Three-Story Office Condo
For Sale
Contact for pricing
133 River Park Road, Mooresville, NC 28117
Class A three-story building includes 11 office condos, with elevator service and ample parking.
Property Size16,000 SF
Price / SF$275
Days on Market95
Property Features for 133 River Park Road
General Information
Standard status
Active
Size
16,000 SF
Class
A
Property subtype
Office
Zoning
RO - Iredell County
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$288,546
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
11
Building Details
Year Built
2006
Buildings
1
Stories
3
Units
52
Tenancy
Multi
Listing Agency:
Newport Properties
Listed By:
Sue Harding · License #NC 300718
Source:
Crexi
Added: Jun 3
Changed: Aug 31
Last Checked: Aug 29 at 11:00AM
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 Newport Properties
Investment Insights
Based on property information with market context.
This Class A three-story office building was built in 2006 and is configured into 11 individual office condos totaling more than 16,000 square feet. The main floor is fully leased, with suite 106 and suite 102 each currently occupied. The second floor includes open office areas, multiple private offices, and a conference room, and can be demised to support two tenants or used as a whole-floor owner occupancy. The fully leased lower level features a large training room, six private offices, and an open office area, with access to an outdoor gazebo and wooded retreat area.
The property is located off HWY 150 in Mooresville and is less than 3 miles from I-77. Ample on-site parking is provided, along with an elevator for access to all floors.
The building offers a combination of occupied income-producing space and additional flexible layout options on the second floor for ownership use or further leasing.
The property is located off HWY 150 in Mooresville and is less than 3 miles from I-77. Ample on-site parking is provided, along with an elevator for access to all floors.
The building offers a combination of occupied income-producing space and additional flexible layout options on the second floor for ownership use or further leasing.
Key Highlights
- Class A three‑story office building built in 2006 by local builder Spivey
- 11 individual office condos totaling over 16,000 SF of contemporary office space
- Main floor is fully leased: suite 106 ~2,285 SF and suite 102 ~2,107 SF
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
$280,607
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
6.38%
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%
$5,612,140
$5.6M
Cap Rate 7%
$4,008,671
$4.0M
Cap Rate 9%
$3,117,856
$3.1M
Market Conditions
NOI Build-Up for 16,000 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
$416.6K $26.04/SF
− Vacancy
−$42.5K −$2.66/SF
EGI
$374.1K $23.38/SF
− OpEx
−$93.5K −$5.85/SF
NOI
$280.6K $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%
$5,612,140
Cap Rate 7%
$4,008,671
Cap Rate 9%
$3,117,856
Alternative Uses
Best Use
Office B
$4.01M
$3.51M – $4.68M
NOI $280,607 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.04M
$4.41M – $5.88M
NOI $352,512 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
269
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 building - Class A three-story building includes 11 office condos, with elevator service and ample parking.
Where is this office building located?
The property is located at 133 River Park Road Mooresville, NC.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Class A three‑story office building built in 2006 by local builder Spivey; 11 individual office condos totaling over 16,000 SF of contemporary office space; Main floor is fully leased: suite 106 ~2,285 SF and suite 102 ~2,107 SF
