1801 Milton RdCharlotte, NC 28215

Property Details for 1801 Milton Rd

Year built

1996

Lot size

1.43 AC

Property size (Sq ft)

12,608 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

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.

Location Insight

City

Charlotte

County

Mecklenburg

State

North Carolina

Latitude

35.2475

Longitude

-80.7515

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