5105 Reagan Dr Charlotte, NC 28206-3190

Property Details for 5105 Reagan Dr

Year built

1994

Lot size

1.19 lot acres

Property size

10,340 SF

Zone code

B-1

Property type

Retail space

APN

8707301

APU

8707301

Description

This 10,149 square foot, single-story shopping center in Charlotte, NC, presents a compelling investment opportunity. Located on Reagan Drive, this multi-tenant property boasts six units, currently at 71% occupancy, and offers significant upside potential. Built in 1994, the property sits on a 1.08-acre lot and features a gated parking lot with surveillance. Recent upgrades totaling $250,000 include renovations to 14 office spaces and new HVAC ductwork. One unit includes a drive-in bay with a roll-up door, providing versatile flex space. The property benefits from a prime Interstate 85 N location, just four miles from uptown Charlotte, within a high-occupancy region with a population of 267,000 and average household income exceeding $78,000 within a five-mile radius. The asking price is $2,400,000, representing a 7.12% cap rate with a pro-forma cap rate of 8.06%. The property's location within the Northeast Corridor Infrastructure Program (NECI), a $105.6 million project, further enhances its long-term value. Renovated units with tile floors and chandeliers offer potential for event space or flex use. A light value-add opportunity exists through filling vacant units and converting existing gross leases to NNN.

Location Insight

City

Charlotte

County

Mecklenburg

State

North Carolina

Longitude

-80.7954

Latitude

35.2776

CBSA code

16740

CBSA name

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

Property Tax & Assessments