Commercial Building Investment
For Sale
$895,500
1809 W Front Street, Statesville, NC 28677
11,000+ SF commercial building with leasing and financing options.
Property Size11,010 SF
Price / SF$81.34
Days on Market793
Property Features for 1809 W Front Street
General Information
Standard status
Active
Size
11,010 SF
Property subtype
Commercial
Amenities
Central air
Corner Lot
Metal Roof
Central Air Cooling
Concrete Flooring
Parking Lot
Building Details
Year Built
1980
Listing Agency:
LAKESHORE REALTY, INC.
(704) 664-3400
Listed By:
JON GRIGORIAN · License #131675
Source:
Corcoran
Added: Jun 19, 2024
Changed: Aug 18
Last Checked: Aug 20 at 6:42AM
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 commercial building offers a substantial investment opportunity, featuring over 11,000 square feet of space. The metal building includes three offices and four bathrooms. Access is facilitated by two roll-up doors and one loading dock. The property also features paved parking and a fenced storage area. Currently, two spaces within the building are leased, while one 3,300 square foot space is available for lease. Owner financing options are available.
Key Highlights
- Over 11,000 SF metal building
- Owner financing available
- Two spaces currently leased, generating income
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
$80,015
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
8.94%
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%
$1,600,300
$1.6M
Cap Rate 7%
$1,143,071
$1.1M
Cap Rate 9%
$889,056
$889.1K
Market Conditions
NOI Build-Up for 11,010 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
$99.1K $9.00/SF
− Vacancy
−$5.0K −$0.45/SF
EGI
$94.1K $8.55/SF
− OpEx
−$14.1K −$1.28/SF
NOI
$80.0K $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%
$1,600,300
Cap Rate 7%
$1,143,071
Cap Rate 9%
$889,056
Alternative Uses
Best Use
Warehouse
$1.14M
$1.00M – $1.33M
NOI $80,015 @ 7.0% cap · market cap 8.94%
Second Best
Industrial
$1.04M
$906.8K – $1.21M
NOI $72,540 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$3.47M
$3.03M – $4.04M
NOI $242,572 @ 7.0% cap · market cap 27.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Balanced
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
- Downtown Mini Storage — 1128 Secor St, Statesville, NC 28677
- Fcx Distribution Center — W Front St, Statesville, NC 28677, United States
Frequently Asked Questions
What type of property is this?
Warehouse - 11,000+ SF commercial building with leasing and financing options.
Where is this warehouse located?
The property is located at 1809 W Front Street Statesville, NC.
What is the asking price?
The asking price for this property is $895,500.
What are key features of this property?
This property features: Over 11,000 SF metal building; Owner financing available; Two spaces currently leased, generating income
