328 Person St Fayetteville, NC 28301-5736

Property Details for 328 Person St

Year built

1948

Lot size

1.93 lot acres

Property size

1,782 SF

Zone code

CC-COMMUNITY COMMERCIAL

Property type

Retail space

APN

0437-73-8057

APU

437738057

Description

This fee-simple industrial property in Fayetteville, NC, offers a compelling investment opportunity. The 26,388 square-foot building, situated on a 1.9-acre lot, is currently under a net lease with 4D Signs Express, expiring November 29, 2031. The lease features a desirable 3% annual rent increase, providing substantial rent growth potential over the remaining seven-year term. The property boasts a strong 8.00% cap rate and a current NOI of $141,719. Significant improvements were completed in 2023, including new HVAC units and roof (with transferrable warranties from prior improvements in 2018). The tenant's personal guarantees further enhance the investment's security. The property benefits from its strategic location within a dense industrial and retail corridor, near major employers like Fort Liberty (formerly Fort Bragg), Fayetteville State University, and Methodist University, as well as numerous healthcare facilities and retail destinations including Walmart, Target, and Lowe's. The surrounding area exhibits strong population growth projections, adding to the property's long-term value. The building features 31 parking spaces and is zoned for commercial use. Built in 1971, the single-story structure underwent renovations in 2023. The property's proximity to major transportation arteries and educational institutions makes it an attractive investment with significant upside potential. The asking price is $1,772,000, representing a price per square foot of $67.15 and a price per acre of $961,676. The property is ready for immediate occupancy on November 30, 2023.