood commercial district that allows low-intensity commercial uses to serve nearby residential areas
Parking
8 Spaces (0.9 Spaces per 1,000 SF Leased)
Frontage
32 FT on Main St
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 427420 | Improvements Assessment | $509,400 |
Land Assessment | $35,600 | Total Assessment | $545,000 |
PROPERTY TAXES
Parcel Number
427420
Land Assessment
$35,600
Improvements Assessment
$509,400
Total Assessment
$545,000
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Presented by
Samuel J Cantor
164 E Main St
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