9720 Tryon St Charlotte, NC 28273-6578

Property Details for 9720 Tryon St

Year built

1987

Lot size

1.64 lot acres

Property size

9,704 SF

Zone code

I-1

Property type

Medical offices

Property subtype

Medical centers

APN

20118138

APU

20118138

Description

This stabilized, 10,272 square foot shopping center in Charlotte, NC, presents a compelling investment opportunity. Located at 9720 S Tryon St, this two-tenant property boasts a 100% occupancy rate and a strong net operating income (NOI) of $270,584, yielding a 6.80% cap rate. The asking price is $3,980,000, translating to $387.46 per square foot. Built in 1987 and extensively renovated in 2023, the property features a new roof (2022), replaced stucco, restriped parking lot (2022), upgraded signage (2023), and a new HVAC and furnace (October 2023). This minimizes near-term capital expenditure requirements for the new owner. The property sits on a 1.682-acre lot with over 330 feet of frontage on South Tryon Street, a major thoroughfare with 38,000 vehicles daily. Tenants include a long-term dental practice (lease renewed through 2029 and partnered with a national dental partnership) and another tenant with a lease expiring June 30, 2032. Leases include annual rent growth, with one tenant benefiting from CPI adjustments and the other from a 2.5% annual increase. The property is situated in a high-growth area with a dense and affluent population; within a 3-mile radius, there are over 50,000 residents with an average household income of $97,036. The area's population has increased by 35% since 2010, and the daytime population within a 1-mile radius is more than double the nighttime population. The property is also conveniently located near several major corporate offices, including Microsoft, Spectrum, and Xerox. The property is offered fee simple with a NNN lease structure.