640 Jake Alexander Blvd Salisbury, NC 28147
- Retail space
- 12,560 SF
- 1.75 lot acres
Current Use by Public Records
- Mary A. Morgan, PharmD / Pharmacy
- higi / Health Consultant
- Ramona G. Brown, RPh / Pharmacy
- Mary Prince, Crna / Pharmacy
- ImmunoTek Bio Centers / Blood Donation Center
Property Details for 640 Jake Alexander Blvd
- Year built
- 1997
- Lot size
- 1.75 lot acres
- Property size
- 12,560 SF
- Zone code
- HB:HIGHWAY BUSINESS
- Property type
- Retail space
- APN
- 061A190
- APU
- 061A190
Description
This exceptional investment opportunity presents a fee-simple ownership (land and building) of a 10,908 square-foot, single-tenant retail and lab storefront in Salisbury, NC. Located at 640 Jake Alexander Blvd W, this property boasts a prime location on a heavily trafficked intersection (42,500 vehicles per day), benefiting from excellent visibility and multiple access points. The 1.75-acre lot includes 70 parking spaces. The building, constructed in 1997 and extensively renovated in 2021, is currently 100% occupied by ImmunoTek Bio Centers, LLC, under a 15-year NNN lease with four 5-year renewal options. The lease includes scheduled 10% rent increases, ensuring consistent NOI growth and inflation protection. The tenant, a major independent plasma collection center operator with 80+ locations, provides a strong, corporate-guaranteed lease. This low-management investment benefits from a strong demographic profile, including a dense residential population, nearby universities, and numerous apartment complexes within a two-mile radius. The 5-mile trade area boasts over 59,700 residents and 37,300 employees, with an average household income exceeding $85,796. The property's zoning is HB - Highway Business. The asking price is $6,519,000, representing a 7.00% cap rate and a current NOI of $456,304. This is an ideal investment for passive investors seeking a stable, long-term return. The property's APN is 061A190.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,600,000
- ML approach
- $1,650,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,570,000
- 6.5%
- $2,370,000
- 7%
- $2,205,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,732,000
- AI Estimate
- $1,574,000
Market price range: $556k - $1.73MMarket price range: $500k - $1.57M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,155,000 Current use
- AUTO REPAIR, GARAGE
- $1,830,000 Change: +58% Conversion: Difficult
- MEDICAL BUILDING
- $1,770,000 Change: +53% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,675,000 Change: +45% Conversion: Easy
- RESTAURANT
- $1,510,000 Change: +30% Conversion: Easy
- OFFICE BUILDING
- $1,495,000 Change: +29% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Salisbury
- County
- Rowan
- State
- North Carolina
- Longitude
- -80.4984
- Latitude
- 35.664
- CBSA code
- 16740
- CBSA name
- CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA
