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    1900 Vernon Ave Kinston, NC 28504

    For Sale
    $1,357,000

    High-NOI Bank Building, Excellent Location

    Property size:
    7,878 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional retail investment opportunity presents a 7,878 square foot, two-story bank building situated on a 1.28-acre lot in Kinston, North Carolina. Located at 1900 W Vernon Ave, this property boasts a 100% occupancy rate with an absolute NNN lease in place, guaranteeing no landlord responsibilities. The current tenant, United Bank (a bank with approximately $30 billion in assets), has a lease extending through September 30, 2028, with two five-year renewal options including 10% rent increases. The property generates a strong net operating income (NOI) of $95,000, resulting in a 7.0% capitalization rate at the asking price of $1,357,000. Built in 1977, the building is zoned B-1 and benefits from a high-traffic location on a major corridor with 18,500 cars passing daily. The property's prime downtown Kinston location offers convenient access to numerous amenities, including restaurants, breweries, and historical attractions. This is a rare opportunity to acquire a stable, high-performing asset with significant upside potential. The property's parcel number is 12190.

    Property Features for 1900 Vernon Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    7,878 SF
    Lot Size
    55,757 SF

    Building Details

    Year Built
    1977
    Buildings
    1
    Stories
    2

    HighLights

    • 7,878 SF, two‑story bank building on a 1.28‑acre lot in Kinston, NC.
    • 100% occupancy with an absolute NNN lease.
    • Tenant: United Bank (approx. $30B in assets); lease expires 9/30/2028 with two 5‑year renewal options at 10% rent increases.
    • $95,000 NOI, 7.0% cap rate at $1,357,000 asking price.
    • Built in 1977, B‑1 zoning, high‑traffic location (18,500 cars daily).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    United Bank Bank CresCom Bank Bank Setterland LLC New Zealand Restaurant

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kinston
    County
    Lenoir
    State
    North Carolina
    Longitude
    -77.606485670811
    Latitude
    35.270487333089

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    FAQs

    What type of property is this?
    Individual retail property - High-NOI Bank Building, Excellent Location
    Where is this individual retail property located?
    The property is located at 1900 Vernon Ave Kinston, NC.
    What is the asking price?
    The asking price for this property is $1,357,000.
    What are key features of this property?
    This property features: 7,878 SF, two-story bank building on a 1.28-acre lot in Kinston, NC.; 100% occupancy with an absolute NNN lease.; Tenant: United Bank (approx. $30B in assets); lease expires 9/30/2028 with two 5-year renewal options at 10% rent increases.
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    Kinston, NC 28504
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1900 Vernon Ave Kinston, NC 28504
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