704 Cannon BlvdKannapolis, NC 28083

Property Details for 704 Cannon Blvd

Year built

1958

Lot size

1.05 AC

Property size (Sq ft)

3,559 SF

Property type

Retail properties

Property subtype

Banks

Description

Offered for sale is a prime retail investment opportunity: a 3,559-square-foot, freestanding Wells Fargo Bank building situated on a 1.05-acre lot in Kannapolis, North Carolina. This absolute NNN net lease property boasts a strong corporate guarantee and features excellent visibility and access on North Cannon Boulevard, a high-traffic thoroughfare with 20,780 vehicles per day. The current lease, commencing March 31, 2003, and expiring August 30, 2025, has approximately 0.8 years remaining. Built in 1958 and renovated in 2008, the property generates a substantial net operating income (NOI) of $62,939, representing a 7.40% cap rate and a price per square foot of $238.83. The asking price is $850,000. Kannapolis is experiencing significant revitalization and development, offering long-term growth potential. Its proximity to Charlotte, NC (a 30-minute drive to a metropolitan area with a population of 2.7 million) further enhances its investment appeal. This presents a compelling opportunity for investors seeking a high-yield asset with potential for future redevelopment. The property's single-tenant occupancy is 100%. There are no rent bumps included in the lease.

Location Insight

City

Kannapolis

County

Cabarrus

State

North Carolina

Latitude

35.5044

Longitude

-80.6091

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].