1901 I 587

Parcel 23817 contains 14.5 acres (per my measurement of the aerial tax map) that will be surveyed out of the main parcel. It is located on the south side of I 587 W. The +/- 14.5 acres on the south side of the I 587 corridor is landlocked and has no access. It is zoned RR for rural residential and/agricultural use by Pitt County. It contains a billboard that is leased to the Lamar Companies. The billboard site will most likely be purchased by the Lessee. A billboard site on the south side of I 587 West is leased to the Lamar Companies. The most recent lease renewal became effective on June 17, 2019 for a 10-year term. The lease specifies an automatic 10-year renewal at the same terms and conditions. Thus, the lease is relatively long-term with approximately 14 years remaining on the term. Owner reports that the annual rent is $2,000. No rent escalations are specified in the lease agreement. The Lessee has the Right of First Refusal to purchase the billboard site if the Lessor elects to sell the property. The Lessee also has the right to purchase a perpetual easement for the billboard site for 6 times the annual rent or $12,000 if the Lessor opts to sell the property. The Lessee also has the right to terminate the lease at lease at any time by providing written notice. Nevertheless, the lease is expected to be renewed for the foreseeable future. The present value of the $2,000 annual income stream is $18,589.9.