Two Adjacent Office
For Sale
Contact for pricing
Pending
10027 Park Cedar Dr, Charlotte, NC 28210
Two adjacent office condos sold together, including one unit leased through August 31, 2027.
Property Size1,606 SF
Days on Market167
Property Features for 10027 Park Cedar Dr
General Information
Standard status
Pending
Size
1,606 SF
Property subtype
OFFICE
Additional Details
HOA Fee
$662.50
Office Units
2
Building Details
Tenancy
Multi
Listing Agency:
Office Properties
Listed By:
John Stipp
(704) 540-1260
Source:
Moodyscre
Added: Apr 1
Changed: Sep 5
Last Checked: Sep 13 at 6:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Office Properties
Investment Insights
Based on property information with market context.
This offering includes two adjacent office condos for sale together. Unit 10027-150 is 1,606 SF and is leased through August 31, 2027. Unit 10027-200 is 1,394 SF and is configured for owner/occupant use.
The units were previously deeded together, with property taxes reported jointly for both units. The owner has legally separated the deeds on the individual units, and taxes are expected to be prorated accordingly.
Each unit’s layout supports office use, giving buyers the option to occupy one space while maintaining tenancy in the other, depending on their needs. Whether you’re looking for combined workplace control or a hybrid owner-occupant strategy, these adjacent condos provide a straightforward way to manage two linked office suites under one transaction.
The units were previously deeded together, with property taxes reported jointly for both units. The owner has legally separated the deeds on the individual units, and taxes are expected to be prorated accordingly.
Each unit’s layout supports office use, giving buyers the option to occupy one space while maintaining tenancy in the other, depending on their needs. Whether you’re looking for combined workplace control or a hybrid owner-occupant strategy, these adjacent condos provide a straightforward way to manage two linked office suites under one transaction.
Key Highlights
- 1,606 SF office condo (10027‑150) leased through August 31, 2027
- 1,394 SF office condo (10027‑200) for owner/occupant
- Two adjacent office condos sold together
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
$24,803
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
4.48%
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%
$496,060
$496.1K
Cap Rate 7%
$354,329
$354.3K
Cap Rate 9%
$275,589
$275.6K
Market Conditions
NOI Build-Up for 1,606 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
$40.1K $24.96/SF
− Vacancy
−$7.0K −$4.37/SF
EGI
$33.1K $20.59/SF
− OpEx
−$8.3K −$5.15/SF
NOI
$24.8K $15.44/SF
Area
Charlotte, NC
Vacancy
17.50%
Lease Rate
$24.96 /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%
$496,060
Cap Rate 7%
$354,329
Cap Rate 9%
$275,589
Alternative Uses
Best Use
Office B
$354.3K
$310.0K – $413.4K
NOI $24,803 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$534.8K
$468.0K – $623.9K
NOI $37,436 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,250
Businesses Nearby
Explore this area
Business Placement
Demographics for 28210, NC
46,843
Population
22,376
Households
2.1
Avg Household Size
37
Median Age
60%
College-Educated
91%
High-School Grad
12.4 sq mi
ZIP Area
3,778
Density / Sq Mi
$94,145
Median Household Income
$54,965
Median Earnings
$1,444
Median Rent
$486,000
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 Charlotte, NC
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Frequently Asked Questions
What type of property is this?
Office units - Two adjacent office condos sold together, including one unit leased through August 31, 2027.
Where is this office units located?
The property is located at 10027 Park Cedar Dr Charlotte, NC.
What is the asking price?
The asking price for this property is $554,070.
What are key features of this property?
This property features: 1,606 SF office condo (10027‑150) leased through August 31, 2027; 1,394 SF office condo (10027‑200) for owner/occupant; Two adjacent office condos sold together
