Grocery-Anchored Leased Retail
For Sale
Contact for pricing
6407 South Boulevard, Charlotte, NC 28217
32,942 SF retail center on South Boulevard, 100% leased and anchored by WOW Supermarket.
Property Size32,942 SF
Price / SF$303.56
Days on Market125
Property Features for 6407 South Boulevard
General Information
Standard status
Active
Size
32,942 SF
Class
B
Property subtype
Retail
Zoning
TOD-TR
Occupancy
100%
Net Operating Income
$396,020
Additional Details
Traffic Count
29,000 vehicles/day
Building Details
Year Built
1984
Tenancy
Multi
Listing Agency:
Berkeley Capital Advisors Charlotte
Listed By:
Morgan Hall · License #NC 303815
Source:
Crexi
Added: May 4
Changed: Sep 2
Last Checked: Sep 1 at 11:11PM
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 Berkeley Capital Advisors Charlotte
Investment Insights
Based on property information with market context.
Grand Oaks is a 32,942 SF retail center offered for sale on a fully leased basis. The property is anchored by WOW Supermarket and includes ten shop tenants with near-term lease expirations.
The center is located along South Boulevard, a high-traffic commercial corridor with approximately 29,000 vehicles per day. It is also about 0.3 miles from the nearest LYNX Blue Line station, Charlotte’s primary rapid transit line serving more than 27,700 daily riders.
Grand Oaks benefits from its proximity to South End and SouthPark, with approximately 2,100 multifamily units delivered within a two-mile radius of the site since 2020.
The center is located along South Boulevard, a high-traffic commercial corridor with approximately 29,000 vehicles per day. It is also about 0.3 miles from the nearest LYNX Blue Line station, Charlotte’s primary rapid transit line serving more than 27,700 daily riders.
Grand Oaks benefits from its proximity to South End and SouthPark, with approximately 2,100 multifamily units delivered within a two-mile radius of the site since 2020.
Key Highlights
- 32,942 SF 100% leased retail center in Charlotte, NC
- Anchored by WOW Supermarket
- Located along South Boulevard, a commercial corridor with approximately 29,000 vehicles per day
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
$635,945
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
6.36%
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%
$12,718,900
$12.7M
Cap Rate 7%
$9,084,929
$9.1M
Cap Rate 9%
$7,066,056
$7.1M
Market Conditions
NOI Build-Up for 32,942 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
$869.7K $26.40/SF
− Vacancy
−$21.7K −$0.66/SF
EGI
$847.9K $25.74/SF
− OpEx
−$212.0K −$6.44/SF
NOI
$635.9K $19.31/SF
Area
Charlotte, NC
Vacancy
2.50%
Lease Rate
$26.40 /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%
$12,718,900
Cap Rate 7%
$9,084,929
Cap Rate 9%
$7,066,056
Alternative Uses
Best Use
Specialty Retail
$9.08M
$7.95M – $10.60M
NOI $635,945 @ 7.0% cap · market cap 6.36%
Second Best
Retail
$7.88M
$6.89M – $9.19M
NOI $551,548 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$10.97M
$9.60M – $12.80M
NOI $767,883 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
98k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Apparel 23%
Dining 22%
Electronics 2%
Wells Fargo
Shops & Services
13,149 visits/mo
0.3 miles
Goodwill
Apparel
9,163 visits/mo
0.3 miles
Dollar General
Shops & Services
8,923 visits/mo
0.3 miles
Pollo Campero
Dining
8,350 visits/mo
0.3 miles
Burrito Factory
Dining
7,621 visits/mo
0.5 miles
Demographics for 28217, NC
28,955
Population
13,615
Households
2.1
Avg Household Size
32
Median Age
35%
College-Educated
80%
High-School Grad
14.9 sq mi
ZIP Area
1,943
Density / Sq Mi
$60,397
Median Household Income
$37,338
Median Earnings
$1,498
Median Rent
$238,500
Median Home Value
Market
Vacancy Rate% for Retail in Charlotte, NC
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Frequently Asked Questions
What type of property is this?
Shopping center - 32,942 SF retail center on South Boulevard, 100% leased and anchored by WOW Supermarket.
Where is this shopping center located?
The property is located at 6407 South Boulevard Charlotte, NC.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: 32,942 SF 100% leased retail center in Charlotte, NC; Anchored by WOW Supermarket; Located along South Boulevard, a commercial corridor with approximately 29,000 vehicles per day
