Commercial Condo Office/Retail
For Sale
$1,110,000
110 Charleston Drive 108 & 109, Mooresville, NC 28117
Two combined condo units with direct visibility from Brawley School Road, offering flexibility for owner-use or tenancy.
Property Size2,135 SF
Days on Market94
Property Features for 110 Charleston Drive 108 & 109
General Information
Standard status
Active
Size
2,135 SF
Zoning
CM
Additional Details
Traffic Count
36,000 vehicles/day
Amenities
Central Air, Zoned
Central, Forced Air
Parking Lot
Building Details
Building Size
2,135 SF
Year Built
1998
Listing Agency:
LAKE NORMAN REALTY, INC.
Listed By:
Jeremy Katz · License #282116
(516) 850-3448
Source:
Evrealestate
Added: Jun 4
Changed: Aug 23
Last Checked: Sep 4 at 5:11AM
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 LAKE NORMAN REALTY, INC.
Investment Insights
Based on property information with market context.
110 Charleston Drive, Units 108 and 109, offers two commercial condo spaces that are currently operating as a combined suite with the option to revert to a two-unit configuration. The property is well suited for office or retail uses within a maintained condo setting.
The location provides direct visibility from Brawley School Road, with reported traffic of 36,000 vehicles per day, supporting strong storefront-style exposure for the businesses operating at the site. The property is positioned within a trade area described as affluent, with convenient access to nearby dining, shopping, and recreation.
For a buyer, the combined-and-revertible layout provides flexibility for an owner-user seeking a single larger space or an operator looking to support separate occupancies if desired. Investors may also consider the adaptable configuration for future tenant mix, while maintaining a straightforward, controllable footprint in a context where comparable purchasable commercial spaces in this size range are described as limited. The business and inventory are also available for purchase under a separate agreement; details are available through the broker.
The location provides direct visibility from Brawley School Road, with reported traffic of 36,000 vehicles per day, supporting strong storefront-style exposure for the businesses operating at the site. The property is positioned within a trade area described as affluent, with convenient access to nearby dining, shopping, and recreation.
For a buyer, the combined-and-revertible layout provides flexibility for an owner-user seeking a single larger space or an operator looking to support separate occupancies if desired. Investors may also consider the adaptable configuration for future tenant mix, while maintaining a straightforward, controllable footprint in a context where comparable purchasable commercial spaces in this size range are described as limited. The business and inventory are also available for purchase under a separate agreement; details are available through the broker.
Key Highlights
- Two commercial condo units at 110 Charleston Drive (Units 108 & 109) with direct visibility from Brawley School Road (36,000 VPD).
- Units are currently operating as a combined space, with the option to revert to a two‑unit configuration.
- Suitable for owner‑occupancy or investment, with flexibility based on whether the space is combined or separated.
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
$37,444
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
3.37%
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%
$748,880
$748.9K
Cap Rate 7%
$534,914
$534.9K
Cap Rate 9%
$416,044
$416.0K
Market Conditions
NOI Build-Up for 2,135 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
$55.6K $26.04/SF
− Vacancy
−$5.7K −$2.66/SF
EGI
$49.9K $23.38/SF
− OpEx
−$12.5K −$5.85/SF
NOI
$37.4K $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 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%
$748,880
Cap Rate 7%
$534,914
Cap Rate 9%
$416,044
Alternative Uses
Best Use
Office B
$534.9K
$468.1K – $624.1K
NOI $37,444 @ 7.0% cap · market cap 3.37%
Second Best
Retail
$374.4K
$327.6K – $436.9K
NOI $26,211 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$672.0K
$588.0K – $784.0K
NOI $47,038 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
649
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two combined condo units with direct visibility from Brawley School Road, offering flexibility for owner-use or tenancy.
Where is this office units located?
The property is located at 110 Charleston Drive 108 & 109 Mooresville, NC.
What is the asking price?
The asking price for this property is $1,110,000.
What are key features of this property?
This property features: Two commercial condo units at 110 Charleston Drive (Units 108 & 109) with direct visibility from Brawley School Road (36,000 VPD).; Units are currently operating as a combined space, with the option to revert to a two‑unit configuration.; Suitable for owner‑occupancy or investment, with flexibility based on whether the space is combined or separated.
