Two-Suite Mixed-Use
For Sale
$1,350,000
188 N Main Street, Mooresville, NC 28115
SINGLE_FAMILY - Mooresville, NC
Property Size3,880 SF
Lot Size0.08 Acres
Price / SF$347.94
Days on Market173
Property Features for 188 N Main Street
General Information
Property type
Residential
Property subtype
Retail
Zoning description
TC
Parking
1
Parking features
On Street
Lot features
Corner Lot
Directions
Property on the corner of N Main St. and We Moore Ave. in downtown Mooresville NC
Standard status
Active
APN
4667-12-3299.000
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
see media link
Legal Description
see media link
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1906
Floors in Building
2
Number of units
2
Building materials
Brick Full
Roof type
Flat
Listing Agency:
Carolina Realty Advisors
(704) 442-1774
Listed By:
Rob Cassam
(704) 533-3074
Added: Feb 26
Changed: Jul 28
Last Checked: Aug 18 at 6:06PM
MLS# 4350044
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1906 brick mixed-use building includes two suites totaling 3,880 SF of heated space. The main level is occupied by a beer and wine bar under a lease running from 10/1/24 through 8/30/29, with one additional five-year renewal option. The second-floor suite is vacant and was most recently used as office space, providing a separate walk-up layout above the bar.
The property occupies 0.0755 acres at the corner of N Main Street and Moore Street, with the second-floor space associated with 106 W Moore Ave. Building systems include central heating and central air conditioning, while public sewer serves the property. On-street parking is available, and the structure has a flat roof.
The property occupies 0.0755 acres at the corner of N Main Street and Moore Street, with the second-floor space associated with 106 W Moore Ave. Building systems include central heating and central air conditioning, while public sewer serves the property. On-street parking is available, and the structure has a flat roof.
Key Highlights
- 3,880 SF mixed‑use building with two suites
- Main level leased to a beer and wine bar through 8/30/29
- Lease includes one additional 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
$68,047
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
5.04%
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%
$1,360,940
$1.4M
Cap Rate 7%
$972,100
$972.1K
Cap Rate 9%
$756,078
$756.1K
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
$101.0K $26.04/SF
− Vacancy
−$10.3K −$2.66/SF
EGI
$90.7K $23.38/SF
− OpEx
−$22.7K −$5.85/SF
NOI
$68.0K $17.54/SF
Area
Iredell County, NC
Vacancy
10.20%
Lease Rate
$26.04 /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%
$1,360,940
Cap Rate 7%
$972,100
Cap Rate 9%
$756,078
Alternative Uses
Best Use
Office B
$972.1K
$850.6K – $1.13M
NOI $68,047 @ 7.0% cap · market cap 5.04%
Second Best
Specialty Retail
$816.3K
$714.2K – $952.3K
NOI $57,138 @ 7.0% cap · market cap 4.23%
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
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
955
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level corner property combines a leased beer and wine bar with vacant second-floor office space.
Where is this mixed-use property 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: 3,880 SF mixed‑use building with two suites; Main level leased to a beer and wine bar through 8/30/29; Lease includes one additional 5‑year renewal option
