Airport-Adjacent Distribution
For Sale
$9,560,000
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$85.74
Days on Market155
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: Oct 11
Last Checked: Oct 14 at 8:41PM
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 / Yr
$810,326
Cap Rate
8.48%
Suggested Prices Based on Cap Rates
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
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 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 8.48%
Second Best
Industrial
$10.49M
$9.18M – $12.24M
NOI $734,622 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$34.44M
$30.14M – $40.18M
NOI $2,410,808 @ 7.0% cap · market cap 25.22%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
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Market
Vacancy Rate% for Industrial in South region
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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 $9,560,000.
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
