I-40 Visible Industrial
For Sale
$775,000
140 Water Tank Road, Statesville, NC 28677
Industrial building with I-40 visibility, suitable for various uses.
Property Size9,000 SF
Price / SF$86.11
Days on Market539
Property Features for 140 Water Tank Road
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Commercial
Amenities
Central air
Metal Roof
Cleared
Concrete Flooring
Heat Pump Cooling
Heat Pump Heating
Building Details
Year Built
1983
Listing Agency:
LAKESHORE REALTY, INC.
(704) 664-3400
Listed By:
JON GRIGORIAN · License #131675
(704) 201-8592
Source:
Corcoran
Added: Mar 13, 2025
Changed: Aug 31
Last Checked: Aug 31 at 8:04PM
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 LAKESHORE REALTY, INC.
Investment Insights
Based on property information with market context.
This 9,000-square-foot building, zoned industrial (M-1), offers excellent visibility from I-40, located just off the Old Mountain Road exit in Iredell County. Formerly a motorcycle dealership, the property is suitable for a number of uses. The building features two roll-up on-grade doors providing access to the warehouse area. Supplemental propane heaters are installed in the ceiling.
Key Highlights
- High visibility from I‑40.
- Zoned industrial (M‑1).
- Two roll‑up on‑grade doors for warehouse access.
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
$65,408
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
8.44%
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%
$1,308,160
$1.3M
Cap Rate 7%
$934,400
$934.4K
Cap Rate 9%
$726,756
$726.8K
Market Conditions
NOI Build-Up for 9,000 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
$81.0K $9.00/SF
− Vacancy
−$4.1K −$0.45/SF
EGI
$77.0K $8.55/SF
− OpEx
−$11.5K −$1.28/SF
NOI
$65.4K $7.27/SF
Area
Iredell County, NC
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,308,160
Cap Rate 7%
$934,400
Cap Rate 9%
$726,756
Alternative Uses
Best Use
Retail
$1.58M
$1.38M – $1.84M
NOI $110,489 @ 7.0% cap · market cap 14.26%
Second Best
Warehouse
$934.4K
$817.6K – $1.09M
NOI $65,408 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,288 @ 7.0% cap · market cap 25.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- 4D Storage — 2094 Old Mountain Rd, Statesville, NC 28625
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building with I-40 visibility, suitable for various uses.
Where is this warehouse located?
The property is located at 140 Water Tank Road Statesville, NC.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: High visibility from I‑40.; Zoned industrial (M‑1).; Two roll‑up on‑grade doors for warehouse access.
