5303 Mooresville RdSalisbury, NC 28147

Property Details for 5303 Mooresville Rd

Year built

1948

Lot size

0.35 AC

Property size (Sq ft)

2,748 SF

Zone code

CBI

Property type

Retail properties

Property subtype

Gas stations

APN

466 051

APU

466051

Description

This freestanding retail building, situated on a 0.35-acre corner lot at 5303 Mooresville Road in Salisbury, NC, presents a compelling investment opportunity. The property enjoys excellent visibility on Highway 150, a key thoroughfare connecting Mooresville and Salisbury. Its location within a rapidly expanding residential area, marked by the development of several new subdivisions, ensures a strong potential customer base. The CBI zoning allows for a variety of uses, making it suitable for a small corner store, mechanic shop, or similar business. The building includes four underground storage tanks (USTs): three 1,000-gallon gasoline tanks and one 1,000-gallon kerosene tank. The condition of the USTs is currently unknown. Importantly, there is no existing well on the property. Currently, a tenant occupies the space under a month-to-month verbal lease agreement. This presents a unique chance to acquire a well-positioned retail property in a high-growth area, offering significant upside potential for the savvy investor. The asking price is $109,000. Serious inquiries are encouraged to explore this promising investment prospect further. The property's prime location and flexible zoning make it an attractive option for a variety of commercial ventures. The existing tenancy provides immediate cash flow, while the potential for redevelopment or lease renegotiation offers further opportunities for increased profitability.

• CAP approach

  CAP return

  Valuation

  6%

  $973,841

  6.5%

  $898,930

  7%

  $834,720

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,172,673

  Geo Method

  $1,172,673

• Alternative Use

  Use

  Valuation

  Residential

  $758,281

  Hospitality

  $694,581

  Educational

  $577,883

  Medical

  $597,758

  Retail

  $898,930

Location Insight

City

Salisbury

County

Rowan

State

North Carolina

Latitude

35.6534

Longitude

-80.5846

CBSA code

16740

CBSA name

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

Property Tax & Assessments

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