Freestanding CVS in Charlotte,
For Sale
Contact for pricing
1801 Milton Rd, Charlotte, NC 28215
Freestanding CVS in Charlotte, NC with corporate guarantee.
Property Size12,608 SF
Lot Size1.50 Acres
Price / SF$279.45
Days on Market1556
Property Features for 1801 Milton Rd
General Information
Standard status
Active
Size
12,608 SF
Lot size
1.50 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$209,640
Building Details
Year Built
1996
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Colliers - Fort Lauderdale, Florida
(561) 602-8390
Listed By:
Christopher Twist · License #FL
Source:
Crexi
Added: May 19, 2022
Changed: Aug 17
Last Checked: Aug 20 at 4:35PM
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 Colliers - Fort Lauderdale, Florida
Investment Insights
Based on property information with market context.
This freestanding commercial property is a ±12,608 square foot building situated on approximately 1.5 acres in Charlotte, North Carolina. The property is occupied by CVS, with a corporate guarantee. The lease expires on June 30, 2026, and includes two five-year renewal options with 5% increases for each renewal period. The landlord is responsible for the exterior and roof of the property. Located at a signalized intersection, the property offers accessibility and visibility. The building is situated in a dominant market and serves a local trade area with a population of 95,611 within a three-mile radius.
Key Highlights
- Freestanding CVS with corporate guarantee.
- Located at a signalized intersection with excellent accessibility and visibility.
- Located in Charlotte, a dominant market, with a population of 95,611 within a 3‑mile radius.
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
$226,174
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
6.42%
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%
$4,523,480
$4.5M
Cap Rate 7%
$3,231,057
$3.2M
Cap Rate 9%
$2,513,044
$2.5M
Market Conditions
NOI Build-Up for 12,608 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
$310.2K $24.60/SF
− Vacancy
−$8.6K −$0.68/SF
EGI
$301.6K $23.92/SF
− OpEx
−$75.4K −$5.98/SF
NOI
$226.2K $17.94/SF
Area
ZIP 28215
Vacancy
2.77%
Lease Rate
$24.60 /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%
$4,523,480
Cap Rate 7%
$3,231,057
Cap Rate 9%
$2,513,044
Alternative Uses
Best Use
Specialty Retail
$3.23M
$2.83M – $3.77M
NOI $226,174 @ 7.0% cap · market cap 6.42%
Second Best
Retail
$3.02M
$2.64M – $3.52M
NOI $211,096 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$3.97M
$3.47M – $4.63M
NOI $277,779 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
29k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 26%
Electronics 6%
Family Dollar
Shops & Services
9,353 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
6,883 visits/mo
0.1 miles
Citgo
Shops & Services
3,405 visits/mo
0.2 miles
Shell
Shops & Services
3,314 visits/mo
0.2 miles
PLS Financial Services
Shops & Services
3,312 visits/mo
0.1 miles
Demographics for 28215, NC
61,842
Population
25,350
Households
2.4
Avg Household Size
35
Median Age
31%
College-Educated
84%
High-School Grad
28.9 sq mi
ZIP Area
2,140
Density / Sq Mi
$66,065
Median Household Income
$37,904
Median Earnings
$1,349
Median Rent
$273,800
Median Home Value
Market
Vacancy Rate% for Retail in Charlotte, NC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Freestanding CVS in Charlotte, NC with corporate guarantee.
Where is this drug store located?
The property is located at 1801 Milton Rd Charlotte, NC.
What is the asking price?
The asking price for this property is $3,523,361.
What are key features of this property?
This property features: Freestanding CVS with corporate guarantee.; Located at a signalized intersection with excellent accessibility and visibility.; Located in Charlotte, a dominant market, with a population of 95,611 within a 3‑mile radius.
