For Sale
$2,400,000

5105 Reagan DrCharlotte, NC 28206

Charlotte Retail Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
115
This 10,149 square foot, single-story shopping center in Charlotte, NC, presents a compelling investment opportunity. Located on Reagan Drive, this multi-tenant property boasts six units, currently at 71% occupancy, and offers significant upside potential. Built in 1994, the property sits on a 1.08-acre lot and features a gated parking lot with surveillance. Recent upgrades totaling $250,000 include renovations to 14 office spaces and new HVAC ductwork. One unit includes a drive-in bay with a roll-up door, providing versatile flex space. The property benefits from a prime Interstate 85 N location, just four miles from uptown Charlotte, within a high-occupancy region with a population of 267,000 and average household income exceeding $78,000 within a five-mile radius. The asking price is $2,400,000, representing a 7.12% cap rate with a pro-forma cap rate of 8.06%. The property's location within the Northeast Corridor Infrastructure Program (NECI), a $105.6 million project, further enhances its long-term value. Renovated units with tile floors and chandeliers offer potential for event space or flex use. A light value-add opportunity exists through filling vacant units and converting existing gross leases to NNN.

Highlights

  • 10,149 SF multi-tenant retail/flex building.
  • One unit features a drive-in bay with roll-up door.
  • $250,000 in recent renovations to 14 office spaces.
  • Gated parking lot with security cameras.
  • New HVAC ductwork.
  • Value-add opportunity: lease-up vacant units and convert gross leases to NNN.

Property Details for 5105 Reagan Dr

Property type
Lifestyle centers, Power centers
Square Feet
10,149 SF
Year Built
1994
Buildings
1
Stories
1
Lot Size (sq. ft)
47,045 SF
Units
6

Location Insight

City
Charlotte
County
Mecklenburg
State
North Carolina
Latitude
35.2776795
Longitude
-80.7954492
5105 Reagan Dr, Charlotte, North Carolina

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5105 Reagan Dr
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