3812 Corning Pl Charlotte, NC 28216

Property Details for 3812 Corning Pl

Year built

2023

Lot size

1.23 lot acres

Property size

4,694 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a fee-simple ownership of a 4,694 square foot Outback Steakhouse in Charlotte, NC. Located at 3812 Corning Pl, this Class A property boasts a 15-year absolute NNN lease (14 years remaining) commencing December 1, 2023, and expiring November 30, 2038. The lease includes four five-year renewal options and features a 10% rent increase every five years, providing built-in inflation protection. The property sits on a 1.232-acre lot with 75 parking spaces and enjoys a 5.35% cap rate, generating a net operating income (NOI) of $175,000. Built in 2023, this single-tenant property benefits from its location in a thriving retail area with strong national co-tenants, including Harris Teeter, Walmart, and Starbucks. The property's zoning is NS. The asking price is $3,271,000, translating to a price per square foot of $696.85. This investment offers a secure, long-term income stream with significant upside potential due to the strength of the tenant, the lease terms, and the prime location. The property's high occupancy rate of 100% since its opening on December 1, 2023, further underscores its stability and attractiveness as an investment. The property's APN is 03304692.