Flex Space with Loading
For Sale
$895,500
1809 W Front Street, Statesville, NC 28677
Commercial Sale, Statesville, NC
Property Size11,000 SF
Lot Size0.58 Acres
Price / SF$81.41
Days on Market698
Property Features for 1809 W Front Street
General Information
Property type
Residential
Property subtype
Office
Zoning
B5
Zoning description
B5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Parking Lot
Fencing
Fenced
Lot features
Corner Lot
Standard status
Active
APN
4734-16-0793.000
Lot size
0.58 Acres
Taxes and HOA fees
Tax Description
W FRONT ST
Legal Description
W FRONT ST
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
roll up doors
loading dock
fenced storage area
Building Details
Year built
1980
Floors in Building
1
Number of units
2
Flooring type
Concrete
Building materials
Metal
Roof type
Metal
Listing Agency:
Lakeshore Realty, Inc.
(704) 664-3400
Listed By:
Jon Grigorian · License #131675
(704) 201-8592
Added: Oct 8, 2024
Changed: Sep 1
Last Checked: Sep 5 at 3:06AM
MLS# 4190043
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 flex property at 1809 W Front Street includes an over 11,000-square-foot metal building constructed in 1980. The interior provides three offices and four bathrooms, with concrete flooring, central heating, and central air. Two roll-up doors and a loading dock support receiving and day-to-day operations, while paved parking and a fenced storage area extend the usable improvements.
The property encompasses 0.58 acres in Statesville, North Carolina, and is zoned B5. Public sewer serves the site. One 3,300-square-foot space is available for lease, and two spaces are currently leased, providing a mix of occupied and available commercial areas within the building.
The property encompasses 0.58 acres in Statesville, North Carolina, and is zoned B5. Public sewer serves the site. One 3,300-square-foot space is available for lease, and two spaces are currently leased, providing a mix of occupied and available commercial areas within the building.
Key Highlights
- Over 11,000 SF metal building on 0.58 acres
- Three offices and four bathrooms
- Two roll‑up doors plus one loading dock
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
$79,943
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
8.93%
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%
$1,598,860
$1.6M
Cap Rate 7%
$1,142,043
$1.1M
Cap Rate 9%
$888,256
$888.3K
Market Conditions
NOI Build-Up for 11,000 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
$99.0K $9.00/SF
− Vacancy
−$5.0K −$0.45/SF
EGI
$94.1K $8.55/SF
− OpEx
−$14.1K −$1.28/SF
NOI
$79.9K $7.27/SF
Area
Iredell County, NC
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,598,860
Cap Rate 7%
$1,142,043
Cap Rate 9%
$888,256
Alternative Uses
Best Use
Flex RnD
$1.82M
$1.59M – $2.12M
NOI $127,430 @ 7.0% cap · market cap 14.23%
Second Best
Warehouse
$1.14M
$999.3K – $1.33M
NOI $79,943 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,352 @ 7.0% cap · market cap 27.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Metal commercial building with offices, multiple service areas, paved parking, and secured outdoor storage.
Where is this flex space located?
The property is located at 1809 W Front Street Statesville, NC.
What is the asking price?
The asking price for this property is $895,500.
What are key features of this property?
This property features: Over 11,000 SF metal building on 0.58 acres; Three offices and four bathrooms; Two roll‑up doors plus one loading dock
