Office-Retail and Flex
For Sale
Contact for pricing
11240 East Independence Boulevard, Matthews, NC 28105
Two strategically positioned buildings with renovated office/retail and flex-warehouse income in Matthews’ Independence Boulevard corridor.
Property Size14,369 SF
Price / SF$250.54
Days on Market53
Property Features for 11240 East Independence Boulevard
General Information
Standard status
Active
Size
14,369 SF
Total Parking Spaces
32
Property subtype
Retail, Office, Industrial
Zoning
B-H (ENT-O)
Occupancy
45%
Lease Type
NNN
Investment Type
Value Add
Additional Details
Business Included
Yes
Traffic Count
66,700 vehicles/day
Building Details
Year Built
1982
Year Renovated
2007
Buildings
2
Tenancy
Multi
Listing Agency:
Binaco Real Estate
Listed By:
Nicholas Quigley · License #358242
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 10 at 2:25PM
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 Binaco Real Estate
Investment Insights
Based on property information with market context.
This offering pairs two commercial assets: a ±7,940 SF renovated office/retail building that is currently owner-occupied, and a ±6,429 SF flex/warehouse facility occupied by a long-term tenant under a guaranteed lease. The flex/warehouse lease includes 4% annual escalations, providing income tied to contract terms. The portfolio is presented for acquisition together, with the office/retail building positioned for immediate lease-up and an owner-user or owner-sale/leaseback scenario, depending on the buyer’s approach.
Both properties are located at 11240 and 11242 E Independence Boulevard in Matthews, North Carolina, on one of the area’s most heavily used commercial corridors. The offering cites approximately 66,700 vehicles per day along Independence Boulevard, supporting strong visibility and convenient access. Zoning is listed as B-H (ENT-O), which allows for a broad range of office, retail, service, and entertainment uses.
For tenants, the portfolio format can accommodate users seeking either a renovated office/retail layout or a flex/warehouse configuration under established leasing terms. For buyers, the structure supports multiple paths: acquiring the portfolio for contracted income while evaluating lease-up opportunities for the currently owner-occupied office/retail building. The ±7,940 SF building is also described as available for lease, providing flexibility for prospective occupiers.
Both properties are located at 11240 and 11242 E Independence Boulevard in Matthews, North Carolina, on one of the area’s most heavily used commercial corridors. The offering cites approximately 66,700 vehicles per day along Independence Boulevard, supporting strong visibility and convenient access. Zoning is listed as B-H (ENT-O), which allows for a broad range of office, retail, service, and entertainment uses.
For tenants, the portfolio format can accommodate users seeking either a renovated office/retail layout or a flex/warehouse configuration under established leasing terms. For buyers, the structure supports multiple paths: acquiring the portfolio for contracted income while evaluating lease-up opportunities for the currently owner-occupied office/retail building. The ±7,940 SF building is also described as available for lease, providing flexibility for prospective occupiers.
Key Highlights
- Two‑building commercial portfolio offered together at $3,600,000 at 11240 and 11242 E Independence Boulevard in Matthews, NC.
- One building: ±7,940 SF renovated office/retail; currently owner occupied and positioned for immediate lease‑up or owner sale/leaseback.
- Second building: ±6,429 SF flex/warehouse with a long‑term tenant under a guaranteed lease.
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
$252,003
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
7.00%
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%
$5,040,060
$5.0M
Cap Rate 7%
$3,600,043
$3.6M
Cap Rate 9%
$2,800,033
$2.8M
Market Conditions
NOI Build-Up for 14,369 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
$374.2K $26.04/SF
− Vacancy
−$38.2K −$2.66/SF
EGI
$336.0K $23.38/SF
− OpEx
−$84.0K −$5.85/SF
NOI
$252.0K $17.54/SF
Area
Mecklenburg County, NC
Vacancy
10.20%
Lease Rate
$26.04 /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%
$5,040,060
Cap Rate 7%
$3,600,043
Cap Rate 9%
$2,800,033
Alternative Uses
Best Use
Office B
$3.60M
$3.15M – $4.20M
NOI $252,003 @ 7.0% cap · market cap 7.00%
Second Best
Retail
$2.51M
$2.20M – $2.93M
NOI $175,980 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$4.64M
$4.06M – $5.42M
NOI $325,012 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
66,700 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
Well-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
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Similar Off Market Nearby
- TreeTop Catering & Events — 1031 Matthews-Mint Hill Rd, Matthews, NC 28105
- Chef's Catering — 1730 Matthews Township Pkwy, Matthews, NC 28105
Frequently Asked Questions
What type of property is this?
Flex space - Two strategically positioned buildings with renovated office/retail and flex-warehouse income in Matthews’ Independence Boulevard corridor.
Where is this flex space located?
The property is located at 11240 East Independence Boulevard Matthews, NC.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Two‑building commercial portfolio offered together at $3,600,000 at 11240 and 11242 E Independence Boulevard in Matthews, NC.; One building: ±7,940 SF renovated office/retail; currently owner occupied and positioned for immediate lease‑up or owner sale/leaseback.; Second building: ±6,429 SF flex/warehouse with a long‑term tenant under a guaranteed lease.
