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INVESTMENT OPPORTUNITY
±11,000 SF FLEX BUILDING FOR SALE
3603 BASTION LANERALEIGH, NORTH CAROLINA
PROPERTY OVERVIEW
Foundry Commercial is pleased to present for sale a 11,000 square foot multi tenanted flex building located in northeast Raleigh along Bastion Lane near major industrial corridor New Bern Avenue/US Highway 64 Business. The building is currently 100% leased by three tenants whom have a weighted average remaining lease term of approximately 3 years (Creative Embroidery - 12/31/18, International Market - 12/31/19, and Emmanuel Pentecostal - 10/31/19).
Zoned IX-3-PL by the City of Raleigh, the property corresponds to Wake County Real Estate ID 0173274. Built in 1990, this class B flex building has a brick exterior with both office and industrial components, 15’ ceiling heights, a drive in door, approximately 40 parking spaces and is fully conditioned.
440BASTION LANE ▶
PROPERTY FEATURES
PIN # 1724257655
TOTAL SIZE ±11,000 SF
YEAR BUILT 1990
PARCEL SIZE 2.78 ACRES
ZONING IX-3-PL
% LEASED 100%
2016 NOI (ESTIMATED) $55,731
LIST PRICE $850,000
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 520Raleigh, NC 27612
foundrycommercial.com
3603 BASTION LANEINVESTMENT OPPORTUNITY
KARL HUDSON IV, CCIMVice President(919) 987 [email protected]
LOCATION OVERVIEW
The property is well-located within 0.5 miles of access points to both New Bern Avenue/US Highway 64 Business and to Interstate 440/Raleigh’s Inner Beltline. The property is also situated 2.2 miles from Capital Boulevard (one of the region’s most recognizable industrial corridors), within 1.5 miles of Interstate 495/Knightdale Bypass, and four miles away from Interstate 540/Raleigh’s Outer Beltline. Per CoStar, the Northeast Wake County submarket features approximately 2.8M square feet of flex / industrial space and is approximately 89% occupied.
540
540
495
495
540
540
440
440
540
40
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40
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40
85 85
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54
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98 98
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54751
751147
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6464
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401
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75 55
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ORANGECOUNTY
CHATHAMCOUNTY
WAKECOUNTY
WAKECOUNTY
JOHNSTONCOUNTY
NASHCOUNTY
FRANKLINCOUNTY
GRANVILLECOUNTY
DURHAMCOUNTY
FallsLake
JordanLake
RDUAirport
Carrboro
Pittsboro
Holly Springs
Apex
Morrisville
Garner
Clayton
Knightdale
Wendell
Zebulon
Rolesville
WakeForest
Bunn
Youngsville
FranklintonCreedmoor
Hillsborough
CHAPELHILL
Cary
RALEIGH
DURHAM
ResearchTriangle Park
SITE
DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
2016 POPULATION 8,235 79,526 207,364
2021 PROJECTED POPULATION 9,124 88,229 229,861
AVG. HOUSEHOLD INCOME $51,555 $60,939 $72,877
TRAFFIC COUNTS
RALEIGH BELTLINE (I-440) 130,000 VPD
CAPITAL BLVD 30,000 VPD
NEW BERN AVE 48,000 VPD
SKYCREST DR 15,000 VPD
KARL HUDSON IV, CCIMVice President(919) 987 [email protected]
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
3603 BASTION LANEINVESTMENT OPPORTUNITY
2301 Sugar Bush Road, Suite 520Raleigh, NC 27612
foundrycommercial.com
* Please note assumptions were made to expense items starting in 2017. Details above are based on existing leases as well as 2015-16 expenses. Per CoStar we feel that tenants are currently
paying below market rents which presents an investor with an opportunity to eventually bump rental rates.
ESTIMATED REVENUE & EXPENSE DETAILS REVENUE 2016 2017 2018
OPERATING REVENUE
Creative Embroidery - 4,185 SF $33,900 ($8.10 PSF) $34,800 $35,700
International Market - 977 $10,020 ($10.44 PSF) $10,320 $10,620
Emmanuel Pentecostal - 5,283 SF $36,000 ($6.81 PSF) $36,200 $37,200
Miscellaneous Rent - Utilities 1,800 1,800 1,800
Total Rent $81,720 ($7.43 PSF) $83,120 ($7.55 PSF) $85,320 ($7.75 PSF)
EXPENSES 2016 2017 2018
OPERATING EXPENSES
Property Taxes $12,153 $12,517 $12,893
Repair & Maintenance 1,700 1,700 1,700
*Insurance 2,750 2,833 2,917
*Utilities - Water & Electricity 1,350 1,391 1,432
Landscaping & Grounds Maintenance 3,950 3,950 3,950
Management Fee (5%) 4,086 4,156 4,266
Total Operating Expenses $25,289 ($2.29 PSF) $26,546 ($2.41 PSF) $27,158 ($2.46 PSF)
Operating Income (loss) $55,731.47 $56,573.89 $58,946.87
KARL HUDSON IV, CCIMVice President(919) 987 [email protected]
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
3603 BASTION LANEINVESTMENT OPPORTUNITY
2301 Sugar Bush Road, Suite 520Raleigh, NC 27612
foundrycommercial.com
LOCATION & AMENITIES
SITE
440
1
NEW BERN AVE
N N
EW H
OPE RD
SKYCREST DR
BREN
TWO
OD
RD
CAPITAL BLVD
TOWER
TIMBERLAKE ESTATES
BRENTWOOD
TOWER SHOPPING CENTER
48,000 VPD
30,000 VPD
15,000 VPD
130,000 VPDFor more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 520Raleigh, NC 27612
foundrycommercial.com
3603 BASTION LANEINVESTMENT OPPORTUNITY
KARL HUDSON IV, CCIMVice President(919) 987 [email protected]
FLOOR PLAN
EMMANUEL PENTECOSTAL 5,283 SF
INTERNATIONAL MARKET 977 SF
CREATIVE EMBROIDERY 4,185 SF
COMMON LOADING DOCK 198 SF
KARL HUDSON IV, CCIMVice President(919) 987 [email protected]
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
3603 BASTION LANEINVESTMENT OPPORTUNITY
2301 Sugar Bush Road, Suite 520Raleigh, NC 27612
foundrycommercial.com
