Building Details

Year Built 1954

Buildings 1

Listing Agency: Bentley Realty

Listed By: Robbie Bentley · License #114546 Show Phone

Source: Highperformancerea

Added: Aug 11 Changed: Sep 30 Last Checked: Oct 15 at 3:14AM

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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

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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 / Yr

$35,608

Cap Rate

8.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$712,160 $712.2K

Cap Rate 7%

$508,686 $508.7K

Cap Rate 9%

$395,644 $395.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,418 SF

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 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 (±1% cap)

NOI $35,608 @ 7.0% cap · market cap 8.90%

Second Best

Retail

$424.1K

$371.1K – $494.8K (±1% cap)

NOI $29,685 @ 7.0% cap · market cap 7.42%

Theoretical Best

Office A

$761.0K

$665.9K – $887.9K (±1% cap)

NOI $53,273 @ 7.0% cap · market cap 13.32%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Coastal Gas Station 249 Tire Shop (Bike/Boat/Book/etc) Store Soba Grocery&Vape Shop (Bike/Boat/Book/etc) Store Salon Argade Hair Salon

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Parking Lot & Garage Skin Care Clinic HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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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