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    1601 Vernon Ave Kinston, NC 28504

    Sponsored
    For Sale
    $250,000

    High-yield retail space, partially leased.

    Property size:
    3,196 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a 3,196 square foot storefront located at 1601 W Vernon Ave, Kinston, NC 28504. The property is zoned B1 and features a single building currently operating under a gross lease with one tenant, resulting in a 50% occupancy rate. The asking price is $250,000, offering a compelling 7.16% capitalization rate based on a Net Operating Income (NOI) of $17,893. The price per square foot is $78.22. This multi-tenant property presents a strong potential for increased revenue through lease-up of the vacant space. The property's prime location on Vernon Avenue in Kinston, Lenoir County, North Carolina, provides excellent visibility and accessibility. This is an ideal opportunity for investors seeking a stable income stream with significant upside potential. The property's strong NOI and attractive cap rate make it a compelling addition to any portfolio. Serious inquiries are encouraged.

    Property Features for 1601 Vernon Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    3,196 SF

    Building Details

    Buildings
    1

    HighLights

    • $250,000 asking price for a 3,196 SF retail storefront.
    • Gross lease, multi‑tenant property (currently 1 tenant).
    • 7.16% cap rate with a $17,893 NOI.
    • 50% occupancy.
    • Located at 1601 W Vernon Ave, Kinston, NC 28504, zoned B1.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Kinston
    County
    Lenoir
    State
    North Carolina
    Longitude
    -77.602254926936
    Latitude
    35.270931470977

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    FAQs

    What type of property is this?
    Individual retail property - High-yield retail space, partially leased.
    Where is this individual retail property located?
    The property is located at 1601 Vernon Ave Kinston, NC.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: $250,000 asking price for a 3,196 SF retail storefront.; Gross lease, multi-tenant property (currently 1 tenant).; 7.16% cap rate with a $17,893 NOI.
    Request Owner's contact information
    1601 Vernon Ave Kinston, NC 28504
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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
    1601 Vernon Ave Kinston, NC 28504
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