6140 E Independence Blvd
Charlotte, NC 28212
Wallace Crossing · Retail Property For Sale

UNDER CONTRACT 7.01.21 - Please contact Vernon Wood at charcom.nc@gmail.com for any details. Investment Highlights: 92% occupied local retail center in Charlotte, NC Stable Cash Flows with value add opportunity through full lease-up and future rental increases Excess on-site parking with excellent visibility/frontage on Independence Blvd with 45,560 VPD Dense demographics within 3 miles with 102,858 people and an average HH income of $64,627 Total Specified Consumer Spending (2016) of $914,980,000 within 3-mile radius Located in the Charlotte retail market and the East retail submarket which has historically low vacancy rates below 5% Investment Overview: Wallace Crossing is a 8,850 SF, single-story, retail strip center located at 6140 East Independence Boulevard in Charlotte, NC. The Property, built in 1964, is situated on a 1.34 AC parcel with excellent exposure fronting Independence Boulevard with the rear of the building on Wallace Road. Wallace Crossing is 92% occupied by a mix of local tenants and has 7 retail suites ranging in size from 200 to 1,800 SF. The center offers a great local tenant mix consisting of a Convenience Store, Auto Inspection Center, Barber Shop, Spa, and Vapor Shop. The largest tenant is Vapor Shop & Pro Games occupies 28% of the total space, contributes 28% of the total rent, and has a lease expiration of January 31, 2020. The next largest tenant is L & G Mart occupying 20% of the total space, 19% of the total rent, and a lease expiration of March 31, 2021. The Property offers some value add through lease-up of the available 700 SF (8% of GLA) and through future rental increases at market rates. 6140 E Independence Blvd is located in the Charlotte retail market and the East retail submarket. Charlotte is the third-fastest growing major city in the US with a 2014 estimated population of 809,958, according to the U.S. Census Bureau, making it the 17th-largest city in the US based on population. The Property benefits from dense demographics and include an estimated 2017 population of 102,858 people with an average household income of $64,627 within a 3-mile radius of the Property. Charlotte has evolved significantly in the past decade and the transformation is only continuing, as evidenced by the numerou