1054 Summit Ave
Greensboro, NC 27405
Summit Heights (Urban Opportunity) · Retail Property For Sale

RTP Capital Advisors is pleased to present Summit Heights, made up of three buildings and a billboard located in Greensboro, the third largest city in the state. The property is strategically positioned at the corner of two major roads, Summit Avenue (25,000 VPD) and Wendover Avenue (43,000 VPD), a major west-east corridor which becomes US Route 70 to Raleigh. The property is surrounded by popular restaurants and retailers such as McDonald’s, Wendy’s, Subway, and much more. Currently, the property is 100% occupied with tenants who have short-term leases. Summit Heights provides a unique opportunity to purchase a value-add asset or redevelopment site with in-place income close to a thriving downtown and a large state university. Downtown Greensboro, just one mile from the subject property, is seeing unprecedented revitalization and growth including the $85 million Steven Tanger Center for Performing Arts, the $70 million mixed-use Carroll at Bellmeade apartment complex, and much more. In addition to having a building adjacent to the property, North Carolina A&T State University’s campus, with $300 million planned in new facilities, has 10,000 students and is less than 1 mile south of Summit Heights. In addition to the current income, Summit Heights is well positioned for value-add opportunities. The property has significant sign exposure and a mix of structures including a multi-tenant strip, two stand-alone buildings, and a billboard sign ground lease. Summit Heights is located in an Opportunity Zone as created by the Tax Cut and Jobs Act of 2017 which could further fuel investment and interest in the area. Summit Heights represents a unique opportunity to acquire a high-traffic, commercial asset with value-add or redevelopment potential at a major intersection in a rapidly developing area of Greensboro, the third largest city in North Carolina. We are pleased to present this investment opportunity for $1,100,000 at a 7.55% cap rate.