2035 Sharon Amity RdCharlotte, NC 28205

Property Details for 2035 Sharon Amity Rd

Year built

1999

Lot size

0.65 AC

Property size (Sq ft)

10,308 SF

Zone code

B-1

Property type

Retail properties

Property subtype

Drug stores

APN

16110712

APU

16110712

Description

This exceptional investment opportunity presents a CVS Pharmacy located at 2035 N Sharon Amity Rd, Charlotte, NC 28205. The property boasts a 7.5% cap rate and a strong 10.2-year remaining lease term expiring January 31, 2035, with rent bumps included. The 0.69-acre lot houses a single-tenant, 100% occupied building constructed in 1999. The property generates a substantial net operating income (NOI) of $210,564 annually, with an asking price of $2,807,520. The location benefits from high traffic counts exceeding 43,000 vehicles daily on a signalized corner, situated on a major thoroughfare. This prime location is further enhanced by its proximity to major hospitals, totaling over 1650 beds, with plans for an additional 450 beds in the near future. The property's strategic position in a rapidly growing area of Charlotte, combined with the tenant's long-term commitment (evidenced by a recent 10-year lease extension and the transfer of prescriptions from a closed nearby location), presents a compelling investment opportunity with minimal lease renewal risk. The lease includes four 5-year options. The property is situated in a tax-friendly state, offering additional investment advantages. The surrounding area has a population of nearly 300,000 residents within a 5-mile radius, boasting an average household income exceeding $100,000.

• CAP approach

  CAP return

  Valuation

  6%

  $4,083,026

  6.5%

  $3,768,948

  7%

  $3,499,737

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,398,803

  Geo Method

  $4,398,803

• Alternative Use

  Use

  Valuation

  Residential

  $3,179,248

  Hospitality

  $2,912,174

  Educational

  $2,422,895

  Medical

  $2,506,222

  Retail

  $3,768,948

Location Insight

City

Charlotte

County

Mecklenburg

State

North Carolina

Latitude

35.1892

Longitude

-80.7731

CBSA code

16740

CBSA name

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

Property Tax & Assessments

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