Restaurant and Land For
120 Gallery Center Drive Mooresville, NC 28117
For Sale
Contact for pricing
2.54 acres with existing restaurant in Mooresville, NC.
Property Size7,956 SF
Lot Size2.54 Acres
Price / SF$402.21
Days on Market76
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
Building Details
- Year Built
- 2014
Listing Agency:
6 Summit Partners
Listed By:
Brad Grow · License #171620
Source:
Crexi
Added: May 12
Changed: Jul 10
Last Checked: Jul 25 at 2:48AM
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 For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $167.1k | $21.00 |
| − Vacancy | −$10.9k | −$1.37 |
| EGI | $156.2k | $19.64 |
| − OpEx | −$39.1k | −$4.91 |
| NOI | $117.2k | $14.73 |
7,956 SF · lease $21.00/SF/yr · vacancy 6.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $117,162 @ 7.0% cap · market cap 3.66%
Second Best
Retail
$1.40M
$1.22M – $1.63M
NOI $97,673 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,287 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Golden Corral Buffet ...
Restaurant
Similar Off Market Nearby
- Ichiban Hibachi Buffet — 124 Norman Station Blvd, Mooresville, NC 28117
FAQs
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 $3,200,000.
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.
