Atlantic Commons 1131 N Atlantic Ave 5,020 SF 100% Leased Retail Building Southport, NC 28461 $930,000 ($185.26/SF) 6.51% Cap Rate

The subject property is ideally located in the heart of Southport, just off of Howe Street, which is Southport's main corridor with many restaurants and retail shops. 100% leased, multi-tenant, mixed-use building in the heart of Southport, NC. The 5,020 square foot, two-story building consists of two large, residential units on the second floor and a Thai restaurant on the first floor. The property has on-site, surface parking for the exclusive benefit of the tenants and customers.
Both large, residential units each have 3 bedrooms/3 full baths and are approximately 1,500 SF each.
Both units have very large, covered porches
Priced well below replacement cost at $185 per square foot
Located just minutes from the downtown waterfront
Convenient and easy access from all areas of Southport
Established Thai restaurant operating on entire first floor
Restaurant has a 5 year lease with 3% annual escalations
Residential tenants recently signed 1 year lease extensions (one tenant been there over 5 years)
Residential units can be short-term rented in this zoning district
Residential unit rents are currently below market