Mooresville Auto Repair Shop
For Sale
$1,200,000
1041 N Main Street, Mooresville, NC 28115
Service station and auto repair shop in downtown Mooresville.
Property Size5,067 SF
Price / SF$236.83
Days on Market1377
Property Features for 1041 N Main Street
General Information
Standard status
Active
Size
5,067 SF
Property subtype
Commercial
Amenities
Metal Roof
Concrete Flooring
Garage Door Height Greater Than 84 inches
Handicap Parking
Natural Gas Heating
Tar/Gravel Roof
Building Details
Year Built
1962
Listing Agency:
LKNHOMES.COM INC
(704) 215-4005
Listed By:
MAUREEN ROBERGE · License #233237
Source:
Corcoran
Added: Nov 13, 2022
Changed: Aug 8
Last Checked: Aug 8 at 2:03PM
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 LKNHOMES.COM INC
Investment Insights
Based on property information with market context.
This property presents a business opportunity in an excellent location. It features a service station and auto repair shop with HVAC in the office and work area. The property benefits from high visibility with 108 feet of road frontage in downtown Mooresville, near the intersection of Linwood and North Main Street and close to the Food Lion shopping center. The property offers 5,067 square feet of space and a fenced-in rear yard. The building includes three bays in the front, an office, and an additional work area/office where the current paint booth is located. There are two exterior-accessed bathrooms. Approximately 2.5 years ago, a 37.5 x 38.5 garage was added, featuring three 12-foot high garage doors and a natural gas metal roof covering both the old and new sections. A sprinkler system is installed in the mix room and paint booth. The office is air-conditioned. The property is located in an area with ongoing development.
Key Highlights
- Prime downtown Mooresville location with 108 feet of road frontage and high visibility.
- 5,067 sqft service station and auto repair shop featuring 3 bays and a fenced‑in rear yard.
- Recently added 37.5 x 38.5 garage with three 12‑foot high garage doors.
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
$74,618
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
6.22%
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%
$1,492,360
$1.5M
Cap Rate 7%
$1,065,971
$1.1M
Cap Rate 9%
$829,089
$829.1K
Market Conditions
NOI Build-Up for 5,067 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
$106.4K $21.00/SF
− Vacancy
−$6.9K −$1.37/SF
EGI
$99.5K $19.64/SF
− OpEx
−$24.9K −$4.91/SF
NOI
$74.6K $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%
$1,492,360
Cap Rate 7%
$1,065,971
Cap Rate 9%
$829,089
Alternative Uses
Best Use
Specialty Retail
$1.07M
$932.7K – $1.24M
NOI $74,618 @ 7.0% cap · market cap 6.22%
Second Best
Retail
$888.7K
$777.6K – $1.04M
NOI $62,206 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$1.59M
$1.40M – $1.86M
NOI $111,636 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
21k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 100%
Food Lion Grocery Store
Groceries
20,927 visits/mo
0.3 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- RS Customs Paint — 112 Linwood Rd, Mooresville, NC 28115
- Jimmy's Body Shop — 1041 N Main St, Mooresville, NC 28115
- Jr’s Tire Spot — 604 N Main St, Mooresville, NC 28115
- PirateCoveGarage — 108 Pleasant Grove Ln, Mooresville, NC 28115
- Rodriguez Auto — 194 n cromwell dr, mooresville, nc 28115
Frequently Asked Questions
What type of property is this?
Auto shop - Service station and auto repair shop in downtown Mooresville.
Where is this auto shop located?
The property is located at 1041 N Main Street Mooresville, 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: Prime downtown Mooresville location with 108 feet of road frontage and high visibility.; 5,067 sqft service station and auto repair shop featuring 3 bays and a fenced‑in rear yard.; Recently added **37.5 x 38.5 garage with three 12‑foot high garage doors.**
