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

Other retail properties

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

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