939-946 W Andrews Ave, Henderson, NC 27536
Zetabid is pleased to present the Crossroads Center for sealed bid auction. This 100% leased multi-tenant retail/business park sits on 2 parcels of freeway adjacent land and located in the bedroom community of Henderson on the I85 freeway at the Andrews Avenue exit only 45 minutes North of the Raleigh/Durham market. Mix of local long-term tenants in fifty-five retail/office units which enjoys historically high occupancy with many of the leases below market (self-managed by
original owner retiring but willing to manage through any transition period). Space is always in high demand (currently with a waiting list and 100% occupied through the COVID pandemic) as the center has the best location in Henderson with 32,000 cars per day traffic on I85, and 15,000 on Andrews. There is also a 21,000 square foot mini storage complex with 246 units located at the back of the property.
The center was previously priced over 6.9M and is now part of a charity donation sale which allows a huge discount to market for investors who can close prior to January 28, 2021. With gross revenues over $1M a year and 40%+/- expenses, this is a double-digit cap rate opportunity for a fully leased stable investment just outside of the booming Raleigh market. The diversity of its local service retail tenant base mitigates vacancy risk compared to other commercial investments. Most of the tenants are on short term leases at the owners’ mandate, but the vast majority have been operating onsite for many years.
Please visit Zetabid.com for property and auction details along with our due diligence vault to review current rent roll, P/L history and other important documents.