Freestanding Retail Property For
For Sale
$3,438,700
8926 J M Keynes Drive, Charlotte, NC 28262
4,998 SF retail property in Charlotte, 100% occupied.
Property Size4,998 SF
Price / SF$688.02
Days on Market193
Property Features for 8926 J M Keynes Drive
General Information
Standard status
Active
Size
4,998 SF
Property subtype
Retail
Building Details
Year Built
2015
Listing Agency:
(919) 602-2676
Listed By:
Mark Alviano, CCIM, SIOR
(919) 602-2676
Source:
Trinity-partners
Added: Jan 27
Changed: Jul 6
Last Checked: Aug 8 at 3:22AM
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 Mark Alviano, CCIM, SIOR
Investment Insights
Based on property information with market context.
University Place Shops is a 4,998 square foot freestanding retail property in Charlotte, North Carolina. The property is 100% occupied by Noodles & Company and Mezeh Mediterranean Grill, with an average remaining lease term of over eight years. The leases are triple-net, with the landlord responsible for roof and structure. Rent growth is 10% every 5 years. The property is located in University City, a dynamic area of northeast Mecklenburg County, adjacent to the University of North Carolina at Charlotte campus, University Research Park, and Carolinas Healthcare System University. Recent retail, hospitality and light rail transit-related developments have enhanced the property’s appeal and potential for consumer demand. The Net Operating Income is $220,075.
Key Highlights
- 100% Occupancy with established tenants: Noodles & Company and Mezeh Mediterranean Grill.
- Located in a dynamic area of Charlotte (University City) near UNC Charlotte, University Research Park, and Carolinas Healthcare System University.
- Net Operating Income (NOI) of $220,075.
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
$96,486
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
2.81%
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%
$1,929,720
$1.9M
Cap Rate 7%
$1,378,371
$1.4M
Cap Rate 9%
$1,072,067
$1.1M
Market Conditions
NOI Build-Up for 4,998 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
$131.9K $26.40/SF
− Vacancy
−$3.3K −$0.66/SF
EGI
$128.6K $25.74/SF
− OpEx
−$32.2K −$6.44/SF
NOI
$96.5K $19.31/SF
Area
Charlotte, NC
Vacancy
2.50%
Lease Rate
$26.40 /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%
$1,929,720
Cap Rate 7%
$1,378,371
Cap Rate 9%
$1,072,067
Alternative Uses
Best Use
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,486 @ 7.0% cap · market cap 2.81%
Second Best
Retail
$1.20M
$1.05M – $1.39M
NOI $83,682 @ 7.0% cap · market cap 2.43%
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,504 @ 7.0% cap · market cap 3.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,923
Businesses Nearby
354k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 70%
Shops & Services 10%
Groceries 9%
Hotels & Casinos 5%
Chick-fil-A
Dining
53,793 visits/mo
0.4 miles
Food Lion Grocery Store
Groceries
32,940 visits/mo
0.4 miles
Taco Bell
Dining
18,029 visits/mo
0.4 miles
Chipotle Mexican Grill
Dining
17,916 visits/mo
0.4 miles
Bojangles' Famous Chicken 'n Biscuits
Dining
17,841 visits/mo
0.4 miles
Demographics for 28262, NC
46,048
Population
23,449
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
93%
High-School Grad
21.0 sq mi
ZIP Area
2,193
Density / Sq Mi
$66,757
Median Household Income
$47,201
Median Earnings
$1,481
Median Rent
$297,300
Median Home Value
Market
Vacancy Rate% for Retail in Charlotte, NC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - 4,998 SF retail property in Charlotte, 100% occupied.
Where is this strip mall located?
The property is located at 8926 J M Keynes Drive Charlotte, NC.
What is the asking price?
The asking price for this property is $3,438,700.
What are key features of this property?
This property features: 100% Occupancy with established tenants: Noodles & Company and Mezeh Mediterranean Grill.; Located in a dynamic area of Charlotte (University City) near UNC Charlotte, University Research Park, and Carolinas Healthcare System University.; Net Operating Income (NOI) of $220,075.
