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188 N Main St
Mooresville, NC 28115
Merchant and Farmers Bank Building · Retail Property For Sale
Investment Highlights
- Located in the Historic Downtown District
- Long Term Tenant On Main Level
Executive Summary
FOR SALE- (188 N Main St.) is the entire building including both suites, featuring the main level tenant On Tap beer and wine bar celebrating its 7 year anniversary August 2026 enjoying its current lease of 1,940 heated SF with a term of 10/1/24 to 8/30/29, with one renewal option of an additional 5 years. Lease income for this space is $45,600/yr with 3% escalations. Tenant pays proportionate share of taxes, insurance, utilities and all other expenses. Upstairs office space is vacant at present and offered for lease at $3800/mon.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
3,880 SF
Building Class
B
Year Built/Renovated
1906/2003
Price
$1,350,000
Price Per SF
$347.94
Cap Rate
5.50%
NOI
$74,250
Percent Leased
50%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.11
Lot Size
0.08 AC
Zoning
TD - Traditional Downtown- The district allows a mix of retail, restaurant, entertainment, and institutional development, as well as residential.
Parking
4 Spaces (1.51 Spaces per 1,000 SF Leased)
Frontage
28’ on N Main
Property Taxes
| Parcel Number | 4667-12-3299.000 | Improvements Assessment | $739,620 |
| Land Assessment | $90,000 | Total Assessment | $829,620 |
Property Taxes
Parcel Number
4667-12-3299.000
Land Assessment
$90,000
Improvements Assessment
$739,620
Total Assessment
$829,620
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