For Sale
$3,523,361

1801 Milton RdCharlotte, NC 28215

High-yield, net-leased CVS pharmacy.

Overview

Added:
Dec 11, 2024
Days on market:
117
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
1801 Milton Rd, Charlotte, North Carolina

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1801 Milton Rd
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