For Sale
$850,000

704 Cannon Blvd Kannapolis, NC 28083

High-yield NNN lease, redevelopment potential.

Overview

Added:
Dec 11, 2024
Days on market:
138
Offered for sale is a prime retail investment opportunity: a 3,559-square-foot, freestanding Wells Fargo Bank building situated on a 1.05-acre lot in Kannapolis, North Carolina. This absolute NNN net lease property boasts a strong corporate guarantee and features excellent visibility and access on North Cannon Boulevard, a high-traffic thoroughfare with 20,780 vehicles per day. The current lease, commencing March 31, 2003, and expiring August 30, 2025, has approximately 0.8 years remaining. Built in 1958 and renovated in 2008, the property generates a substantial net operating income (NOI) of $62,939, representing a 7.40% cap rate and a price per square foot of $238.83. The asking price is $850,000. Kannapolis is experiencing significant revitalization and development, offering long-term growth potential. Its proximity to Charlotte, NC (a 30-minute drive to a metropolitan area with a population of 2.7 million) further enhances its investment appeal. This presents a compelling opportunity for investors seeking a high-yield asset with potential for future redevelopment. The property's single-tenant occupancy is 100%. There are no rent bumps included in the lease.

Highlights

  • Absolute net lease Wells Fargo bank property in Kannapolis, NC, with approximately 1.4 years remaining on the lease term, presenting redevelopment potential.
  • High-visibility location on North Cannon Boulevard, with 20,780 vehicles per day.
  • Kannapolis is experiencing significant ongoing development and revitalization.
  • Conveniently located within 30 minutes of Charlotte, NC, a major metropolitan area with a population of 2.7 million.
  • 3,559 square foot building on a 1.05-acre lot.

Property Details for 704 Cannon Blvd

Property type
Retail properties, Banks
Square Feet
3,559 SF
Year Built/Renovated
1958/2008
Lot Size (sq. ft)
45,738 SF
Units
1

Location Insight

City
Kannapolis
County
Cabarrus
State
North Carolina
Latitude
35.50441436
Longitude
-80.60906107

FAQs

What type of property is this?
Retail property - High-yield NNN lease, redevelopment potential.
Where is the retail property located?
The property is located at 704 Cannon Blvd Kannapolis, NC.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Absolute net lease Wells Fargo bank property in Kannapolis, NC, with approximately 1.4 years remaining on the lease term, presenting redevelopment potential.; High-visibility location on North Cannon Boulevard, with 20,780 vehicles per day.; Kannapolis is experiencing significant ongoing development and revitalization.
How can I contact the broker?
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704 Cannon Blvd
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