22-Acre Live/Work
For Sale
Contact for pricing
1620 London Rd, Mooresville, NC 28115
22-acre live/work compound with residences, barns, event space, garages.
Property Size20,000 SF
Lot Size22.00 Acres
Price / SF$347.50
Days on Market154
Property Features for 1620 London Rd
General Information
Standard status
Active
Size
20,000 SF
Class
C
Lot size
22.00 Acres
Property subtype
Land, Mixed Use
Zoning
RA
Investment Type
Owner/User
Net Operating Income
$1.00
Building Details
Year Built
1993
Buildings
9
Units
3
Listing Agency:
NextHome Providence
(704) 957-5172
Listed By:
Dawn Westall · License #283999
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 11 at 4:05PM
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 NextHome Providence
Investment Insights
Based on property information with market context.
This 22-acre property offers a rare live/work compound featuring over 20,000 square feet of improvements, including three residences, barns, an event space, and multiple large commercial garages. The property combines residential living, business infrastructure, and open land in one estate setting. It is ideal for an owner-operator seeking space for business operations, event use, workshops, or multi-generational living. The existing buildings provide substantial infrastructure and flexibility for a variety of entrepreneurial uses. Zoned RA, the property allows business operations with owner occupancy, creating a rare opportunity for a true live/work estate with significant acreage. Properties offering this scale of acreage, multiple residences, and extensive existing structures are rarely available in the greater Charlotte region.
Key Highlights
- 22‑acre live/work compound with over 20,000 SF of improvements.
- Zoned RA, allowing business operations with owner occupancy.
- Includes three residences, barns, event space, and multiple large commercial garages.
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
$287,040
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
4.13%
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%
$5,740,800
$5.7M
Cap Rate 7%
$4,100,571
$4.1M
Cap Rate 9%
$3,189,333
$3.2M
Market Conditions
NOI Build-Up for 20,000 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
$499.2K $24.96/SF
− Vacancy
−$39.9K −$2.00/SF
EGI
$459.3K $22.96/SF
− OpEx
−$172.2K −$8.61/SF
NOI
$287.0K $14.35/SF
Area
Iredell County, NC
Vacancy
8.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
37.50%
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%
$5,740,800
Cap Rate 7%
$4,100,571
Cap Rate 9%
$3,189,333
Alternative Uses
Best Use
Mixed Use
$4.10M
$3.59M – $4.78M
NOI $287,040 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.29M
$5.51M – $7.34M
NOI $440,640 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 28115, NC
43,413
Population
17,427
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
74.6 sq mi
ZIP Area
582
Density / Sq Mi
$86,724
Median Household Income
$46,921
Median Earnings
$1,193
Median Rent
$330,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 22-acre live/work compound with residences, barns, event space, garages.
Where is this mixed-use property located?
The property is located at 1620 London Rd Mooresville, NC.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: 22‑acre live/work compound with over 20,000 SF of improvements.; Zoned RA, allowing business operations with owner occupancy.; Includes three residences, barns, event space, and multiple large commercial garages.
