Drug Store Retail
For Sale
Contact for pricing
274 N MAIN ST, Mooresville, NC 28115
Retail drug store asset offered for sale, noted for 11+ years of history and no rent holiday.
Property Size11,487 SF
Price / SF$281.88
Days on Market102
Property Features for 274 N MAIN ST
General Information
Standard status
Active
Size
11,487 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$210,500
Building Details
Year Built
1998
Year Renovated
2017
Stories
1
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Tanner Sanford · License #TN 370826
Source:
Crexi
Added: May 27
Changed: Aug 16
Last Checked: Sep 4 at 7:05PM
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 Matthews
Investment Insights
Based on property information with market context.
This for-sale retail drug store property offers a defined, street-oriented commercial setup totaling 11,487 square feet, supported by a documented sales history and a reported ownership/operation span of 11+ years. The public remarks also note “no rent holiday,” which can be relevant to underwriting discussions for tenants and buyers assessing rent payment consistency.
The property is located at 274 N Main St in Mooresville, within the Charlotte MSA, according to the listing remarks. Beyond that, no additional site-specific details such as unit configuration, frontage, parking, or tenancy are provided in the information available.
For prospective tenants, buyers, or investors evaluating neighborhood retail needs, this asset is best positioned as a drug store-format retail offering given the property type designation. The strength of the provided record centers on the stated sales history and the 11+ years noted in the remarks, while the “no rent holiday” comment may help frame expectations around rental terms as discussed during diligence. Additional questions for review would typically include current lease status and the specific rights, expenses, and improvements included with the sale.
The property is located at 274 N Main St in Mooresville, within the Charlotte MSA, according to the listing remarks. Beyond that, no additional site-specific details such as unit configuration, frontage, parking, or tenancy are provided in the information available.
For prospective tenants, buyers, or investors evaluating neighborhood retail needs, this asset is best positioned as a drug store-format retail offering given the property type designation. The strength of the provided record centers on the stated sales history and the 11+ years noted in the remarks, while the “no rent holiday” comment may help frame expectations around rental terms as discussed during diligence. Additional questions for review would typically include current lease status and the specific rights, expenses, and improvements included with the sale.
Key Highlights
- Retail drug store asset built in 1998
- Noted for 11+ years of sales history
- Described as having no rent holiday
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
$169,160
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
5.22%
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%
$3,383,200
$3.4M
Cap Rate 7%
$2,416,571
$2.4M
Cap Rate 9%
$1,879,556
$1.9M
Market Conditions
NOI Build-Up for 11,487 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
$241.2K $21.00/SF
− Vacancy
−$15.7K −$1.37/SF
EGI
$225.5K $19.64/SF
− OpEx
−$56.4K −$4.91/SF
NOI
$169.2K $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%
$3,383,200
Cap Rate 7%
$2,416,571
Cap Rate 9%
$1,879,556
Alternative Uses
Best Use
Specialty Retail
$2.42M
$2.11M – $2.82M
NOI $169,160 @ 7.0% cap · market cap 5.22%
Second Best
Retail
$2.01M
$1.76M – $2.35M
NOI $141,021 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$3.62M
$3.16M – $4.22M
NOI $253,082 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
43k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
Whataburger
Dining
9,189 visits/mo
0.2 miles
Circle K
Shops & Services
7,945 visits/mo
0.5 miles
Bank of America
Shops & Services
7,371 visits/mo
0.1 miles
Wells Fargo
Shops & Services
6,181 visits/mo
0.1 miles
Famous Toastery
Dining
4,363 visits/mo
0.0 miles
Demographics for 28115, NC
43,413
Population
17,427
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
74.6 sq mi
ZIP Area
582
Density / Sq Mi
$86,724
Median Household Income
$46,921
Median Earnings
$1,193
Median Rent
$330,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Drug store - Retail drug store asset offered for sale, noted for 11+ years of history and no rent holiday.
Where is this drug store located?
The property is located at 274 N MAIN ST Mooresville, NC.
What is the asking price?
The asking price for this property is $3,238,000.
What are key features of this property?
This property features: Retail drug store asset built in 1998; Noted for 11+ years of sales history; Described as having no rent holiday
