Convenience Store Building with
For Sale
$399,900
1404 N Ridge Ave, Kannapolis, NC 28083
The building includes large storage areas and existing underground fuel infrastructure.
Property Size2,418 SF
Price / SF$165.38
Days on Market21
Property Features for 1404 N Ridge Ave
General Information
Standard status
Active
Size
2,418 SF
Additional Details
Road Access
Yes
Amenities
large storage areas
2 baths
Building Details
Year Built
1954
Buildings
1
Listing Agency:
Bentley Realty
Listed By:
Robbie Bentley
Source:
Highperformancerea
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 25 at 4:50AM
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 Bentley Realty
Investment Insights
Based on property information with market context.
This 2,418-square-foot commercial building in Kannapolis was previously used as a convenience store. The layout includes large storage areas and two bathrooms, with one bathroom located on each side of the building. Underground fuel tanks remain in place, although their condition and operability have not been established. The status of the fuel pumps and heating system is also unknown. Built in 1954, the property is located at 1404 N Ridge Avenue in Kannapolis, North Carolina. Its existing building layout, storage areas, and retained fuel-related improvements provide the physical features currently present for evaluation by a purchaser.
Key Highlights
- 2,418‑square‑foot commercial building
- Previously used as a convenience store
- Large storage areas within the building
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
$35,608
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
8.90%
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%
$712,160
$712.2K
Cap Rate 7%
$508,686
$508.7K
Cap Rate 9%
$395,644
$395.6K
Market Conditions
NOI Build-Up for 2,418 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
$50.8K $21.00/SF
− Vacancy
−$3.3K −$1.37/SF
EGI
$47.5K $19.64/SF
− OpEx
−$11.9K −$4.91/SF
NOI
$35.6K $14.73/SF
Area
Cabarrus 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%
$712,160
Cap Rate 7%
$508,686
Cap Rate 9%
$395,644
Alternative Uses
Best Use
Specialty Retail
$508.7K
$445.1K – $593.5K
NOI $35,608 @ 7.0% cap · market cap 8.90%
Second Best
Retail
$424.1K
$371.1K – $494.8K
NOI $29,685 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$761.0K
$665.9K – $887.9K
NOI $53,273 @ 7.0% cap · market cap 13.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 83%
Home Improvements & Furnishings 17%
BP
Shops & Services
5,357 visits/mo
0.4 miles
City Electric Supply
Home Improvements & Furnishings
1,118 visits/mo
0.5 miles
Demographics for 28083, NC
25,821
Population
11,925
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
20.0 sq mi
ZIP Area
1,291
Density / Sq Mi
$60,563
Median Household Income
$39,831
Median Earnings
$1,120
Median Rent
$194,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - The building includes large storage areas and existing underground fuel infrastructure.
Where is this grocery and convenience store located?
The property is located at 1404 N Ridge Ave Kannapolis, NC.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,418‑square‑foot commercial building; Previously used as a convenience store; Large storage areas within the building
