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    FOR SALE
    Commercial real estate

    1 State St, Lexington, NC 27292

    2,720 SF 0.09 ac lot Built 1890
    Entity Owned 10-yr Hold Free & Clear
    Property ID
    US53-1561780
    Property summary
    AI-generated overview

    This remarkable investment opportunity presents the chance to acquire the historic Grimes Brothers Mill building, situated in the heart of downtown Lexington, North Carolina. This four-story brick structure boasts significant historical character and presents a unique canvas for adaptive reuse. The building's prime location within Lexington's Social District offers unparalleled access to the vibrant downtown area, providing ample opportunities for a variety of commercial ventures. The substantial size of the building allows for creative development and the potential for multiple uses. While the exact square footage is currently unavailable, the building's four stories and substantial brick construction suggest a considerable amount of space. The property sits on a lot with no acreage listed, indicating a compact urban footprint ideal for redevelopment. This is a rare chance to own a piece of Lexington's heritage and contribute to its ongoing revitalization. The building's solid brick construction provides a strong foundation for future development, and its central location ensures high visibility and accessibility. Investors seeking a unique and historically significant property with high redevelopment potential should act quickly to explore this exceptional opportunity. The building's potential is limited only by the imagination, making it an ideal project for those with a vision for revitalizing historic structures and contributing to the growth of a thriving downtown area. This is a truly exceptional opportunity to own a piece of Lexington's rich history and shape its future.

    Property profile
    Verified
    Property type Commercial real estate
    Use group COMMERCIAL (GENERAL)
    Year built 1890
    Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Total area 2,720 SF
    Lot 0.09 ac (3,920 SF)
    Zoning code U
    APN 11-054-0-00D-0005-C
    UPID US53-1561780
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    by Request
    Blend (final) Blend
    by Request
    Owner & transaction history
    Old Grimes LLC · 10 yrs held
    Old Grimes LLC
    since 2016
    1 recorded transaction
    2016
    $15,000
    Zoning & alternative use
    U · Lexington, NC
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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