1225 Montlieu Ave High Point, NC 27262

Property Details for 1225 Montlieu Ave

Year built

1984

Construction

FRAME

Lot size

0.51 lot acres

Property size

8,000 SF

Zone code

GB

Property type

Commercial real estate

APN

183520

APU

183520

Description

This exceptional value-add opportunity presents a two-tenant, 8,000 square foot retail building situated on a 0.51-acre lot in High Point, North Carolina. Currently boasting 100% occupancy since June 1, 2019, the property features two established tenants, a dry cleaner and a storage tenant, operating under month-to-month leases. The existing leases offer a significant upside potential, as they are currently below market rate, providing a unique chance for the new owner to renegotiate favorable long-term agreements. The building, classified as Class B, is a two-story structure with convenient features including 25 parking spaces and a roll-up drive-in door. The property is zoned COMM and has an APN of 7801-92-8851. The current NOI is $32,238, yielding a 6.45% cap rate, while the pro-forma NOI is projected at $49,000, resulting in a 9.80% pro-forma cap rate. Located just over a mile from High Point University, this property benefits from the significant growth and investment in the surrounding area, evidenced by an approximate 4,500 AADT. This presents a compelling investment opportunity with substantial potential for increased profitability through lease renegotiation and the inherent value-add potential. The asking price is $500,000, or $62.50 per square foot.