1501 Tryon StCharlotte, NC 28206

Property Details for 1501 Tryon St

Year built

2001

Lot size

1.14 AC

Property size (Sq ft)

4,732 SF

Zone code

I2

Property type

Retail properties

Property subtype

Other car washes

APN

7811509

APU

7811509

Description

This exceptional 1.14-acre commercial property, located at 1501 N Tryon St in Charlotte, NC (zip code 28206), presents a unique investment opportunity. Currently zoned ML-2, this site offers flexible usage potential and easy rezoning capabilities, particularly given the recent multi-family rezoning of adjacent properties. The property boasts a prime corner location at the well-lit intersection of Dalton Ave (9,500 vehicles per day) and N. Tryon St (21,500 vehicles per day), providing two convenient access points. Previously occupied by a 7-Eleven, the existing lease has approximately 1.9 years remaining (expiring 09/29/2026), with the tenant currently paying dark rent. This provides immediate cash flow potential or the option to terminate the lease early. All underground storage tanks and canopies have been removed. The property benefits from its proximity to thriving areas: approximately half a mile to Optimist Hall, one mile to Camp North End and Uptown Charlotte, and two miles to NoDa. The surrounding area demonstrates strong demographics, with a population of 121,000 within a three-mile radius and an average household income exceeding $105,000. Charlotte's robust economic growth, projected at a 45.2% job increase over the next decade, further enhances the investment appeal. The site's location within the rapidly developing North End/Optimist Park submarkets, characterized by significant recent and ongoing multi-family development (over 5,200 units delivered since 2019 within a one-mile radius, with 2,249 units currently under construction), underscores its long-term growth potential. The asking price for this fee-simple property is $2,980,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,702,396

  6.5%

  $1,571,442

  7%

  $1,459,196

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,019,318

  Geo Method

  $2,019,318

• Alternative Use

  Use

  Valuation

  Residential

  $1,325,570

  Hospitality

  $1,214,215

  Educational

  $1,010,213

  Medical

  $1,044,956

  Retail

  $1,571,442

Location Insight

City

Charlotte

County

Mecklenburg

State

North Carolina

Latitude

35.2392

Longitude

-80.8276

CBSA code

16740

CBSA name

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

Property Tax & Assessments

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