United Bank | 1900 W Vernon Ave
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United Bank 1900 W Vernon Ave
7,878 SF Retail Building Kinston, NC 28504 $1,357,000 ($172/SF) 7% Cap Rate
Executive Summary
Absolute NNN lease with 10% bumps at option periods guaranteed by United Bank through 9/30/2028. United Bank has approximately $30 billion in assets. Prior to being acquired by United Bank, this branch served as a consolidated location of two First South Banks that were located in Kinston.
The property is situated on 1.28 acres and is positioned on a major corridor with 18,500 cars per day passing the site.
The building is located in Downtown Kinston with numerous walkable amenities nearby including restaurants, breweries and historical attractions.
Occupancy: 100%, Single-tenant
Year Built: 1977
Square Feet: 7,878 SF
Acres: 1.28 Acres
Current Use: Bank/Office
Zoning: B-1
NOI: $95,000.00
Options: Two (2) five (5) year options with 10% bumps
Absolute NNN: No LL Responsibilities
Sale price: $1,357,000
7.0% Cap Rate
The property is situated on 1.28 acres and is positioned on a major corridor with 18,500 cars per day passing the site.
The building is located in Downtown Kinston with numerous walkable amenities nearby including restaurants, breweries and historical attractions.
Occupancy: 100%, Single-tenant
Year Built: 1977
Square Feet: 7,878 SF
Acres: 1.28 Acres
Current Use: Bank/Office
Zoning: B-1
NOI: $95,000.00
Options: Two (2) five (5) year options with 10% bumps
Absolute NNN: No LL Responsibilities
Sale price: $1,357,000
7.0% Cap Rate
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
7,878 SF
Building Class
B
Year Built
1977
Price
$1,357,000
Price Per SF
$172
Cap Rate
7%
NOI
$95,000
Tenancy
Single
Building Height
2 Stories
Building FAR
0.14
Lot Size
1.28 AC
Zoning
B1 RA5 - Business Residential District
Parking
36 Spaces (4.57 Spaces per 1,000 SF Leased)
Frontage
168 FT on W Vernon Ave
Amenities
- Signage
- Signalized Intersection
- Drive Thru
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 451511568270 | Improvements Assessment | $620,921 |
| Land Assessment | $345,000 | Total Assessment | $965,921 |
PROPERTY TAXES
Parcel Number
451511568270
Land Assessment
$345,000
Improvements Assessment
$620,921
Total Assessment
$965,921
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United Bank | 1900 W Vernon Ave
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