Freestanding Retail Building with
For Sale
Contact for pricing
110 W Garrison Blvd, Gastonia, NC 28052
Freestanding former drug store with a drive-thru window, ample parking, and prominent access at a signalized intersection.
Property Size11,200 SF
Lot Size1.22 Acres
Price / SF$178.57
Days on Market530
Property Features for 110 W Garrison Blvd
General Information
Standard status
Active
Size
11,200 SF
Lot size
1.22 Acres
Property subtype
RETAIL
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
drive-thru window
Listing Agency:
KW Commercial-Ballantyne
(513) 265-6348
Listed By:
Jake Meinzer · License #335045/133385
(513) 265-6348
Source:
Moodyscre
Added: Mar 6, 2025
Changed: Aug 15
Last Checked: Aug 17 at 6:48AM
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 KW Commercial-Ballantyne
Investment Insights
Based on property information with market context.
This approximately 11,200-square-foot freestanding building was formerly a Walgreens and is offered for sale. The property includes a drive-thru window and ample on-site parking, situated on a 1.22-acre lot. The configuration supports a range of retail and service uses.
The building is located at the signalized intersection of W. Garrison Blvd and S. Marietta St and is positioned across from a Food Lion-anchored shopping center. The listing notes it is minutes from I-85 in the Charlotte MSA.
As a standalone retail asset, it is designed for direct customer access at the intersection with dedicated parking to support everyday operations.
The building is located at the signalized intersection of W. Garrison Blvd and S. Marietta St and is positioned across from a Food Lion-anchored shopping center. The listing notes it is minutes from I-85 in the Charlotte MSA.
As a standalone retail asset, it is designed for direct customer access at the intersection with dedicated parking to support everyday operations.
Key Highlights
- Approximately 11,200 SF former Walgreens freestanding retail building
- Drive‑thru window included
- 1.22‑acre lot with ample parking
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
$164,934
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
8.25%
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%
$3,298,680
$3.3M
Cap Rate 7%
$2,356,200
$2.4M
Cap Rate 9%
$1,832,600
$1.8M
Market Conditions
NOI Build-Up for 11,200 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
$235.2K $21.00/SF
− Vacancy
−$15.3K −$1.37/SF
EGI
$219.9K $19.64/SF
− OpEx
−$55.0K −$4.91/SF
NOI
$164.9K $14.73/SF
Area
Gaston 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%
$3,298,680
Cap Rate 7%
$2,356,200
Cap Rate 9%
$1,832,600
Alternative Uses
Best Use
Specialty Retail
$2.36M
$2.06M – $2.75M
NOI $164,934 @ 7.0% cap · market cap 8.25%
Second Best
Retail
$1.96M
$1.72M – $2.29M
NOI $137,498 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$3.53M
$3.08M – $4.11M
NOI $246,758 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
103k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 38%
Electronics 1%
QuikTrip
Shops & Services
29,488 visits/mo
0.2 miles
McDonald's
Dining
25,954 visits/mo
0.3 miles
Burger King
Dining
14,667 visits/mo
0.3 miles
Taco Bell
Dining
9,550 visits/mo
0.2 miles
Azteca
Dining
6,253 visits/mo
0.3 miles
Demographics for 28052, NC
35,332
Population
15,561
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
83%
High-School Grad
41.4 sq mi
ZIP Area
853
Density / Sq Mi
$46,015
Median Household Income
$34,339
Median Earnings
$1,058
Median Rent
$173,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Janette Hibbert, BSC — 110 W Garrison Blvd, Gastonia, NC 28052
- Ranlo Fire Dept., Ranlo, NC 28054 — 110 W Garrison Blvd, Gastonia, NC 28052
- Union Drug Pharmacy @union commons — Union Commons, Gastonia, NC 28054
- Beautiful Image Anti Aging, LLC — 1556 Union Rd Ste E, Gastonia, NC 28054
- Union Drugs — 1546 Union Rd STE B, Gastonia, NC 28054
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding former drug store with a drive-thru window, ample parking, and prominent access at a signalized intersection.
Where is this drug store located?
The property is located at 110 W Garrison Blvd Gastonia, NC.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Approximately 11,200 SF former Walgreens freestanding retail building; Drive‑thru window included; 1.22‑acre lot with ample parking
