Restored Office
For Sale
$1,200,000
20212 Zion Avenue, Cornelius, NC 28031
Commercial Sale, Cornelius, NC
Property Size2,400 SF
Lot Size0.95 Acres
Price / SF$500
Days on Market92
Property Features for 20212 Zion Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
TC
Zoning description
TC
Standard status
Active
APN
007-062-04
Lot size
0.95 Acres
Taxes and HOA fees
Tax Description
2,400 SF 2-story building on .52 +/- acre as described in Deed book/Page 13057-936.
Legal Description
2,400 SF 2-story building on .52 +/- acre as described in Deed book/Page 13057-936.
Utilities
Heating system
Forced Air
Amenities
handicap access
Building Details
Year built
1906
Building materials
Aluminum, Vinyl
Listing Agency:
Knox Group, The
(704) 896-1911
Listed By:
Gary Knox · License #113410
(704) 634-5630
Added: Jun 15
Changed: Sep 1
Last Checked: Sep 14 at 10:06AM
MLS# 4393171
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 restored 2400 sq ft office property occupies a 1906 building that has been converted from residential use to professional workspace. The interior retains wood floors and trim, while the layout includes handicap access and a restroom. Forced-air heating serves the building, and parking is available at the rear.
Zoned TC (Town Center), the property is located at 20212 Zion Avenue in Cornelius, NC. It is near Cornelius Town Hall, Antiquity, Cain Arts Center, and Oak Street Mill, with access to the Cornelius and Davidson markets. The site includes tax parcels 007-062-04 and 007-062-11 and encompasses 0.95 acres.
Zoned TC (Town Center), the property is located at 20212 Zion Avenue in Cornelius, NC. It is near Cornelius Town Hall, Antiquity, Cain Arts Center, and Oak Street Mill, with access to the Cornelius and Davidson markets. The site includes tax parcels 007-062-04 and 007-062-11 and encompasses 0.95 acres.
Key Highlights
- 2400 sq ft restored office building built in 1906
- TC (Town Center) zoning
- Converted professional office space with handicap access and restroom
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
$42,091
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
3.51%
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%
$841,820
$841.8K
Cap Rate 7%
$601,300
$601.3K
Cap Rate 9%
$467,678
$467.7K
Market Conditions
NOI Build-Up for 2,400 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
$62.5K $26.04/SF
− Vacancy
−$6.4K −$2.66/SF
EGI
$56.1K $23.38/SF
− OpEx
−$14.0K −$5.85/SF
NOI
$42.1K $17.54/SF
Area
Mecklenburg County, NC
Vacancy
10.20%
Lease Rate
$26.04 /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%
$841,820
Cap Rate 7%
$601,300
Cap Rate 9%
$467,678
Alternative Uses
Best Use
Office B
$601.3K
$526.1K – $701.5K
NOI $42,091 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$775.5K
$678.6K – $904.8K
NOI $54,285 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
Explore this area
Business Placement
Demographics for 28031, NC
30,836
Population
14,194
Households
2.2
Avg Household Size
43
Median Age
61%
College-Educated
97%
High-School Grad
14.0 sq mi
ZIP Area
2,203
Density / Sq Mi
$115,746
Median Household Income
$65,377
Median Earnings
$1,587
Median Rent
$497,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Town Center-zoned office property with handicap access, a restroom, and rear parking.
Where is this office building located?
The property is located at 20212 Zion Avenue Cornelius, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2400 sq ft restored office building built in 1906; TC (Town Center) zoning; Converted professional office space with handicap access and restroom
