Flex Space with Dock
For Sale
Contact for pricing
11135 Monroe Rd, Matthews, NC 28105
Industrial-flex building combining finished offices with warehouse areas, dock loading, and drive-in access.
Property Size52,223 SF
Price / SF$152.23
Days on Market160
Property Features for 11135 Monroe Rd
General Information
Standard status
Active
Size
52,223 SF
Class
B
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
LI
Lease Type
NNN
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Office Build-Out
5,741 SF
Dock-High Doors
4
Drive-In Doors
2
Building Details
Year Built
1983
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Estate Ventures
(704) 293-3600
Listed By:
Yuriy Vaynshteyn · License #NC 217742
Source:
Crexi
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 9:28PM
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 Estate Ventures
Investment Insights
Based on property information with market context.
This 52,223 SF flex property, built in 1983, includes 5,741 SF of office space with exposed brick and hardwood flooring. The main warehouse level contains 29,958 SF, four docks, a high door, and a fifth drive-in roll-up door. A 16,524 SF lower-level warehouse adds a separate drive-in roll-up door, bathroom, and rear parking; that space is currently leased.
The property is positioned on a corner off Hwy 51 in Matthews, with access to I485. The lower warehouse has its own parking area at the rear, supporting distinct functionality within the overall building.
Zoned LI, the asset offers a combination of office, warehouse, loading, and drive-in features within one flex-space configuration.
The property is positioned on a corner off Hwy 51 in Matthews, with access to I485. The lower warehouse has its own parking area at the rear, supporting distinct functionality within the overall building.
Zoned LI, the asset offers a combination of office, warehouse, loading, and drive-in features within one flex-space configuration.
Key Highlights
- 52,223 SF flex property built in 1983
- 5,741 SF office area with exposed brick and hardwood floors
- 29,958 SF main‑level warehouse with four docks and a high door
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
$604,980
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
7.61%
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%
$12,099,600
$12.1M
Cap Rate 7%
$8,642,571
$8.6M
Cap Rate 9%
$6,722,000
$6.7M
Market Conditions
NOI Build-Up for 52,223 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
$990.1K $18.96/SF
− Vacancy
−$59.4K −$1.14/SF
EGI
$930.7K $17.82/SF
− OpEx
−$325.8K −$6.24/SF
NOI
$605.0K $11.58/SF
Area
Mecklenburg County, NC
Vacancy
6.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$12,099,600
Cap Rate 7%
$8,642,571
Cap Rate 9%
$6,722,000
Alternative Uses
Best Use
Office B
$13.08M
$11.45M – $15.26M
NOI $915,884 @ 7.0% cap · market cap 11.52%
Second Best
Flex RnD
$8.64M
$7.56M – $10.08M
NOI $604,980 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$16.87M
$14.77M – $19.69M
NOI $1,181,229 @ 7.0% cap · market cap 14.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Dock-high doors
2
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,583
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28105, NC
44,085
Population
17,906
Households
2.5
Avg Household Size
41
Median Age
52%
College-Educated
95%
High-School Grad
23.2 sq mi
ZIP Area
1,900
Density / Sq Mi
$104,242
Median Household Income
$52,175
Median Earnings
$1,663
Median Rent
$389,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Red Radish Catering Co — 10734 Monroe Rd, Matthews, NC 28105
Frequently Asked Questions
What type of property is this?
Flex space - Industrial-flex building combining finished offices with warehouse areas, dock loading, and drive-in access.
Where is this flex space located?
The property is located at 11135 Monroe Rd Matthews, NC.
What is the asking price?
The asking price for this property is $7,950,000.
What are key features of this property?
This property features: 52,223 SF flex property built in 1983; 5,741 SF office area with exposed brick and hardwood floors; 29,958 SF main‑level warehouse with four docks and a high door
