Historic Downtown Retail and
For Sale
$2,750,000
111-115 N Main Street, Mooresville, NC 28115
Historic two-story storefront with mezzanine and full basement, plus an attached single-story warehouse with interior dock.
Property Size10,003 SF
Price / SF$274.92
Days on Market52
Property Features for 111-115 N Main Street
General Information
Standard status
Active
Size
10,003 SF
Property subtype
Retail
Additional Details
Dock-High Doors
2
Amenities
freight elevator
Size: 0.15, Size Units: Acres
Flooring: Concrete, Wood
Days on Market: 3, Listing Price: 2750000, Status: Active
Description: Interior Entry, Storage Space, Unfinished
Building Area: 10003, Construction Materials: Brick Full, Stone, Stories: 2, Year Built: 1900, Construction Type: Site Built
City: Mooresville, State: NC, Zip: 28115, County: Iredell
Sewer: Public Sewer, Water Source: City, Utilities: Electricity Connected
Auction Y/N: 0
Building Details
Building Size
10,003 SF
Year Built
1900
Listing Agency:
Lake Norman Realty, Inc
(704) 655-2600
Listed By:
Nikki Robinson · License #282886
(704) 615-1722
Source:
Blackstreaminternational
Added: Jul 24
Changed: Sep 13
Last Checked: Sep 13 at 11:02AM
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 Lake Norman Realty, Inc
Investment Insights
Based on property information with market context.
This offering includes a two-story in-line commercial building and a single-story attached warehouse. The N. Main Street building contains 4 levels of heated space, featuring soaring 17-foot ceilings, a mezzanine, an entire second floor, and a full basement with 7-foot ceilings. All four levels are served by a freight elevator. Historic interior details referenced in the remarks include hardwood floors, original millwork, and vintage fixtures.
A single-story warehouse occupies the rear of the property with an interior dock, two loading doors, and an 11-foot ceiling height. The warehouse has interior access through the storefront and exterior access along E. Center Avenue.
The building is described as being constructed circa 1899 and is presented as an existing, landmark property in Downtown Mooresville’s Historic District.
A single-story warehouse occupies the rear of the property with an interior dock, two loading doors, and an 11-foot ceiling height. The warehouse has interior access through the storefront and exterior access along E. Center Avenue.
The building is described as being constructed circa 1899 and is presented as an existing, landmark property in Downtown Mooresville’s Historic District.
Key Highlights
- Historic downtown Mooresville commercial building constructed circa 1899 (year built listed: 1900).
- N. Main Street building offers 2,632 SF heated area with 17‑foot ceilings, mezzanine, full basement with 7' ceilings, and a second floor.
- All 4 levels are served by one of the state's oldest freight elevators.
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
$122,803
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
4.47%
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%
$2,456,060
$2.5M
Cap Rate 7%
$1,754,329
$1.8M
Cap Rate 9%
$1,364,478
$1.4M
Market Conditions
NOI Build-Up for 10,003 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
$189.7K $18.96/SF
− Vacancy
−$14.2K −$1.42/SF
EGI
$175.4K $17.54/SF
− OpEx
−$52.6K −$5.26/SF
NOI
$122.8K $12.28/SF
Area
Iredell County, NC
Vacancy
7.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,456,060
Cap Rate 7%
$1,754,329
Cap Rate 9%
$1,364,478
Alternative Uses
Best Use
Retail
$1.75M
$1.54M – $2.05M
NOI $122,803 @ 7.0% cap · market cap 4.47%
Second Best
Warehouse
$1.04M
$908.7K – $1.21M
NOI $72,697 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$3.15M
$2.75M – $3.67M
NOI $220,386 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- Willow Branch Flowers — 618 N Main St, Mooresville, NC 28115
Frequently Asked Questions
What type of property is this?
Storefront property - Historic two-story storefront with mezzanine and full basement, plus an attached single-story warehouse with interior dock.
Where is this storefront property located?
The property is located at 111-115 N Main Street Mooresville, NC.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Historic downtown Mooresville commercial building constructed circa 1899 (year built listed: 1900).; N. Main Street building offers 2,632 SF heated area with 17‑foot ceilings, mezzanine, full basement with 7' ceilings, and a second floor.; All 4 levels are served by one of the state's oldest freight elevators.
