Investment Opportunity | 700 N Cannon Blvd
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Investment Opportunity 700 N Cannon Blvd
21,974 SF 100% Leased Retail Building Kannapolis, NC 28083 $1,987,500 ($90/SF) 7.33% Cap Rate
Virtual Tour
Investment Highlights
- 700 N Cannon Boulevard is a ±21,974-SF investment with US Highway 29 frontage and access to consumers with a spending total of over $82M.
- Strong history of tenant retention, the well-maintained center is home to a diverse tenant roster and underwent recent renovations.
- High-traffic area with superior exposure to well over 20,000 VPD and is surrounded by an abundance of national retailers and service providers.
- Value-add industrial/retail/office opportunity with the potential to increase cash flow and match market rents through gradual rate increases.
- Significant 1031 exchange potential with a passive income-generating asset coupled with dedicated local property management.
- Primarily comprises ±15,000 SF of stabilized flex/industrial space occupied by established tenants with the remaining space as office/retail space.
Executive Summary
700 N Cannon Boulevard offers the unique opportunity to own an exceptional passive investment property boasting superior highway visibility and proximity to Downtown Kannapolis. This freshly renovated, 21,974-square-foot property includes new paint, flooring, exposed ceilings, new HVAC, lighting, and more. The property has ample frontage along US Highway 29, offering prime exposure to over 20,000 daily drivers, multiple access points, and plenty of parking. Investors will benefit from Cabarrus County's strong population growth, proximity to the area's largest employment nodes, and stabilized 100% occupancy. 700 N Cannon Boulevard is home to a diverse tenant mix and provides industrial primarily/flex space at approximately 15,000 square feet, with the remainder as office/retail space.
The property lies within one of the most densely developed and populated corridors of Kannapolis, North Carolina. Less than a quarter of a mile south of the property is the intersection of Cannon Boulevard and Lane Street, a major travel artery that sees over 30,000 vehicles per day. Lane Street also serves as one of the primary roadways connecting residents and visitors to the Interstate 85 corridor. Residents within a 1-mile radius of the property provide an already established and sustainable consumer base; these residents tallied a consumer spending total of over $82 million in 2023.
Kannapolis is a vibrant, rapidly growing town within Cabarrus and Rowan counties. The locale is part of the healthy Cabarrus County retail submarket known for its proximity and easy access to Concord and Charlotte. Kannapolis' reputation as a business-friendly region providing quality living and big-city amenities continues to grow as the larger Charlotte MSA expands and maintains success. Recently, Kannapolis was recognized as one of the Top 15 Cities in the US for corporate headquarters tenancy. The city has transformed from a textiles and manufacturing economy to a research hub that values investing in the community to enhance its residents' and businesses' chances of economic success.
The property lies within one of the most densely developed and populated corridors of Kannapolis, North Carolina. Less than a quarter of a mile south of the property is the intersection of Cannon Boulevard and Lane Street, a major travel artery that sees over 30,000 vehicles per day. Lane Street also serves as one of the primary roadways connecting residents and visitors to the Interstate 85 corridor. Residents within a 1-mile radius of the property provide an already established and sustainable consumer base; these residents tallied a consumer spending total of over $82 million in 2023.
Kannapolis is a vibrant, rapidly growing town within Cabarrus and Rowan counties. The locale is part of the healthy Cabarrus County retail submarket known for its proximity and easy access to Concord and Charlotte. Kannapolis' reputation as a business-friendly region providing quality living and big-city amenities continues to grow as the larger Charlotte MSA expands and maintains success. Recently, Kannapolis was recognized as one of the Top 15 Cities in the US for corporate headquarters tenancy. The city has transformed from a textiles and manufacturing economy to a research hub that values investing in the community to enhance its residents' and businesses' chances of economic success.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Register to Bid Instructions
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
21,974 SF
Building Class
B
Year Built
1945
Price
$1,987,500
Price Per SF
$90
Cap Rate
7.33%
NOI
$145,749
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.42
Land Acres
1.20 AC
Zoning
C2 - Commercial Zoning
Parking
58 Spaces (2.64 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- Bread Bakery
- -
-
99,999 SF
- -
-
Jan 0000
- Multi Electric
- -
-
99,999 SF
- -
-
Jan 0000
- Traynor Transmissions
- -
-
99,999 SF
- -
-
Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| Bread Bakery | - | 99,999 SF | - | Jan 0000 | ||
| Multi Electric | - | 99,999 SF | - | Jan 0000 | ||
| Traynor Transmissions | - | 99,999 SF | - | Jan 0000 |
About Cabarrus County
Located roughly 25 miles northeast of Charlotte’s central business district, Cabarrus County benefits from the metropolitan area’s strong population growth and proximity to the area’s largest employment nodes. In fact, Cabarrus County has been the fastest-growing county in the Charlotte area, growing by more than 30% in the past decade.
Median household income in Cabarrus County is nearly $70,000, about 23% higher than the North Carolina statewide average. Residential development in Cabarrus County draws on its proximity to the University City area, which houses major office employers such as TIAA, Wells Fargo, and Centene. Industrial employers such as Amazon, which maintains one of its largest fulfillment centers in the county, have also attracted blue-collar employers to the area. Attractions such as the Charlotte Motor Speedway, the Concord Mills Outlet Mall, and the Great Wolf Lodge Water Park draw visitor and tourist spending to the area, particularly along the Interstate 85 corridor.
Suburban subdivisions and the retail to support them predominate here. And recent downtown redevelopment efforts in Concord and Kannapolis have driven adaptive reuse and retail growth along historic main streets in both of the county’s major towns.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
15 min drive
2024 Population
7,848
46,454
81,397
172,461
2029 Population
8,639
51,642
90,166
191,549
2024-2029 Projected Population Growth
10.1%
11.2%
10.8%
11.1%
Median Age
37.7
37.8
38.9
38.9
College Degree + Higher
21%
17%
19%
17%
Daytime Employees
2,131
11,100
30,602
70,049
Total Businesses
279
1,415
4,269
8,729
Average Household Income
$64,254
$68,658
$73,909
$80,490
Median Household Income
$55,633
$54,210
$58,015
$62,924
Total Consumer Spending
$80.1M
$486M
$905.8M
$2B
2024 Households
3,076
18,071
31,855
66,493
Average Home Value
$158,016
$200,959
$242,136
$263,806
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Lee's Sandwich Shop | Sandwiches | $ | 3 min walk |
| Flyin Buffalo | Pizza | $$$$ | 4 min walk |
| Burger King | - | - | 4 min walk |
| Pizza Hut | - | - | 5 min walk |
| KFC | - | - | 10 min walk |
| Sunshine Asian Cuisine | Asian | $$$ | 12 min walk |
| Sweet Pickle Bakery & Deli | Bakery | $$ | 12 min walk |
| New York Pizza | Pizza | $$ | 15 min walk |
Retail |
||
|---|---|---|
| Wells Fargo | Bank | 2 min walk |
| Aaron's | Furniture/Mattress | 3 min walk |
| Nationwide Insurance | Insurance | 2 min walk |
| United States Postal Service | Business/Copy/Postal Services | 3 min walk |
| CVS Pharmacy | Drug Store | 4 min walk |
| Walgreens | Drug Store | 5 min walk |
| Dollar General | Dollar/Variety/Thrift | 9 min walk |
| Shoe Show | Shoes | 11 min walk |
PROPERTY TAXES
| Parcel Number | 5624-12-2288-0000 | Total Assessment | $1,429,220 |
| Land Assessment | $546,950 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $882,270 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5624-12-2288-0000
Land Assessment
$546,950
Improvements Assessment
$882,270
Total Assessment
$1,429,220
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
Sale Advisor
Sale Advisor
Jaben Starnes, CCIM, Commercial Advisor
(980) 888-1031
Contact
Commercial real estate advisor specializing in off-market investment sales / site acquisitions & leasing.
Utilize my time abroad to expand network of real estate developers, investors, & and business owners.
Team of dedicated brokers and referral partners to match whatever commercial real estate demands come their way.
Servicing clients locally, nationally, and internationally.
“Life’s about building great relationships with great people; if we can make some money while we’re at it, then good.”
Utilize my time abroad to expand network of real estate developers, investors, & and business owners.
Team of dedicated brokers and referral partners to match whatever commercial real estate demands come their way.
Servicing clients locally, nationally, and internationally.
“Life’s about building great relationships with great people; if we can make some money while we’re at it, then good.”
-
Jaben Starnes, CCIM -
Premier Real Estate Team
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Investment Opportunity | 700 N Cannon Blvd
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