Industrial Building FOR SALE

Industrial for Sale
Sale Pending
Catylist Listing ID: 30776358
Property Subtypes: Free-Standing, Industrial-Business Park, Manufacturing, Net Leased, Warehouse/Distribution
Status: Pending
Building Size (RSF): 54,000 SF
Gross Land Area: 5 - 6 Acres
Sale Price: $1,449,000 - 1,500,000
Unit Price: $26.83 - 27.78 PSF
Ceiling: 24 ft. / 22 ft. Clear
Docks/Doors: 2 Docks, 2 Doors
Office SF: 8,500 SF
Drive In Bays: 2 Bays
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: 204 Carolina Drive
Usable Size (USF): 54,000 SF
Sale Terms: Cash to Seller
Cap Rate: 7.07%
Average Occupancy Rate: 100
Last Updated: 1/5/2022

Overview / Comments

This building is 50,000 sq ft of industrial space and has a long rental history for building capacitors. The original tenant was bought out by the new/current tenant CORNELL DUBILIER (CDE). CDE is a privately owned company and have facilities in SC, MA and Mexico. Their annual revenue is in excess of $100mm which makes them the largest independent supplier of capacitors in the USA.

The facility is absolutely incredible and their business is very robust. In fact, the plant manager mentioned they would like to expand in the next couple of years making this an excellent long term investment. Please take a look at the attached OM for more complete details

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $6,992 (Annual)
Potential Rental Income $125,000 (Annual)
Net Operating Income $102,507 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name CORNELL DUBILIER (CDE)
Contact Name Justin Mullarkey
Contact Title Seller agent
Phone Number 252-347-1287
Industry Type Manufacturing
Is Renting? Yes
Annual Revenue $100,000,000 (Annual)
SF of Space Occupied 54,000 SF
Current Rent $125,000 PSF (Annual)
Lease Expiration 12/2025
Escalations 10% increase at the option period
Options 1 five year option with 12 month written notice
Tenant Notes Privately held, American owned company, Cornell Dubilier Electronics has earned a global reputation for manufacturing quality, high end capacitors. Almost all the of company's capacitors are used in demanding industrial applications, separating themselves from the competition.

Additional Details

Nearest MSA: Greenville
County: Greene
Submarket Type: Other
Taxing Authority: Town of Snow Hill, Greene County
Tax ID/APN: 0305443
Zoning: GENERAL COMMERCIAL
Site Description: Site is located in Snow Hill, NC. Access to all public utilities, water, sewer, gas
Area Description: Industrial park
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 50,000 SF
Property Condition: Excellent
Year Built: 1992
Year Renovated: 2010
Roof Type: Gable
Construction/Siding: Steel Frame
Exterior Description: Steel building
Parking Type: Surface
Parking Description: Surface parking
Total Parking Spaces: 150
Eave Height: 22
Column Spacing: 30
Freight Elevators: 1
Sprinklers: Wet
X-Phase: 3
Heat Type: Electricity, Natural Gas, Suspended Radiant Heaters
Heat Source: Central
Air Conditioning: Air Curtain, Engineered System, Package Unit
Lighting: LED
Interior Description: The entire building is fully conditioned except for approximately 6,000 sq ft of shipping area. There is a front office area that spans with the width of the building area for front office staff (Approximately 8,000+/-), dedicated cafeteria/lounge, two mezzanines with one being for specialized manufacturing, equipped with freight elevator. Two dock high doors Two at parking lot level (14’) Two at more for folk lifts (12’)
Zoning Description: General Commercial
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,041 2,678 11,506
Median Age: 46.51 42.95 38.44
Households: 483 1,148 3,644

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