530 Key St Pilot Mountain, NC 27041-9601
This exceptional investment opportunity presents the Nunn Building, a historic mixed-use property located in the heart of downtown Pilot Mountain, North Carolina. This 5,136 square foot building, constructed in 1954 and renovated in 1990, sits on a 0.441-acre lot and is zoned GB - General Business. The property boasts a strong 7.24% cap rate and a current NOI of $21,000, with a 100% occupancy rate. The building comprises three units: two upper-level vacation rentals and one lower-level apartment, all currently leased. The lower-level apartment has a long-term tenant interested in remaining. The asking price is $289,900, translating to $56.44 per square foot and $96,633.33 per key. This stabilized investment offers immediate cash flow with potential for increased revenue through upgrades to the vacation rental units. The building features a total of three keys, and the property is classified as Class C with a Modified lease type. The property's multi-tenant occupancy consists of three tenants, with no credit rating information available. This is a rare opportunity to acquire a well-located, income-producing property in a desirable North Carolina town. The property's address is 530 S Key St, Pilot Mountain, NC 27041. The APN is 596619509849.
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Planet Chaos Tattoos Tattoo & Piercing Shop
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Pilotdog & Co. Home Decor Store (Bike/Boat/Book/etc) Store
(C) General Business District (GB) GB districts are generally located on major thoroughfares and collector streets in the Pilot Mountain planning area. They are intended to provide for offices, personal services and the retailing of durable and convenience goods for the community. Because these commercial uses are subject to public view and are important to…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2024Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Property description
Physical attributes from public recordsZoning & alternative use
GB · Pilot Mountain, NC(C) General Business District (GB) GB districts are generally located on major thoroughfares and collector streets in the Pilot Mountain planning area. They are intended to provide for offices, personal services and the retailing of durable and convenience goods for the community. Because these commercial uses are subject to public view and are important to the economy of the area, they should have ample parking, controlled traffic movement and suitable landscaping. (D) Highway Business District (HB) The HB district is intended primarily to accommodate higher intensity commercial uses and facilitate the redevelopment of legacy commercial areas along the Old US 52 Corridor in the Town’s planning jurisdiction. (E) General Manufacturing District (GM) The GM district is established for those areas of the community where the principal use of land is for manufacturing, industrial and warehousing uses. These uses, by their nature, may create some nuisances, which are not properly associated with residential, institutional, commercial and/or service establishments. These uses normally seek outlying locations on large tracts of land where 5-5 TOWN OF PILOT MOUNTAIN UNIFIED DEVELOPMENT ORDINANCE the operations involved do not detract from the developmental potential of nearby undeveloped properties. (F) Light Industrial District (LI) The LI district is established to provide for industries that, in their normal operations, have minimal adverse effect upon adjoining properties. 5.4 Overlay Districts 5.4.1 Downtown Design Overlay District (DDO) The DDO is established to provide for high quality development within Pilot Mountain’s downtown area by requiring adherence to a set of urban design requirements that enhance the aesthetic appearance and compatibility of new development and redevelopment projects within the town’s vital historic downtown core. 5.4.2 Watershed Overlay (WO) The Watershed Overlay District is established to comply with statutory mandates for the protection of water quality within drinking -water supply watersheds by imposing limitations on certain uses, requiring storm water controls and limiting development density. 5.5 Conditional Zoning Districts A Conditional Zoning District directly corresponding to, and having the same intent and basic regulations as each Base District is established. Such districts shall be differentiated from the Base District by the notation of CD (Conditional District).
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
