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Opportunity Zone property listed at below appraised value!

Listing was updated on: 06/04/2019
Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value! Opportunity Zone property listed at below appraised value!

Property Overview

Price/Rent PSF $ 4,800,000.00
Asset Type Office
Trade Type Sale
SQ. FT. Available 93,000
Date Available 04/16/2019
Additional URL Link
Bathrooms 4 - 2 full bathrooms on the first floor and one full bathroom on the 2nd and 3rd floors.
Floors 3
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Description

Located in historic downtown Fayetteville, NC with hotel next door and across the street from City Hall. Adjacent to the future site of Houston Astros downtown Minor League Baseball Stadium to open April 2019. Newly developed mixed use property adjacent to lot that includes condominiums and town homes by the same entity that developed the Durham Bulls project. There are also many restaurants and shops within walking distance. Airport is 10 minutes driving distance. Train station is within walking distance. City Festival Park and Plaza also adjoins the property. This location is at the epicenter of city events and festivals. It is also located in a HUB zone, Opportunity zone and a downtown historical district with associate tax credits available for redevelopment. **Update on the Baseball Stadium Construction(Located Adjacent to the Property): http://www.fayobserver.com/opinion/20180816/our-view-it-really-is-start-of-something-big http://www.fayobserver.com/photogallery/NC/20180727/NEWS/718009979/PH/1 - **The property is the blue/grey building adjacent to the construction site. http://www.fayobserver.com/news/20180718/fayetteville-ballpark-lands-big-south-tournament Property: 421 Maiden Lane, Fayetteville NC 28301. Cumberland County Tax Records PIN 0437-54-1813. Description: Three story 93,000 SF concrete building primarily flex space. Currently configured as multi-purpose datacenter, rental auditorium, office and retail space. Owner is currently and deliberately the only tenant to lend maximum flexibility to the new owner. Parking: Large Property size allows for a portion of the property to be converted into a parking deck. Multi-level parking deck could be constructed on existing ground level parking lot and connected to the main building. Could accommodate new baseball stadium and surrounding development. Separate Third party financing may be available for parking deck construction. Seller: Ace Capital LLC / Advanced Internet Technologies, Inc. Property is owned outright by Seller Sales Price: $4.8 Million due at Closing, less the earnest deposit (See Lease Back/ Owner Financing Below). Two previous existing appraisals $6.5 million and $7.5 million prior to the recent $100 (+) million downtown investment in adjacent construction for new minor league baseball stadium (Houston Astros), hotel, retail and condominiums. Previous asset based financing for a $4 million loan executed and paid off. Lease Back/ Owner Financing: At closing Seller will execute at ten year lease with two five year options for an estimated $13,000 SF at $6 per SF. Property has been leased in the past using full leases at $16 per SF using full leases. However, with new surrounding construction, this price is subject to a likely increase. Current surrounding retail and office renovated construction is leasing between $25 and $35 a SF. CAP Rate: 24% Fully Leased. Estimated net rental income $85,00 to 95,000 per month at $16 per square foot not including parking if deck if constructed on existing ground level parking lot and land. Earnest Money: $100,000 to be applied toward Closing. Inspection Period: Ninety (90) days from later to occur (1) the date a purchase contract is signed, (2) the date requested due diligence materials been delivered to Purchaser. Due diligence items include all physical aspects of the property, regulatory requirements and environmental studies. There are two existing previous bank appraisals on hand and Environmental Study Phases 1 and 2. Closing: Closing shall take place within 60 days after the end of the inspection period Closing Costs: TBD Zoning: Zoning is a Downtown Historic District located in a HUB Zone and Opportunity Zone. Contract: Purchase Agreement to be drafted.

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