For Sale
$2,828,000

552 Plaza DrMooresville, NC 28115

Net-leased bank, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
118
This exceptional investment opportunity presents a fee-simple ownership of a 2,604 square foot Chase Bank located at 552 E Plaza Dr, Mooresville, NC 28115. The property sits on a 0.98-acre lot in a high-traffic retail corridor with a 0% vacancy rate within a one-mile radius, including prominent tenants such as Food Lion, McDonald's, KFC, and Dunkin'. Built in 1973 and renovated in 2024, this Class A retail property boasts a 15.2-year remaining lease term (commencing January 12, 2025, and expiring January 31, 2040) with a strong corporate guarantee from Chase Bank. The absolute NNN ground lease structure ensures zero landlord responsibilities. The property generates a Net Operating Income (NOI) of $140,000, resulting in a 4.95% cap rate. The lease includes 10% rent bumps every five years and five (5) five (5)-year option periods. This prime location at a lighted intersection of E. Plaza Drive (25,000 vehicles per day) and N Broad St (10,500 vehicles per day) offers excellent visibility and accessibility. The asking price is $2,828,000. This investment benefits from the robust growth of the Charlotte MSA, which has experienced significant population and job growth in recent years.

Highlights

  • Fee-simple ownership of a 2,604 SF Chase Bank building on a 0.98-acre lot in Mooresville, NC.
  • Absolute NNN ground lease with no landlord responsibilities; 15.2-year remaining lease term (commencing January 12, 2025) with 10% rent increases every five years and five 5-year option periods. Corporate guarantee from Chase Bank.
  • $2,828,000 asking price, generating a $140,000 NOI and a 4.95% cap rate.
  • High-profile location at a lighted intersection (E. Plaza Dr. & N. Broad St.) with excellent visibility and accessibility. High-traffic retail corridor with 0% vacancy within a one-mile radius, including Food Lion, McDonald's, KFC, and Dunkin'.
  • Recent renovations completed by tenant; building updated to Chase's newest prototype. Strong location within the rapidly growing Charlotte MSA, experiencing significant population and job growth.

Property Details for 552 Plaza Dr

Property type
Retail properties, Retail space
Square Feet
2,604 SF
Class
A
Year Built/Renovated
1973/2024
Lot Size (sq. ft)
42,689 SF

Location Insight

City
Mooresville
County
Iredell
State
North Carolina
Latitude
35.599753377493
Longitude
-80.811194416217
552 Plaza Dr, Mooresville, North Carolina

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552 Plaza Dr
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