Leased Office Building
For Sale
$656,250
11 Shoaf Street, Lexington, NC 27292
Well-maintained office building with 12 private offices and two conference rooms, currently 100% leased through October 2029.
Property Size4,344 SF
Price / SF$151.07
Days on Market18
Property Features for 11 Shoaf Street
General Information
Standard status
Active
Size
4,344 SF
Property subtype
Office - General Office
Occupancy
100%
Building Details
Building Size
4,344 SF
Year Built
1971
Listing Agency:
Linville Team Partners
(336) 724-1715
Listed By:
Jordan Cooper · License #305683
Source:
Commercialcafe
Added: Jul 26
Changed: Jul 27
Last Checked: Aug 10 at 9:11PM
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 Linville Team Partners
Investment Insights
Based on property information with market context.
Located at 11 Shoaf Street in an established commercial area, this well-maintained ±4,344 SF office building is currently 100% leased through October 2029. The space is arranged with 12 private offices and two conference rooms, supporting a range of professional office operations within a straightforward configuration.
The property is zoned for commercial use. It also has a noted 40+ year lease history with the tenant, offering continuity for investors evaluating long-term income stability.
The property is zoned for commercial use. It also has a noted 40+ year lease history with the tenant, offering continuity for investors evaluating long-term income stability.
Key Highlights
- Well‑maintained ±4,344 SF office building at 11 Shoaf Street
- 12 private offices plus two conference rooms
- Currently 100% leased through October 2029
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
$52,944
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
8.07%
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%
$1,058,880
$1.1M
Cap Rate 7%
$756,343
$756.3K
Cap Rate 9%
$588,267
$588.3K
Market Conditions
NOI Build-Up for 4,344 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
$95.4K $21.96/SF
− Vacancy
−$24.8K −$5.71/SF
EGI
$70.6K $16.25/SF
− OpEx
−$17.6K −$4.06/SF
NOI
$52.9K $12.19/SF
Area
Davidson County, NC
Vacancy
26.00%
Lease Rate
$21.96 /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%
$1,058,880
Cap Rate 7%
$756,343
Cap Rate 9%
$588,267
Alternative Uses
Best Use
Office B
$756.3K
$661.8K – $882.4K
NOI $52,944 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$964.4K – $1.29M
NOI $77,149 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 27292, NC
39,337
Population
18,749
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
144.0 sq mi
ZIP Area
273
Density / Sq Mi
$54,468
Median Household Income
$34,776
Median Earnings
$831
Median Rent
$193,300
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 building - Well-maintained office building with 12 private offices and two conference rooms, currently 100% leased through October 2029.
Where is this office building located?
The property is located at 11 Shoaf Street Lexington, NC.
What is the asking price?
The asking price for this property is $656,250.
What are key features of this property?
This property features: Well‑maintained ±4,344 SF office building at 11 Shoaf Street; 12 private offices plus two conference rooms; Currently 100% leased through October 2029
