Skip to main content

Drug Store

Walgreens

601 E Kings St, Kings Mountain, NC 28086

Listing Price: $2,100,000

Cap Rate
6.50%
Tenant Name
Walgreens
Years Remaining On Lease
2.8
Guarantor
Corporate Guarantee
Rentable SF
10,908
Lease Type
Double Net
Rent Per Square Feet
$12.47

Investment Overview

Marcus & Millichap is pleased to offer for sale the 100 percent fee simple interest in 601 East Kings Street (the Property), a 10,908 square-foot building in which Walgreens previously executed a five-year lease renewal on their original 20-year double net lease. Located just 30 miles West of Charlotte, NC, the property sits at the hard signalized corner of the East Kings Street and Cleveland Avenue intersection, providing maximum visibility to a combined 25,000+ vehicles per day. Across from East Kings Street is a Food Lion-Anchored Shopping Center, with other surrounding retail tenants such as Dollar Tree, Subway, Advance Auto Parts, AutoZone, KFC, and Hardee’s. This Walgreens is also conveniently located within 1 mile of the I-85 and U.S. Highway 74 interchange, with a combined 83,000+ VPD. This offering presents the unique opportunity to acquire a newly extended double net lease with below-market rent and significant rent increases in the four remaining renewal options.

Investment Highlights

  • Long-Term Tenant has Operated at Location for 20+ Years and Extended Lease Renewal
  • Located on Hard Corner of Prominent Intersection – Combined 25,000+ VPD
  • Below-Market Rent with Significant Rent Increases in Four Renewal Options
  • Notable Neighboring Retail Tenants – Food Lion, Advance Auto Parts, KFC, Dollar Tree, AutoZone, Subway
  • Located Only 30 Miles from Downtown Charlotte – One of Fastest Growing Cities in the U.S.
  • Strong Jump in Store Sales – 34% Increase in Most Recent Fiscal Year

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s) NC: 303785

    North Carolina

Listing Price: $2,100,000

Cap Rate
6.50%
Tenant Name
Walgreens
Years Remaining On Lease
2.8
Guarantor
Corporate Guarantee
Rentable SF
10,908
Lease Type
Double Net
Rent Per Square Feet
$12.47

Investment Highlights

  • Long-Term Tenant has Operated at Location for 20+ Years and Extended Lease Renewal
  • Located on Hard Corner of Prominent Intersection – Combined 25,000+ VPD
  • Below-Market Rent with Significant Rent Increases in Four Renewal Options
  • Notable Neighboring Retail Tenants – Food Lion, Advance Auto Parts, KFC, Dollar Tree, AutoZone, Subway
  • Located Only 30 Miles from Downtown Charlotte – One of Fastest Growing Cities in the U.S.
  • Strong Jump in Store Sales – 34% Increase in Most Recent Fiscal Year

Investment Overview

Marcus & Millichap is pleased to offer for sale the 100 percent fee simple interest in 601 East Kings Street (the Property), a 10,908 square-foot building in which Walgreens previously executed a five-year lease renewal on their original 20-year double net lease. Located just 30 miles West of Charlotte, NC, the property sits at the hard signalized corner of the East Kings Street and Cleveland Avenue intersection, providing maximum visibility to a combined 25,000+ vehicles per day. Across from East Kings Street is a Food Lion-Anchored Shopping Center, with other surrounding retail tenants such as Dollar Tree, Subway, Advance Auto Parts, AutoZone, KFC, and Hardee’s. This Walgreens is also conveniently located within 1 mile of the I-85 and U.S. Highway 74 interchange, with a combined 83,000+ VPD. This offering presents the unique opportunity to acquire a newly extended double net lease with below-market rent and significant rent increases in the four remaining renewal options.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s): NC: 303785

    North Carolina

MM Texture Background
MM Textured Background Lower