Renovated Creative Office
New
For Sale
Contact for pricing
18820 Statesville Rd, Cornelius, NC 28031
Updated office property with Highway Commercial (HC) zoning and a substantial land component.
Property Size6,440 SF
Lot Size1.71 Acres
Price / SF$590.06
Days on Market3
Property Features for 18820 Statesville Rd
General Information
Standard status
Active
Size
6,440 SF
Lot size
1.71 Acres
Property subtype
OFFICE
Zoning
HC
Additional Details
Road Access
Yes
Building Details
Year Renovated
2022
Listing Agency:
Avison Young | Charlotte
(704) 531-5550
Listed By:
Nick Claudio
(304) 419-2276
Source:
Moodyscre
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 9 at 3:50PM
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 Avison Young | Charlotte
Investment Insights
Based on property information with market context.
This creative office property provides ±6,440 square feet of workspace on approximately ±1.714 acres. A 2021/2022 renovation refreshed the property, while a 2022 roof and HVAC system add recent building improvements. The asset offers an office setting with a larger land component than a typical standalone office suite or building.
Located at 18820 Statesville Road in Cornelius, North Carolina, the property sits along Statesville Road with access to the surrounding Lake Norman area. Highway Commercial (HC) zoning supports its commercial office positioning. The combination of updated improvements, office space, and acreage creates a distinct physical profile for businesses seeking a creative workplace environment.
Located at 18820 Statesville Road in Cornelius, North Carolina, the property sits along Statesville Road with access to the surrounding Lake Norman area. Highway Commercial (HC) zoning supports its commercial office positioning. The combination of updated improvements, office space, and acreage creates a distinct physical profile for businesses seeking a creative workplace environment.
Key Highlights
- ±6,440 SF of creative office space
- Approximately ±1.714 acres of land
- 2021/2022 renovation
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
$112,944
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
2.97%
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%
$2,258,880
$2.3M
Cap Rate 7%
$1,613,486
$1.6M
Cap Rate 9%
$1,254,933
$1.3M
Market Conditions
NOI Build-Up for 6,440 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
$167.7K $26.04/SF
− Vacancy
−$17.1K −$2.66/SF
EGI
$150.6K $23.38/SF
− OpEx
−$37.6K −$5.85/SF
NOI
$112.9K $17.54/SF
Area
Mecklenburg 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%
$2,258,880
Cap Rate 7%
$1,613,486
Cap Rate 9%
$1,254,933
Alternative Uses
Best Use
Office B
$1.61M
$1.41M – $1.88M
NOI $112,944 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,666 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 28031, NC
30,836
Population
14,194
Households
2.2
Avg Household Size
43
Median Age
61%
College-Educated
97%
High-School Grad
14.0 sq mi
ZIP Area
2,203
Density / Sq Mi
$115,746
Median Household Income
$65,377
Median Earnings
$1,587
Median Rent
$497,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Creative space - Updated office property with Highway Commercial (HC) zoning and a substantial land component.
Where is this creative space located?
The property is located at 18820 Statesville Rd Cornelius, NC.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: ±6,440 SF of creative office space; Approximately ±1.714 acres of land; 2021/2022 renovation
