Bank Branch with
New
For Sale
$2,132,000
621 Sullivan Rd, Statesville, NC 28677
An absolute NNN lease and planned property renovations accompany the freestanding financial branch.
Property Size4,411 SF
Days on Market3
Property Features for 621 Sullivan Rd
General Information
Standard status
Active
Size
4,411 SF
Property subtype
Retail
Site & Location
Traffic Count
138,014 vehicles/day
Highway Access
Yes
Tenancy & Operations
Tenant in Place
Yes
In-Place Lease Type
Absolute NNN
Current Tenants
Allegacy Financial
Building Details
Building Size
4,411 SF
Year Built
1991
Tenancy
Single
Listed By:
Joe Caccamo · License #CalDRE #01191110
(415) 274-7394
Source:
Cppcre
Added: Nov 4
Last Checked: Nov 4 at 2:34PM
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 Joe Caccamo
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Investment Insights
Based on property information with market context.
The freestanding bank branch at 621 Sullivan Rd in Statesville includes a drive-through and was built in 1991. The tenant and landlord are undertaking significant renovations to the site and building. The property is leased to Allegacy Financial under an absolute NNN lease through January 2037, with 2% annual rent increases during the primary term and two five-year renewal options.
Access is available to I-40, I-77 and U.S. 21. The property is across from Sherwin-Williams and Piedmont Healthcare Urgent Care, and near Walmart Supercenter, Big Lots, Holiday Inn Express and Iredell Memorial Hospital. Combined traffic counts for the referenced roadways are 138,014 vehicles per day.
Access is available to I-40, I-77 and U.S. 21. The property is across from Sherwin-Williams and Piedmont Healthcare Urgent Care, and near Walmart Supercenter, Big Lots, Holiday Inn Express and Iredell Memorial Hospital. Combined traffic counts for the referenced roadways are 138,014 vehicles per day.
Key Highlights
- Absolute NNN lease through January 2037, with two 5‑year options
- 2% annual rent increases during the primary term
- Freestanding financial branch with drive‑through
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,957
Cap Rate
3.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,299,140
$1.3M
Cap Rate 7%
$927,957
$928.0K
Cap Rate 9%
$721,744
$721.7K
Market Conditions
NOI Build-Up for 4,411 SF
Gross rent
$92.6K $21.00/SF
− Vacancy
−$6.0K −$1.37/SF
EGI
$86.6K $19.64/SF
− OpEx
−$21.7K −$4.91/SF
NOI
$65.0K $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 Rate 5%
$1,299,140
Cap Rate 7%
$927,957
Cap Rate 9%
$721,744
Alternative Uses
Best Use
Specialty Retail
$928.0K
$812.0K – $1.08M
NOI $64,957 @ 7.0% cap · market cap 3.05%
Second Best
Retail
$773.6K
$676.9K – $902.5K
NOI $54,152 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,183 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
138,014 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
100k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Groceries 30%
Shops & Services 14%
Hotels & Casinos 6%
Ingles
Groceries
29,643 visits/mo
0.3 miles
Cracker Barrel Old Country Store
Dining
25,004 visits/mo
0.5 miles
Waffle House
Dining
7,592 visits/mo
0.1 miles
Panera Bread
Dining
7,453 visits/mo
0.5 miles
Dollar General
Shops & Services
5,920 visits/mo
0.1 miles
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Bank - An absolute NNN lease and planned property renovations accompany the freestanding financial branch.
Where is this bank located?
The property is located at 621 Sullivan Rd Statesville, NC.
What is the asking price?
The asking price for this property is $2,132,000.
What are key features of this property?
This property features: Absolute NNN lease through January 2037, with two 5‑year options; 2% annual rent increases during the primary term; Freestanding financial branch with drive‑through
