Single Tenant Walgreens Net
For Sale
Contact for pricing
1170 E Marion St, Shelby, NC 28150
Single tenant Walgreens in high growth Charlotte Metropolitan Statistical Area.
Property Size14,673 SF
Lot Size1.52 Acres
Price / SF$255.57
Days on Market1398
Property Features for 1170 E Marion St
General Information
Standard status
Active
Size
14,673 SF
Lot size
1.52 Acres
Property subtype
Retail
Zoning
General Business
Occupancy
100%
Lease Type
Absolute Net
Building Details
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
APG Advisors
Listed By:
Colby Mitchell · License #NC 335176
(919) 582-3143
Source:
Crexi
Added: Dec 7, 2022
Changed: Sep 20
Last Checked: Oct 4 at 6:21AM
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 APG Advisors
Investment Insights
Based on property information with market context.
Located at 1170 E Marion Street in Shelby, NC, this property features a 14,673 square foot building on approximately 1.52 acres. It is situated in the thriving Charlotte Metropolitan Statistical Area (MSA), which ranks among the top MSAs in the US for growth. The property is net leased to Walgreens, guaranteed by one of the nation's top drugstore chains with an investment grade credit rating of BBB Standard & Poor. The location is a signalized corner with high traffic roads and strong demographics. The lease is absolute NNN, meaning no landlord responsibilities. The lease includes a 10% rent escalation in rent in option terms. The property is located in an Opportunity Zone, offering potential tax advantages.
Key Highlights
- Investment Grade Credit: BBB Standard & Poor's credit rating, guaranteed by Walgreens.
- Absolute NNN Lease: Enjoy a completely hands‑off investment with no landlord responsibilities.
- Rare 10% Rent Escalation: Benefit from rent increases in option terms.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,408
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,708,160
$3.7M
Cap Rate 7%
$2,648,686
$2.6M
Cap Rate 9%
$2,060,089
$2.1M
Market Conditions
NOI Build-Up for 14,673 SF
Gross rent
$264.1K $18.00/SF
− Vacancy
−$16.9K −$1.15/SF
EGI
$247.2K $16.85/SF
− OpEx
−$61.8K −$4.21/SF
NOI
$185.4K $12.64/SF
Area
Cleveland County, NC
Vacancy
6.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,708,160
Cap Rate 7%
$2,648,686
Cap Rate 9%
$2,060,089
Alternative Uses
Best Use
Specialty Retail
$2.65M
$2.32M – $3.09M
NOI $185,408 @ 7.0% cap · market cap 4.94%
Second Best
Retail
$2.51M
$2.20M – $2.93M
NOI $175,821 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$3.73M
$3.26M – $4.35M
NOI $260,839 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28150, NC
28,517
Population
13,482
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
90%
High-School Grad
109.5 sq mi
ZIP Area
260
Density / Sq Mi
$53,027
Median Household Income
$36,843
Median Earnings
$793
Median Rent
$195,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Robert D. Hall, RPh — 1170 E Marion St, Shelby, NC 28150
- Walgreens Pharmacy — 1170 E Marion St, Shelby, NC 28150
- Chrissie D. Hoyle, PharmD — 1170 E Marion St, Shelby, NC 28150
- Senior Care Pharmacy — 1176 Wyke Rd, Shelby, NC 28150
- TurnaRound Nutrition — 1170-1, wyke rd, shelby, nc 28150
Frequently Asked Questions
What type of property is this?
Drug store - Single tenant Walgreens in high growth Charlotte Metropolitan Statistical Area.
Where is this drug store located?
The property is located at 1170 E Marion St Shelby, NC.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Investment Grade Credit: BBB Standard & Poor's credit rating, guaranteed by Walgreens.; Absolute NNN Lease: Enjoy a completely hands‑off investment with no landlord responsibilities.; Rare 10% Rent Escalation: Benefit from rent increases in option terms.
