552 Plaza DrMooresville, NC 28115
- Banks
- 3,657 SF
Property Details for 552 Plaza Dr
- Year built
- 1973
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.98 AC
- Property size (Sq ft)
- 3,657 SF
- Zone code
- CC
- Property type
- Banks
- APN
- 4667-18-5263.000
- APU
- 4667185263000
Description
This exceptional investment opportunity presents a fee-simple ownership of a 2,604 square foot Chase Bank located at 552 E Plaza Dr, Mooresville, NC 28115. The property sits on a 0.98-acre lot in a high-traffic retail corridor with a 0% vacancy rate within a one-mile radius, including prominent tenants such as Food Lion, McDonald's, KFC, and Dunkin'. Built in 1973 and renovated in 2024, this Class A retail property boasts a 15.2-year remaining lease term (commencing January 12, 2025, and expiring January 31, 2040) with a strong corporate guarantee from Chase Bank. The absolute NNN ground lease structure ensures zero landlord responsibilities. The property generates a Net Operating Income (NOI) of $140,000, resulting in a 4.95% cap rate. The lease includes 10% rent bumps every five years and five (5) five (5)-year option periods. This prime location at a lighted intersection of E. Plaza Drive (25,000 vehicles per day) and N Broad St (10,500 vehicles per day) offers excellent visibility and accessibility. The asking price is $2,828,000. This investment benefits from the robust growth of the Charlotte MSA, which has experienced significant population and job growth in recent years.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,295,973
- 6.5%
- $1,196,283
- 7%
- $1,110,834
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,560,576
- Geo Method
- $1,560,576
-
Alternative Use
- Use
- Valuation
- Residential
- $1,009,110
- Hospitality
- $924,339
- Educational
- $769,039
- Medical
- $795,488
- Retail
- $1,196,283
Location Insight
- City
- Mooresville
- County
- Iredell
- State
- North Carolina
- Latitude
- 35.5999
- Longitude
- -80.8114
- CBSA code
- 16740
- CBSA name
- CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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