Mixed-Use Building with Established
For Sale
$1,350,000
188 N Main Street, Mooresville, NC 28115
Mixed-use building featuring a long-term tenant and vacant office space.
Property Size3,880 SF
Price / SF$347.94
Days on Market174
Property Features for 188 N Main Street
General Information
Standard status
Active
Size
3,880 SF
Property subtype
Commercial
Amenities
Central air
Corner Lot
Central Air Cooling
Flat Roof
On Street
Building Details
Year Built
1906
Listing Agency:
CAROLINA REALTY ADVISORS
(704) 442-1774
Listed By:
ROB CASSAM
Source:
Corcoran
Added: Feb 27
Changed: Aug 18
Last Checked: Aug 20 at 5:49AM
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 CAROLINA REALTY ADVISORS
Investment Insights
Based on property information with market context.
The property for sale includes the entire building, featuring two suites. The main level is occupied by a beer and wine bar tenant, which is celebrating its 7-year anniversary in August 2026. The tenant occupies 1,940 square feet under a lease term from October 1, 2024, to August 30, 2029, with one renewal option for an additional 5 years. The second floor, with an address of 106 W Moore Ave, is currently vacant and was last used as office space. This second-story walk-up space is located on the corner of N Main Street and Moore Street, above 188 N Main St., and features 1,940 square feet of heated space. The total property size is 3,880 square feet. This property presents an investment opportunity.
Key Highlights
- Entire building for sale, including both suites.
- Long‑term beer and wine bar occupies the main level (7 year anniversary in August 2026).
- Existing lease in place for the main level tenant from 10/1/24 to 8/30/29, with a 5‑year renewal option.
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
$57,138
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
4.23%
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%
$1,142,760
$1.1M
Cap Rate 7%
$816,257
$816.3K
Cap Rate 9%
$634,867
$634.9K
Market Conditions
NOI Build-Up for 3,880 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
$81.5K $21.00/SF
− Vacancy
−$5.3K −$1.37/SF
EGI
$76.2K $19.64/SF
− OpEx
−$19.0K −$4.91/SF
NOI
$57.1K $14.73/SF
Area
Iredell County, NC
Vacancy
6.50%
Lease Rate
$21.00 /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%
$1,142,760
Cap Rate 7%
$816,257
Cap Rate 9%
$634,867
Alternative Uses
Best Use
Specialty Retail
$816.3K
$714.2K – $952.3K
NOI $57,138 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,484 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
43k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
Whataburger
Dining
9,189 visits/mo
0.2 miles
Circle K
Shops & Services
7,945 visits/mo
0.5 miles
Bank of America
Shops & Services
7,371 visits/mo
0.1 miles
Wells Fargo
Shops & Services
6,181 visits/mo
0.1 miles
Famous Toastery
Dining
4,363 visits/mo
0.0 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Mixed-use building featuring a long-term tenant and vacant office space.
Where is this bar & pub located?
The property is located at 188 N Main Street Mooresville, NC.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Entire building for sale, including both suites.; Long‑term beer and wine bar occupies the main level (7 year anniversary in August 2026).; Existing lease in place for the main level tenant from 10/1/24 to 8/30/29, with a 5‑year renewal option.
