1901 I 587 Greenville, NC 27834

This property consists of approximately 38 acres of woodland, situated on both the north and south sides of the I 587 corridor. Located within the Greenville ETJ, the acreage on the north side of the I 587 W corridor is accessible via Silas Lane, a gravel private right of way, and is zoned RA 20 for low-density residential use. A cell tower is present on the property and has been purchased by Crown Castle Towers 09, LLC; the site is no longer leased. On the south side of the property, a billboard is leased to the Lamar Companies. The billboard site will most likely be purchased by the Lessee. The most recent lease renewal became effective on June 17, 2019, for a 10-year term, with an automatic 10-year renewal at the same terms and conditions, leaving approximately 14 years remaining on the term. The annual rent for the billboard is $2,000, with no rent escalations specified in the lease agreement. The Lessee has the Right of First Refusal to purchase the billboard site if the Lessor elects to sell the property. The Lessee also has the right to purchase a perpetual easement for the billboard site for 6 times the annual rent or $12,000 if the Lessor opts to sell the property and the right to terminate the lease at any time by providing written notice. The legal description is outdated, as is the acreage for the property on the county tax site from where I 587 passed through decades ago. It will be the buyer's responsibility to obtain a survey for title insurance.