Office Building with Covered
For Sale
Contact for pricing
1838 Starita Rd, Charlotte, NC 28206
ML-2 zoning supports office use with permitted outdoor storage.
Property Size976 SF
Lot Size0.22 Acres
Price / SF$461.07
Days on Market231
Property Features for 1838 Starita Rd
General Information
Standard status
Active
Size
976 SF
Lot size
0.22 Acres
Property subtype
INDUSTRIAL
Zoning
ML-2
Additional Details
Opportunity Zone
Yes
Building Details
Buildings
2
Listing Agency:
Piedmont Properties
(704) 375-1101
Listed By:
Scott Hensley, CCIM, SIOR · License #194282
(704) 904-4796
Source:
Moodyscre
Added: Jan 15
Changed: Aug 30
Last Checked: Aug 30 at 6:49PM
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 Piedmont Properties
Investment Insights
Based on property information with market context.
This office property includes approximately 976 square feet of building area and was converted from a single-family residence. A covered storage shed is positioned at the rear of the building, adding supplemental functional space to the site.
The property encompasses approximately 0.22 acres at 1838 Starita Rd in Charlotte, North Carolina, within ZIP code 28206. ML-2 zoning permits outdoor storage, and the site is located in an Opportunity Zone.
The property encompasses approximately 0.22 acres at 1838 Starita Rd in Charlotte, North Carolina, within ZIP code 28206. ML-2 zoning permits outdoor storage, and the site is located in an Opportunity Zone.
Key Highlights
- ±976 SF office building converted from a single‑family residence
- Rear covered storage shed
- ±0.22 acres
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
$15,073
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
3.35%
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%
$301,460
$301.5K
Cap Rate 7%
$215,329
$215.3K
Cap Rate 9%
$167,478
$167.5K
Market Conditions
NOI Build-Up for 976 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
$24.4K $24.96/SF
− Vacancy
−$4.3K −$4.37/SF
EGI
$20.1K $20.59/SF
− OpEx
−$5.0K −$5.15/SF
NOI
$15.1K $15.44/SF
Area
Charlotte, NC
Vacancy
17.50%
Lease Rate
$24.96 /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%
$301,460
Cap Rate 7%
$215,329
Cap Rate 9%
$167,478
Alternative Uses
Best Use
Office B
$215.3K
$188.4K – $251.2K
NOI $15,073 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$325.0K
$284.4K – $379.2K
NOI $22,751 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
Business Placement
Demographics for 28206, NC
14,053
Population
7,094
Households
2
Avg Household Size
33
Median Age
32%
College-Educated
83%
High-School Grad
7.0 sq mi
ZIP Area
2,008
Density / Sq Mi
$51,456
Median Household Income
$42,186
Median Earnings
$1,225
Median Rent
$239,700
Median Home Value
Market
Vacancy Rate% for Office in Charlotte, NC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - ML-2 zoning supports office use with permitted outdoor storage.
Where is this office building located?
The property is located at 1838 Starita Rd Charlotte, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: ±976 SF office building converted from a single‑family residence; Rear covered storage shed; ±0.22 acres
