Climate-Controlled Flex
For Sale
$4,900,000
110 Commercial Boulevard, Flat Rock, NC 28731
Commercial Sale, Flat Rock, NC
Property Size24,000 SF
Lot Size2.13 Acres
Price / SF$204.17
Days on Market232
Property Features for 110 Commercial Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Property condition
Under Construction
Zoning
RC
Zoning description
RC
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
40
Parking features
Parking Lot
Security features
Security System
Window features
Insulated Windows, Window Treatments
Patio and Porch features
Porch
Lot features
Level, Paved
Directions
I-26 to Upward Rd exit, go west to first light turn left to property on right.
Standard status
Active
APN
9969177
Lot size
2.13 Acres
Taxes and HOA fees
Tax Description
PT #05BAPPLELAND BUSINESS PARK
Legal Description
PT #05BAPPLELAND BUSINESS PARK
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Forced Air, Natural Gas, Central, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
2025
Floors in Building
1
Flooring type
Vinyl, Concrete
Building materials
Brick Partial, Metal
Roof type
Metal
Listing Agency:
Keller Williams Mtn Partners, LLC · Keller Williams Realty
(828) 290-1000
Listed By:
David Lee · License #212568
(828) 699-4505
Added: Jan 21
Changed: Sep 9
Last Checked: Sep 10 at 5:06AM
MLS# 4338502
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 24,000 SF flex facility combines approximately 3,000 SF of professional office space with 21,000 SF of warehouse and manufacturing area. The building includes 800-amp three-phase power, natural gas, full-building climate control, fiber optics, dock-high loading, drive-in access, ADA accessibility, and a new BDA communications system. Construction materials include brick partial and metal, with concrete and vinyl flooring, a metal roof, central air, and public sewer service.
Located at 110 Commercial Boulevard in Flat Rock, the property sits directly on the I-26 node near the Upward Road interchange. The site contains approximately 2.13 acres and about 40 striped parking spaces, with additional land identified for expanded parking or future operational needs. The layout and infrastructure support industrial, distribution, logistics, production, assembly, and owner-user operations.
Located at 110 Commercial Boulevard in Flat Rock, the property sits directly on the I-26 node near the Upward Road interchange. The site contains approximately 2.13 acres and about 40 striped parking spaces, with additional land identified for expanded parking or future operational needs. The layout and infrastructure support industrial, distribution, logistics, production, assembly, and owner-user operations.
Key Highlights
- 24,000 SF facility with approximately 3,000 SF of office and 21,000 SF of warehouse/manufacturing space
- 800‑amp three‑phase power with natural gas service
- Dock‑high loading and drive‑in access
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
$178,092
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
3.63%
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%
$3,561,840
$3.6M
Cap Rate 7%
$2,544,171
$2.5M
Cap Rate 9%
$1,978,800
$2.0M
Market Conditions
NOI Build-Up for 24,000 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
$216.0K $9.00/SF
− Vacancy
−$6.5K −$0.27/SF
EGI
$209.5K $8.73/SF
− OpEx
−$31.4K −$1.31/SF
NOI
$178.1K $7.42/SF
Area
Henderson County, NC
Vacancy
3.00%
Lease Rate
$9.00 /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%
$3,561,840
Cap Rate 7%
$2,544,171
Cap Rate 9%
$1,978,800
Alternative Uses
Best Use
Warehouse
$2.54M
$2.23M – $2.97M
NOI $178,092 @ 7.0% cap · market cap 3.63%
Second Best
Flex RnD
$2.27M
$1.99M – $2.65M
NOI $158,944 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$8.00M
$7.00M – $9.33M
NOI $559,872 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28731, NC
8,806
Population
4,417
Households
2
Avg Household Size
53
Median Age
37%
College-Educated
91%
High-School Grad
33.1 sq mi
ZIP Area
266
Density / Sq Mi
$65,882
Median Household Income
$35,957
Median Earnings
$947
Median Rent
$361,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex facility with office, warehouse, loading, and manufacturing infrastructure near the I-26 and Upward Road interchange.
Where is this flex space located?
The property is located at 110 Commercial Boulevard Flat Rock, NC.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 24,000 SF facility with approximately 3,000 SF of office and 21,000 SF of warehouse/manufacturing space; 800‑amp three‑phase power with natural gas service; Dock‑high loading and drive‑in access
