Edenton Peanut Mill office restoration 401 E Church Street
$ 1,750,000.00
7.5% cap rate
- Property ID: 2199
- Date added: 12/11/20
- Post Updated: 2022-10-31 16:01:35
- Bathrooms: 10
- Floors: 5
- Status: Sold
- Area: 47044 sq ft
- Lot size: 1.08 acres
- Year built: 1909
- Style: Income Producing Office Space on the National Historic Registry
Description
Incredibly restored in 2004-2005 this former Edenton Peanut Mill, now a 5 story office building 17,804 sq ft gem of a property w/7.5% cap rate. Fully leased to a gym on the bottom floor and an accounting firm leases floors 2-5. LL pays taxes and insurance of $26,200 tenants pay $161,947/yr in 2020 (NOI $135,947) and lease rate adjusts upward only with CPI every January. Incredible architecture, built in 1909 restored 2004-2005. 45 parking spaces, 2 handicapped, natural gas generator, handicapped accessible, working elevator. Tenants pay for all maintenance including HVAC and elevator. Sellers and Tenants have invested more than $3,500,000 in this renovation and upfit!!! First floor gym (Toning Mill) Tenant has been in place for 12 years and current term expires October 31, 2023. Second through fifth floor Tenant has been in place since 2006 and expanded, lease term is 45 years through December 31 2045 with options to terminate every 5 years. Currently their next option to terminate is December 31st 2025. Property is on the National Historic Registry which allows for tax credits with renovations. Agent is related to Sellers. Copies of leases available upon request.
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Features
- Zoning allows for majority of commercial uses
- City SEWER!
- Not in a flood zone
- Handicapped access
- Freestanding Building
- Landscaping
- Private Parking
- Near Downtown & Waterfront
- Newly renovated
- Elevator
Agent
This style property is located in Edenton is currently and has been listed on The Rich Company. This property is listed at $ 1,750,000.00. It has 10 baths bathrooms, and is 47044 sq ft. The property was built in 1909 year.
