870 Main St Blowing Rock, NC 28605-8331

This exceptional, completely renovated, three-story mixed-use building at 870 Main St, Blowing Rock, NC offers a unique investment opportunity. The 6,207 square foot property boasts a ground-floor restaurant, "The Social on Main," operating under a five-year lease (with two five-year renewal options) generating $8,500 in monthly rent, including a 3% annual rent bump. Above the restaurant are two separate residential units, each offering multiple bedrooms and marble bathrooms, ideal for short-term rentals. The building features 11 bedrooms in total. Extensive 2024 renovations exceeding $3,500,000 include new HVAC, instant water heaters, separate utility meters, updated kitchens, and smart TVs. Each floor has a private deck. The property includes 19 parking spaces, a rare amenity in downtown Blowing Rock. The 0.26-acre lot is zoned BR-CB. Annual operating expenses are approximately $49,542.40, yielding a strong NOI of $436,458 and an 8.82% cap rate based on the $4,950,000 asking price. The building's prime location in the heart of Blowing Rock, a thriving mountain resort community, ensures high occupancy rates and strong rental demand. This property presents a compelling blend of stable restaurant income and high-potential short-term rental revenue, making it an attractive investment for discerning buyers. The property's history dates back to 1940, with the recent renovations enhancing its modern appeal. The building's features include new lighting, ceiling fans, and appliances. The property is currently 33% occupied, with occupancy commencing October 31, 2023.