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Merchant and Farmers Bank Building 188 N Main St 3,880 SF 50% Leased Retail Building Mooresville, NC 28115 $1,350,000 ($347.94/SF) 5.50% Cap Rate
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.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Pro Forma - 2026) 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 - 2026) 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
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
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 4667-12-3299.000 | Total Assessment | $829,620 (2025) |
| Land Assessment | $90,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $739,620 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
4667-12-3299.000
Land Assessment
$90,000 (2025)
Improvements Assessment
$739,620 (2025)
Total Assessment
$829,620 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Merchant and Farmers Bank Building | 188 N Main St
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