1216 Main StKannapolis, NC 28081

Property Details for 1216 Main St

Year built

1920

Lot size

0.32 AC

Property size (Sq ft)

12,068 SF

Zone code

C2:HIGHWAY COMMERCIAL

Property type

Auto shops

APN

150 072

APU

150072

Description

This exceptional 22,619-square-foot flex space in Kannapolis, NC, presents a compelling owner-user or sale-leaseback opportunity. Located at 1216 S Main St, this Class B industrial property boasts a prime location with high visibility, experiencing over 10,000 vehicles per day. The property, built in 1950 and extensively renovated in 2023 for nearly $1 million, features a single-story building on a 0.94-acre lot. The improvements include a new +/- 2,500 square foot second floor addition with six offices, two boardrooms, a full bath, two half baths, and a kitchen. Additional upgrades encompass a new roof, drainage system, fresh paint, new asphalt, and a new HVAC system. The main level offers over 10,000 square feet of conditioned space, perfect for warehouse, showroom, or office needs. The property also includes a fenced laydown yard and one loading dock. Zoned GC, this turnkey property is ready for immediate occupancy. The asking price is $2,133,000 ($94 per square foot) with a triple net (NNN) lease structure. The property is currently 100% occupied, with the lease expiring on December 31, 2024. This represents a rare chance to acquire a move-in ready asset in a stable growth market, minutes from downtown Kannapolis. Three-phase power is available.

• CAP approach

  CAP return

  Valuation

  6%

  $4,276,677

  6.5%

  $3,947,702

  7%

  $3,665,723

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,149,860

  Geo Method

  $5,149,860

• Alternative Use

  Use

  Valuation

  Residential

  $3,330,034

  Hospitality

  $3,050,293

  Educational

  $2,537,808

  Medical

  $2,625,087

  Retail

  $3,947,702

Location Insight

City

Kannapolis

County

Rowan

State

North Carolina

Latitude

35.511

Longitude

-80.6149

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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