Development Opportunity - Locust, NC
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Marketing description
Locust, NC, has experienced significant growth, with its population increasing from 4,543 in 2020 to an estimated 5,854 by July 2023—a 28.9% rise. Projections for 2025 suggest a population of 6,526, indicating an annual growth rate of approximately 5.43%.
The city's economy employs around 2,110 individuals, with key industries including health care and social assistance, construction, and retail trade. Median household income stands at approximately $78,280, with a per capita income of $31,392.
Strategically located near major highways (I-485, Hwy 24/27, Hwy 601, and Hwy 200), Locust offers convenient access to Charlotte and surrounding areas. The city provides a range of public services, including public safety, parks and recreation, and utilities.
Locust is fostering economic growth through initiatives like the Locust Town Center, which serves as a commercial and community hub. Recent investments, such as a $90,000 grant to local company Flextrol for facility expansion, underscore the city's commitment to supporting business development.
Locust offers small-town charm with modern conveniences, known for its friendly community, walkable town center, and family-oriented atmosphere—making it an appealing place to live and raise a family.
Investment highlights
- Broad commercial zoning permitting a variety of retail/restaurant/ medical/office uses
- High profile intersection with frontage access on W Main St and rear access on Red Bridge Rd
- Underserved submarket with Culver’s and Biscuitville stores coming soon to the subject site
- W Main St / Hwy 24-27 is the busiest road in the submarket with nearly 30,000 VPD
- Walmart experiences more than 1.7 million customer visits per year (placer)
- Submarket has approx. 711,000 SF of retail space that is currently 98.7% leased
- Growing residential and commercial submarket about 20 miles east of Charlotte
- 5-mile trade area radius had annual population growth of 1.93% from 2020-2024 with projected annual growth of 1.57% thru 2029
- 5-mile trade area radius had average HH income of $103,343 and median HH income of $85,350 in 2024
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