Two-Story Bar and Office
For Sale
$1,350,000
188 N Main Street, Mooresville, NC 28115
Commercial Sale, Mooresville, NC
Property Size3,880 SF
Lot Size0.08 Acres
Price / SF$347.94
Days on Market192
Property Features for 188 N Main Street
General Information
Property type
Residential
Property subtype
Retail
Zoning description
TC
Parking
1
Parking features
On Street
Lot features
Corner Lot
Directions
Property on the corner of N Main St. and We Moore Ave. in downtown Mooresville NC
Standard status
Active
APN
4667-12-3299.000
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
see media link
Legal Description
see media link
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1906
Floors in Building
2
Number of units
2
Building materials
Brick Full
Roof type
Flat
Listing Agency:
Carolina Realty Advisors
(704) 442-1774
Listed By:
Rob Cassam · License #164661
(704) 533-3074
Added: Feb 26
Changed: Aug 19
Last Checked: Sep 6 at 7:06AM
MLS# 4350044
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.
The offering includes the full two-story brick building at 188 N Main Street, including both suites. The main level contains a 1,940-square-foot beer and wine bar suite occupied under a lease running from 10/1/24 through 8/30/29, with one additional five-year renewal option. The second-floor suite is vacant and was last used for office space; it provides 1,940 square feet of heated area and has a separate address on W Moore Ave.
The building occupies a 0.0755-acre corner parcel at N Main Street and Moore Street in Mooresville. On-street parking serves the property, which has central heating and central air, a flat roof, and public sewer service. Built in 1906, the property combines an operating bar suite with additional upper-level commercial space.
The building occupies a 0.0755-acre corner parcel at N Main Street and Moore Street in Mooresville. On-street parking serves the property, which has central heating and central air, a flat roof, and public sewer service. Built in 1906, the property combines an operating bar suite with additional upper-level commercial space.
Key Highlights
- Main‑level 1,940 SF beer and wine bar suite leased from 10/1/24 through 8/30/29
- Lease includes one renewal option for an additional 5 years
- Vacant second‑floor suite offers 1,940 SF of heated space
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
$57,138
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
4.23%
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%
$1,142,760
$1.1M
Cap Rate 7%
$816,257
$816.3K
Cap Rate 9%
$634,867
$634.9K
Market Conditions
NOI Build-Up for 3,880 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
$81.5K $21.00/SF
− Vacancy
−$5.3K −$1.37/SF
EGI
$76.2K $19.64/SF
− OpEx
−$19.0K −$4.91/SF
NOI
$57.1K $14.73/SF
Area
Iredell County, NC
Vacancy
6.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,142,760
Cap Rate 7%
$816,257
Cap Rate 9%
$634,867
Alternative Uses
Best Use
Specialty Retail
$816.3K
$714.2K – $952.3K
NOI $57,138 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,484 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
43k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
Whataburger
Dining
9,189 visits/mo
0.2 miles
Circle K
Shops & Services
7,945 visits/mo
0.5 miles
Bank of America
Shops & Services
7,371 visits/mo
0.1 miles
Wells Fargo
Shops & Services
6,181 visits/mo
0.1 miles
Famous Toastery
Dining
4,363 visits/mo
0.0 miles
Demographics for 28115, NC
43,413
Population
17,427
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
74.6 sq mi
ZIP Area
582
Density / Sq Mi
$86,724
Median Household Income
$46,921
Median Earnings
$1,193
Median Rent
$330,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Brick commercial property with an occupied bar suite and vacant upper-level space at a prominent street corner.
Where is this bar & pub located?
The property is located at 188 N Main Street Mooresville, NC.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Main‑level 1,940 SF beer and wine bar suite leased from 10/1/24 through 8/30/29; Lease includes one renewal option for an additional 5 years; Vacant second‑floor suite offers 1,940 SF of heated space
