Restaurant and Land For
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120 Gallery Center Drive, Mooresville, NC 28117
2.54 acres with existing restaurant in Mooresville, NC.
Property Size7,956 SF
Lot Size2.54 Acres
Price / SF$389.64
Days on Market113
Property Features for 120 Gallery Center Drive
General Information
Standard status
Active
Size
7,956 SF
Lot size
2.54 Acres
Property subtype
Retail, Hospitality, Land
Zoning
CC (Community Commercial)
Lease Type
Absolute Net
Investment Type
Owner/User
Net Operating Income
$319,847
Building Details
Year Built
2014
Units
142
Tenancy
Single
Listing Agency:
6 Summit Partners
Listed By:
Brad Grow · License #171620
Source:
Crexi
Added: May 12
Changed: Aug 25
Last Checked: Aug 31 at 2:25AM
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 6 Summit Partners
Investment Insights
Based on property information with market context.
This property features 2.54 acres of land with an existing 7,956 square foot Golden Corral Restaurant, constructed in 2014. Situated off exit 36 (Highway 150) in Mooresville, North Carolina, the site is zoned CC (Community Commercial), which allows for a variety of commercial uses, including retail or hotel development. The location is less than a quarter mile from I-77 at exit 36, providing highway visibility at a busy intersection north of Charlotte. The surrounding area includes a mix of retailers such as Target, Sam's Club, Lowe's Home Improvement, Walmart, and Best Buy, along with over 10 hotels within a half-mile radius. A new I-77 bridge is planned to the north of the site, which will improve access and connectivity to numerous retail amenities. The bridge and road widening are fully funded and projected to begin in 2029, further enhancing the site's accessibility.
Key Highlights
- Prime location less than 1/4 mile from I‑77 (Exit 36) at a high‑traffic intersection.
- Zoned CC (Community Commercial) allowing for diverse commercial uses (retail, hotel, etc.).
- Existing 7,956 SF restaurant building (Golden Corral) built in 2014.
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
$117,162
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
3.78%
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%
$2,343,240
$2.3M
Cap Rate 7%
$1,673,743
$1.7M
Cap Rate 9%
$1,301,800
$1.3M
Market Conditions
NOI Build-Up for 7,956 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
$167.1K $21.00/SF
− Vacancy
−$10.9K −$1.37/SF
EGI
$156.2K $19.64/SF
− OpEx
−$39.1K −$4.91/SF
NOI
$117.2K $14.73/SF
Area
Iredell County, NC
Vacancy
6.50%
Lease Rate
$21.00 /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%
$2,343,240
Cap Rate 7%
$1,673,743
Cap Rate 9%
$1,301,800
Alternative Uses
Best Use
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $117,162 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,287 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,151
Businesses Nearby
578k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Shops & Services 23%
Apparel 14%
Home Improvements & Furnishings 10%
Lowe's
Home Improvements & Furnishings
53,358 visits/mo
0.4 miles
Kohl's
Apparel
50,243 visits/mo
0.3 miles
Chick-fil-A
Dining
44,877 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
42,116 visits/mo
0.3 miles
McDonald's
Dining
31,688 visits/mo
0.3 miles
Demographics for 28117, NC
46,917
Population
21,528
Households
2.2
Avg Household Size
42
Median Age
55%
College-Educated
98%
High-School Grad
39.1 sq mi
ZIP Area
1,200
Density / Sq Mi
$109,310
Median Household Income
$53,706
Median Earnings
$1,593
Median Rent
$567,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Ichiban Hibachi Buffet — 124 Norman Station Blvd, Mooresville, NC 28117
Frequently Asked Questions
What type of property is this?
Conventional restaurant - 2.54 acres with existing restaurant in Mooresville, NC.
Where is this conventional restaurant located?
The property is located at 120 Gallery Center Drive Mooresville, NC.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Prime location less than 1/4 mile from I‑77 (Exit 36) at a high‑traffic intersection.; Zoned CC (Community Commercial) allowing for diverse commercial uses (retail, hotel, etc.).; Existing 7,956 SF restaurant building (Golden Corral) built in 2014.
