Class A Office
For Sale
Contact for pricing
116 Morlake Dr, Mooresville, NC 28117
Ready-to-occupy office suite in Mooresville, NC.
Property Size1,600 SF
Price / SF$261.88
Days on Market806
Property Features for 116 Morlake Dr
General Information
Standard status
Active
Size
1,600 SF
Class
A
Property subtype
Office
Lease Type
NNN
Building Details
Tenancy
Multi
Listing Agency:
KW Commercial Lake Norman - Mooresville
Listed By:
Chuck Young · License #NC 272367
(704) 577-5979
Source:
Crexi
Added: Aug 6, 2024
Changed: Oct 13
Last Checked: Oct 19 at 5:26AM
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 KW Commercial Lake Norman - Mooresville
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Investment Insights
Based on property information with market context.
The property at 116 Morlake Drive, Mooresville, NC 28117 features a Class A office suite, specifically suite 101, offering approximately 1600 square feet of space. This first-floor suite is fully fitted and ready for immediate occupancy. The suite can be subdivided into two units of approximately 900 and 700 square feet. The listed square footage includes common areas, bathrooms, and the lobby. Men's and ladies' bathrooms are fully maintained. The building is secured with keypad entry and includes an elevator providing access to second-floor suites. Both units are currently leased for 3-year terms, starting March 1, 2025, and May 1, 2025.
Key Highlights
- Fully fitted, Class A office suite ready for immediate occupancy
- Currently leased for 3 years (starting March 1, and May 1, 2025)
- Can be subdivided into 900 SF & 700 SF units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,061
Cap Rate
6.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$561,220
$561.2K
Cap Rate 7%
$400,871
$400.9K
Cap Rate 9%
$311,789
$311.8K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$41.7K $26.04/SF
− Vacancy
−$4.2K −$2.66/SF
EGI
$37.4K $23.38/SF
− OpEx
−$9.4K −$5.85/SF
NOI
$28.1K $17.54/SF
Area
Iredell 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 Rate 5%
$561,220
Cap Rate 7%
$400,871
Cap Rate 9%
$311,789
Alternative Uses
Best Use
Office B
$400.9K
$350.8K – $467.7K
NOI $28,061 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$503.6K
$440.6K – $587.5K
NOI $35,251 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
885
Businesses Nearby
Explore this area
Business Placement
Demographics for 28117, NC
46,917
Population
21,528
Households
2.2
Avg Household Size
42
Median Age
55%
College-Educated
98%
High-School Grad
39.1 sq mi
ZIP Area
1,200
Density / Sq Mi
$109,310
Median Household Income
$53,706
Median Earnings
$1,593
Median Rent
$567,200
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 Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Ready-to-occupy office suite in Mooresville, NC.
Where is this office unit located?
The property is located at 116 Morlake Dr Mooresville, NC.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Fully fitted, Class A office suite ready for immediate occupancy; Currently leased for 3 years (starting March 1, and May 1, 2025); Can be subdivided into 900 SF & 700 SF units
