8420 Steele Creek Rd 13,225 SF Retail Building Charlotte, NC 28273 $7,185,280 CAD ($543.31 CAD/SF) 6.52% Cap Rate

Exceptional single-tenant net lease opportunity with CVS Pharmacy located at 8420 Steele Creek Rd in Charlotte, NC. This 13,225 SF freestanding property, situated on 1.94 acres, is backed by a long-term NNN lease through January 2036, offering investors stable cash flow with minimal landlord responsibilities. The asset is priced at $5,165,000, delivering a 6.5% CAP rate, making it an attractive addition to any investment portfolio.
Strategically positioned directly off I-485 with over 132,000 vehicles per day, the property enjoys excellent visibility, easy access, and a strong retail presence in one of Charlotte’s most dynamic and rapidly growing submarkets. The affluent trade area boasts an average household income of $108,756 within a 1-mile radius, supporting consistent demand and strong retail performance. This CVS features a rare double drive-thru, further enhancing customer convenience and long-term tenant success.
The surrounding area is undergoing significant transformation, with new residential, retail, and healthcare developments fueling growth. Novant Health is building a $180 million hospital less than 1 mile away, further driving daytime traffic and creating long-term value for the site. Other recent and ongoing developments include Charlotte Premium Outlets (398,000 SF open-air mall with 100+ retailers), multiple national retailers and restaurants such as Olive Garden and LongHorn Steakhouse, and residential communities like Keltonwood at Berewick Apartments (230 units) and Avery Square Townhomes (58 units). Additionally, The Concourse, a 250-acre mixed-use development just 2 miles away, is adding 1.6M SF of industrial space, 73,000 SF of retail/office, and 270 multifamily units.
Located less than 6 miles from Charlotte Douglas International Airport—which is undergoing a $4 billion expansion—this property is strategically positioned in a high-growth corridor with strong population and employment trends. Charlotte, the largest city in North Carolina, continues to experience rapid expansion, with its population projected to surpass 1 million by 2030.
This offering presents a rare chance to acquire a mission-critical retail asset leased to an investment-grade tenant, in a prime location surrounded by transformative development and strong demographics. With long-term stability, limited landlord responsibilities, and excellent market fundamentals, CVS at Steele Creek Rd is a high-quality investment opportunity in one of the Southeast’s strongest growth markets.
** Landlord has just installed a brand new roof that has a 20 year transferable warranty.