Food Lion 947 Davie Ave 24,900 SF Retail Building Statesville, NC 28677 $3,975,000 ($159.64/SF) 6.50% Cap Rate

Located at 947 Davie Avenue in Statesville, North Carolina, this free-standing Food Lion presents a compelling investment opportunity in a rapidly growing market. The property spans 24,900 square feet and was originally built in 1980, with a full remodel completed in 2024.
Food Lion has demonstrated long-term commitment to this location, having executed a 10-year lease renewal in 2023, extending the lease through December 31, 2033. The lease includes four 5-year extension options, with scheduled rent increases up to $12.50 PSF.
The site generates an annual base rent of $273,900, with a Net Operating Income (NOI) of $258,278.54, supported by a fixed CAM recovery of $0.75 PSF, and pro rata shares for insurance and taxes.
Recent property improvements include:
A new roof with a 20-year warranty
Resurfaced and restriped paved areas
Upgraded LED lighting throughout the canopy, wall packs, and parking lot
Strategically positioned near U.S. Highway 64 and at the crossroads of Interstates 40 and 77, the property benefits from high visibility and accessibility. Statesville is a key transportation hub in North Carolina and has experienced a 22% population growth since 2010, with continued expansion projected.