Cap Rate: 5.15%
Net Operating Income: $335,000
Square Footage: 15,474
Lot Size: 1.69 AC
The subject property is a 15,474 square foot building, leased to Walgreens (WBA) on an absolute NNN lease. The tenant has a new 15 year lease with 5% increases every 5 years. The asset is well located in Concord, North Carolina home to the Charlotte Motor Speedway which hosts the Coca Cola 600 and Bank of America 400. The location receives over 19,000 VPD along Cabarrus Ave West and Warren C Coleman Blvd East. The asset is surrounded by major retailers including Big Lots, McDonald’s, Food Lion, Walmart Supercenter and many others.
Concord is a city in Cabarrus County, in the U.S. state of North Carolina. As of the 2010 census, the city had a population of 79,066, with an estimated population in 2019 of 96,341. It is the county seat and the largest city in Cabarrus County. In terms of population, the city of Concord is the second-largest city in the Charlotte metropolitan area and is the 10th most populous city in North Carolina. In 2015, WalletHub ranked Concord as the city with the 16th fastest growing economy in the United States. The city was a winner of the All-America City Award in 2004. Located near the center of Cabarrus County in the Piedmont region, it is 20 miles (32 km) northeast of Uptown Charlotte. Concord is the home to some of North Carolina’s top tourist destinations, including NASCAR’s Charlotte Motor Speedway and Concord Mills.