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.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
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
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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