Current Use by Public Records
- Retail properties & Spaces
Property Details for 1801 Milton Rd
- Year built
- 1996
- Lot size
- 1.43 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a freestanding CVS Pharmacy in Charlotte, NC, offering a compelling combination of stability and growth potential. The 12,608 square foot building, constructed in 1996, sits on a 1.43-acre lot at a signalized intersection, ensuring high visibility and accessibility. Currently operating under a net lease agreement with a corporate guarantee from CVS, the property boasts 100% occupancy since its opening on April 4, 1995. The lease, expiring June 30, 2026, includes two five-year renewal options with a 5% rent increase for each. Landlord responsibilities are limited to exterior maintenance and roof repairs. The property's strong financial performance is highlighted by a 6.00% cap rate and a net operating income (NOI) of $209,640, with an asking price of $3,523,361 ($279.45/sq ft). Benefiting from its location in a densely populated area (95,611 residents within a three-mile radius) and its proximity to Cochrane Collegiate Academy, this CVS enjoys a loyal customer base and a strategic position within the Charlotte market. The property's low replaceable rent further enhances its investment appeal. This offering presents a rare opportunity to acquire a high-performing, net-leased asset with a strong tenant and significant remaining lease term.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Charlotte
- County
- Mecklenburg
- State
- North Carolina
- Longitude
- -80.7515
- Latitude
- 35.2475
