For Sale
$3,523,361

1801 Milton Rd Charlotte, NC 28215

High-yield, net-leased CVS pharmacy.

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
138
This exceptional investment opportunity presents a freestanding CVS Pharmacy in Charlotte, NC, offering a compelling combination of stability and growth potential. The 12,608 square foot building, constructed in 1996, sits on a 1.43-acre lot at a signalized intersection, ensuring high visibility and accessibility. Currently operating under a net lease agreement with a corporate guarantee from CVS, the property boasts 100% occupancy since its opening on April 4, 1995. The lease, expiring June 30, 2026, includes two five-year renewal options with a 5% rent increase for each. Landlord responsibilities are limited to exterior maintenance and roof repairs. The property's strong financial performance is highlighted by a 6.00% cap rate and a net operating income (NOI) of $209,640, with an asking price of $3,523,361 ($279.45/sq ft). Benefiting from its location in a densely populated area (95,611 residents within a three-mile radius) and its proximity to Cochrane Collegiate Academy, this CVS enjoys a loyal customer base and a strategic position within the Charlotte market. The property's low replaceable rent further enhances its investment appeal. This offering presents a rare opportunity to acquire a high-performing, net-leased asset with a strong tenant and significant remaining lease term.

Highlights

  • Recent 5-year lease renewal with CVS, demonstrating strong tenant commitment.
  • Two, 5-year renewal options with 5% rent increases each.
  • 61,000 square foot lot.
  • High-visibility corner location in a densely populated area.
  • Excellent location for strong customer base.
  • Adjacent to Cochrane Collegiate Academy (grades 6-12).

Property Details for 1801 Milton Rd

Property type
Retail properties, Drug stores
Square Feet
12,608 SF
Year Built
1996
Buildings
1
Stories
1
Lot Size (sq. ft)
62,291 SF

Location Insight

City
Charlotte
County
Mecklenburg
State
North Carolina
Latitude
35.247546
Longitude
-80.75155

FAQs

What type of property is this?
Retail property - High-yield, net-leased CVS pharmacy.
Where is the retail property located?
The property is located at 1801 Milton Rd Charlotte, NC.
What is the asking price?
The asking price for this property is $3,523,361.
What are key features of this property?
This property features: Recent 5-year lease renewal with CVS, demonstrating strong tenant commitment.; Two, 5-year renewal options with 5% rent increases each.; 61,000 square foot lot.
How can I contact the broker?
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1801 Milton Rd
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