380 George W Liles NW Pkwy Concord, NC 28027-8216

Property Details for 380 George W Liles NW Pkwy

Year built

2023

Construction

WOOD

Lot size

1.42 lot acres

Property size

2,915 SF

Zone code

C-2

Property type

Drive through restaurants

APN

5601 30 3067

APU

5601303067

Description

This fee-simple retail property offers a 2,365 square foot Starbucks, built in 2023, situated on a 1.42-acre lot with 20 parking spaces. The property boasts a strong 5.25% cap rate and a substantial net operating income (NOI) of $152,000. The current lease, signed by Starbucks Corporation, is a 10-year Net Lease (NNN) agreement commencing January 29, 2024, and expiring January 28, 2034, with six 5-year renewal options. The lease includes a 10% rental increase every five years, providing built-in inflation protection. The property is located at 380 George W Liles Pkwy, Concord, NC 28027, in a high-traffic area with excellent visibility and proximity to major roadways, including Interstate-85. The location benefits from a strong demographic profile, with over 110,000 residents and an average household income exceeding $107,000 within a 5-mile radius. The property is zoned C-2 and features a double drive-thru. This investment opportunity presents a compelling combination of a strong tenant, a favorable lease structure, and a prime location, making it an ideal addition to any portfolio. The asking price is $2,895,000, representing a price per square foot of $1,224.10. The property is less than a mile from a Target-anchored shopping center with other national retailers. This is a limited-management opportunity due to the NNN lease structure.

Location Insight

City

Concord

County

Cabarrus

State

North Carolina

Longitude

-80.6669

Latitude

35.4149

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments