Developable Land with Existing
For Sale
$549,900
1116 Medlin Road, Monroe, NC 28112
Land, Monroe, NC
Property Size3,218 SF
Lot Size5.09 Acres
Price / SF$170.88
Days on Market107
Property Features for 1116 Medlin Road
General Information
Property type
Land
Property subtype
Other
Zoning
AQ4
Zoning description
RLD
Elementary school
East
Middle school
Monroe
High school
Monroe
Standard status
Active
APN
09-197-027 + 09-197-028
Lot size
5.09 Acres
Taxes and HOA fees
Tax Description
WATSON 1116 MEDLIN ROAD
Legal Description
WATSON 1116 MEDLIN ROAD
Utilities
Water source
Well
Listing Agency:
Keller Williams Ballantyne Area · Keller Williams Realty
(704) 887-6600
Listed By:
Thomas Elrod · License #268537
(704) 887-6600
Added: May 15
Changed: Aug 19
Last Checked: Aug 29 at 1:06AM
MLS# 4378512
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This developable land offering consists of two contiguous parcels totaling approximately 5.10 acres, zoned AQ4, within the City of Monroe jurisdiction. The property includes a 3,218-square-foot home built in 1920, which the current listing describes as adaptable for uses such as a clubhouse, HOA amenity center, or administrative office to support a development concept.
The site is presented as well-positioned for residential subdivision planning, with the listing noting an RLD (Residential Low Density) framework and a potential yield of 10–14 lots. The parcels are separately manageable at approximately 2.69 acres and 2.41 acres, offering flexibility for phased development or alternative resale structures. In addition to residential development, the property is described as suitable for institutional uses such as assisted living, daycare, or private educational facilities via a Special Use Permit (SUP) through the Board of Adjustment. Address: 1116 Medlin Road, Monroe, NC 28112, Union County.
The site is presented as well-positioned for residential subdivision planning, with the listing noting an RLD (Residential Low Density) framework and a potential yield of 10–14 lots. The parcels are separately manageable at approximately 2.69 acres and 2.41 acres, offering flexibility for phased development or alternative resale structures. In addition to residential development, the property is described as suitable for institutional uses such as assisted living, daycare, or private educational facilities via a Special Use Permit (SUP) through the Board of Adjustment. Address: 1116 Medlin Road, Monroe, NC 28112, Union County.
Key Highlights
- Prime 5.10‑acre development opportunity within Monroe city limits.
- Zoned RLD for a residential cluster subdivision with a potential yield of 10‑14 lots.
- Superior access to city water and sewer services.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,409
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$528,180
$528.2K
Cap Rate 7%
$377,271
$377.3K
Cap Rate 9%
$293,433
$293.4K
Market Conditions
NOI Build-Up for 3,218 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.0K $15.84/SF
− Vacancy
−$3.0K −$0.92/SF
EGI
$48.0K $14.92/SF
− OpEx
−$21.6K −$6.71/SF
NOI
$26.4K $8.21/SF
Area
Union County, NC
Vacancy
5.80%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$528,180
Cap Rate 7%
$377,271
Cap Rate 9%
$293,433
Alternative Uses
Best Use
Apartment 5plus
$377.3K
$330.1K – $440.2K
NOI $26,409 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$994.0K
$869.7K – $1.16M
NOI $69,578 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Explore this area
Business Placement
Demographics for 28112, NC
27,126
Population
11,021
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
85%
High-School Grad
132.1 sq mi
ZIP Area
205
Density / Sq Mi
$74,853
Median Household Income
$42,046
Median Earnings
$1,124
Median Rent
$272,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential land & home lot - Zoned AQ4 and served by city water and sewer, this two-parcel site includes a 1920 home.
Where is this residential land & home lot located?
The property is located at 1116 Medlin Road Monroe, NC.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Prime 5.10‑acre development opportunity within Monroe city limits.; Zoned RLD for a residential cluster subdivision with a potential yield of 10‑14 lots.; Superior access to city water and sewer services.
