Airport-Adjacent Distribution
For Sale
$9,220,000
1609 Airport Rd, Monroe, NC 28110
Fully leased industrial facility with multiple suites and direct access to regional highway connections.
Property Size111,500 SF
Price / SF$82.69
Days on Market109
Property Features for 1609 Airport Rd
General Information
Standard status
Active
Size
111,500 SF
Class
C
Property subtype
Industrial - Warehouse/Distribution
Occupancy
100%
Financials
Asking Price
$9,220,000
Cap Rate
7.4%
Additional Details
Highway Access
Yes
Building Details
Building Size
111,500 SF
Year Built
1978
Year Renovated
2007
Tenancy
Multi
Listing Agency:
Lee & Associates - Charlotte
Listed By:
John Berger · License #334064
Source:
Commercialcafe
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 at 8:18PM
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 Lee & Associates - Charlotte
Investment Insights
Based on property information with market context.
Built in 1978, this 111,500 SF distribution center is fully leased across four suites. The occupancy profile includes 3M (Scott Technologies), which occupies 16,000 SF, and Spiroflow, which leases 95,500 SF across three suites. Lease expirations extend through May 2028 and April 2029, with contractual rent escalations beginning in 2026 and tenant renewal options in place.
The property is located at 1609 Airport Rd in Monroe, directly across from Charlotte-Monroe Executive Airport. US-74 and the Monroe Expressway provide connections to I-485, I-85, and I-77. The surrounding area includes established industrial users near Monroe Corporate Center and sits within Union County’s manufacturing base.
Ownership features include minimal landlord responsibilities, participation in the Brownfield Program, a waived right of first offer, and a fair-market-value purchase option tied to Akona Process Solutions. The asset carries a 7.40% cap rate.
The property is located at 1609 Airport Rd in Monroe, directly across from Charlotte-Monroe Executive Airport. US-74 and the Monroe Expressway provide connections to I-485, I-85, and I-77. The surrounding area includes established industrial users near Monroe Corporate Center and sits within Union County’s manufacturing base.
Ownership features include minimal landlord responsibilities, participation in the Brownfield Program, a waived right of first offer, and a fair-market-value purchase option tied to Akona Process Solutions. The asset carries a 7.40% cap rate.
Key Highlights
- 111,500 SF distribution center built in 1978
- 100% leased across four suites
- 3M (Scott Technologies) occupies 16,000 SF; Spiroflow leases 95,500 SF across three suites
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
$810,326
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
8.79%
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%
$16,206,520
$16.2M
Cap Rate 7%
$11,576,086
$11.6M
Cap Rate 9%
$9,003,622
$9.0M
Market Conditions
NOI Build-Up for 111,500 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
$1.00M $9.00/SF
− Vacancy
−$50.2K −$0.45/SF
EGI
$953.3K $8.55/SF
− OpEx
−$143.0K −$1.28/SF
NOI
$810.3K $7.27/SF
Area
Union 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%
$16,206,520
Cap Rate 7%
$11,576,086
Cap Rate 9%
$9,003,622
Alternative Uses
Best Use
Warehouse
$11.58M
$10.13M – $13.51M
NOI $810,326 @ 7.0% cap · market cap 8.79%
Second Best
Industrial
$10.49M
$9.18M – $12.24M
NOI $734,622 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$34.44M
$30.14M – $40.18M
NOI $2,410,808 @ 7.0% cap · market cap 26.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 28110, NC
53,316
Population
20,236
Households
2.6
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
127.4 sq mi
ZIP Area
418
Density / Sq Mi
$81,221
Median Household Income
$41,425
Median Earnings
$1,313
Median Rent
$302,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - Fully leased industrial facility with multiple suites and direct access to regional highway connections.
Where is this distribution center located?
The property is located at 1609 Airport Rd Monroe, NC.
What is the asking price?
The asking price for this property is $9,220,000.
What are key features of this property?
This property features: 111,500 SF distribution center built in 1978; 100% leased across four suites; 3M (Scott Technologies) occupies 16,000 SF; Spiroflow leases 95,500 SF across three suites
