Single Tenant Walgreens Net
For Sale
Contact for pricing
1170 E Marion St, Shelby, NC 28150
Single tenant Walgreens in high growth Charlotte Metropolitan Statistical Area.
Property Size14,673 SF
Lot Size1.52 Acres
Price / SF$255.57
Days on Market1353
Property Features for 1170 E Marion St
General Information
Standard status
Active
Size
14,673 SF
Lot size
1.52 Acres
Property subtype
Retail
Zoning
General Business
Occupancy
100%
Lease Type
Absolute Net
Building Details
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
APG Advisors
(919) 582-3143
Listed By:
Colby Mitchell · License #NC 335176
Source:
Crexi
Added: Dec 7, 2022
Changed: Aug 19
Last Checked: Aug 20 at 12:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of APG Advisors
Investment Insights
Based on property information with market context.
Located at 1170 E Marion Street in Shelby, NC, this property features a 14,673 square foot building on approximately 1.52 acres. It is situated in the thriving Charlotte Metropolitan Statistical Area (MSA), which ranks among the top MSAs in the US for growth. The property is net leased to Walgreens, guaranteed by one of the nation's top drugstore chains with an investment grade credit rating of BBB Standard & Poor. The location is a signalized corner with high traffic roads and strong demographics. The lease is absolute NNN, meaning no landlord responsibilities. The lease includes a 10% rent escalation in rent in option terms. The property is located in an Opportunity Zone, offering potential tax advantages.
Key Highlights
- Investment Grade Credit: BBB Standard & Poor's credit rating, guaranteed by Walgreens.
- Absolute NNN Lease: Enjoy a completely hands‑off investment with no landlord responsibilities.
- Rare 10% Rent Escalation: Benefit from rent increases in option terms.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$185,408
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,708,160
$3.7M
Cap Rate 7%
$2,648,686
$2.6M
Cap Rate 9%
$2,060,089
$2.1M
Market Conditions
NOI Build-Up for 14,673 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$264.1K $18.00/SF
− Vacancy
−$16.9K −$1.15/SF
EGI
$247.2K $16.85/SF
− OpEx
−$61.8K −$4.21/SF
NOI
$185.4K $12.64/SF
Area
Cleveland County, NC
Vacancy
6.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,708,160
Cap Rate 7%
$2,648,686
Cap Rate 9%
$2,060,089
Alternative Uses
Best Use
Specialty Retail
$2.65M
$2.32M – $3.09M
NOI $185,408 @ 7.0% cap · market cap 4.94%
Second Best
Retail
$2.51M
$2.20M – $2.93M
NOI $175,821 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$3.73M
$3.26M – $4.35M
NOI $260,839 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28150, NC
28,517
Population
13,482
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
90%
High-School Grad
109.5 sq mi
ZIP Area
260
Density / Sq Mi
$53,027
Median Household Income
$36,843
Median Earnings
$793
Median Rent
$195,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Senior Care Pharmacy — 1176 Wyke Rd, Shelby, NC 28150
- Chrissie D. Hoyle, PharmD — 1170 E Marion St, Shelby, NC 28150
- Robert D. Hall, RPh — 1170 E Marion St, Shelby, NC 28150
- Walgreens Pharmacy — 1170 E Marion St, Shelby, NC 28150
- TurnaRound Nutrition — 1170-1, wyke rd, shelby, nc 28150
Frequently Asked Questions
What type of property is this?
Drug store - Single tenant Walgreens in high growth Charlotte Metropolitan Statistical Area.
Where is this drug store located?
The property is located at 1170 E Marion St Shelby, NC.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Investment Grade Credit: BBB Standard & Poor's credit rating, guaranteed by Walgreens.; Absolute NNN Lease: Enjoy a completely hands‑off investment with no landlord responsibilities.; Rare 10% Rent Escalation: Benefit from rent increases in option terms.
