Multi-Tenant Warehouse on Fenced
For Sale
$2,600,000
1032 Central Drive NW, Concord, NC 28027
COMMERCIAL - Concord, NC
Property Size15,980 SF
Lot Size1.16 Acres
Price / SF$162.70
Days on Market48
Property Features for 1032 Central Drive NW
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
I-1
Fencing
Chain Link, Fenced
Standard status
Active
APN
56119722140000
Lot size
1.16 Acres
Taxes and HOA fees
Tax Description
P/O LTS 1-2 CENTRAL DR INDUSTRIAL PARK
Legal Description
P/O LTS 1-2 CENTRAL DR INDUSTRIAL PARK
Building Details
Year built
1998
Floors in Building
1
Listing Agency:
Century 21 Providence Realty · Century 21 Real Estate
(704) 847-2144
Listed By:
Pat Flanagan
(704) 916-9552
Added: Jul 10
Changed: Aug 14
Last Checked: Aug 26 at 7:06AM
MLS# 4402934
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 multi-tenant warehouse property is built in 1998 and totals approximately 15,980 square feet on a lot of about 1.16 acres. The facility is 100% occupied by three established tenants, providing an in-place, multi-tenant operating profile.
The property includes fenced perimeter security with chain link fencing. It is positioned just minutes from Interstate 85, offering connectivity to the Charlotte area and the surrounding industrial markets in Cabarrus County.
For tenants or investors evaluating industrial space, the combination of a modest site size, established occupancy, and convenient Interstate access can support a straightforward operating and leasing profile for warehouse users seeking reliable nearby transportation connections.
The property includes fenced perimeter security with chain link fencing. It is positioned just minutes from Interstate 85, offering connectivity to the Charlotte area and the surrounding industrial markets in Cabarrus County.
For tenants or investors evaluating industrial space, the combination of a modest site size, established occupancy, and convenient Interstate access can support a straightforward operating and leasing profile for warehouse users seeking reliable nearby transportation connections.
Key Highlights
- 100% occupied by three established tenants
- Approximately 15,980 SF warehouse space
- About 1.16‑acre fenced site
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
$190,901
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
7.34%
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%
$3,818,020
$3.8M
Cap Rate 7%
$2,727,157
$2.7M
Cap Rate 9%
$2,121,122
$2.1M
Market Conditions
NOI Build-Up for 15,980 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
$233.9K $14.64/SF
− Vacancy
−$9.4K −$0.59/SF
EGI
$224.6K $14.05/SF
− OpEx
−$33.7K −$2.11/SF
NOI
$190.9K $11.95/SF
Area
Concord, NC
Vacancy
4.00%
Lease Rate
$14.64 /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%
$3,818,020
Cap Rate 7%
$2,727,157
Cap Rate 9%
$2,121,122
Alternative Uses
Best Use
Warehouse
$2.73M
$2.39M – $3.18M
NOI $190,901 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.35M
$3.81M – $5.08M
NOI $304,826 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,165
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28027, NC
76,478
Population
31,450
Households
2.4
Avg Household Size
36
Median Age
43%
College-Educated
92%
High-School Grad
69.0 sq mi
ZIP Area
1,108
Density / Sq Mi
$89,101
Median Household Income
$48,976
Median Earnings
$1,433
Median Rent
$341,900
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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- Mr Storage — 1027 Central Dr NW, Concord, NC 28027
Frequently Asked Questions
What type of property is this?
Warehouse - Multi-tenant warehouse built in 1998, fenced with chain link, and 100% occupied by three tenants.
Where is this warehouse located?
The property is located at 1032 Central Drive NW Concord, NC.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 100% occupied by three established tenants; Approximately 15,980 SF warehouse space; About 1.16‑acre fenced site
