Two-Unit Office Condo
For Sale
$523,900
1913 J N Pease Pl Unit 201, Charlotte, NC 28262
Tenant-occupied office condos provide established occupancy, on-site parking, and access to Interstate 85 in Charlotte’s University City area.
Property Size1,997 SF
Price / SF$262.34
Days on Market15
Property Features for 1913 J N Pease Pl Unit 201
General Information
Standard status
Active
Size
1,997 SF
Building Details
Year Built
2002
Listing Agency:
Carolina Realty Advisors
(704) 442-1774
Listed By:
Rob Cassam
Source:
Mycrosskeys
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 28 at 9:00PM
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.
This offering includes two tenant-occupied office condominium units at 1905-104 JN Pease Place and 1913-201 JN Pease Place. The property is reported at 1,997 square feet and was built in 2002. Both units are currently leased, with one occupied by a primary care physician practice since 2014 and the other by an IT staffing and consulting business since 2022. The leases have been supported by solid rent histories.
The condos are located in Charlotte’s University City area and carry Research Campus (RC) zoning. Ample parking is available for the property, while proximity to Interstate 85 provides access to major transportation routes and surrounding amenities. The package offers two distinct office suites with established commercial occupancy.
The condos are located in Charlotte’s University City area and carry Research Campus (RC) zoning. Ample parking is available for the property, while proximity to Interstate 85 provides access to major transportation routes and surrounding amenities. The package offers two distinct office suites with established commercial occupancy.
Key Highlights
- Two tenant‑occupied office condo units offered together
- 1,997 square feet; built in 2002
- Research Campus (RC) zoning
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
$30,842
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
5.89%
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%
$616,840
$616.8K
Cap Rate 7%
$440,600
$440.6K
Cap Rate 9%
$342,689
$342.7K
Market Conditions
NOI Build-Up for 1,997 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
$49.8K $24.96/SF
− Vacancy
−$8.7K −$4.37/SF
EGI
$41.1K $20.59/SF
− OpEx
−$10.3K −$5.15/SF
NOI
$30.8K $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%
$616,840
Cap Rate 7%
$440,600
Cap Rate 9%
$342,689
Alternative Uses
Best Use
Office B
$440.6K
$385.5K – $514.0K
NOI $30,842 @ 7.0% cap · market cap 5.89%
Second Best
Healthcare Medical
$394.7K
$345.4K – $460.5K
NOI $27,628 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$665.0K
$581.9K – $775.8K
NOI $46,550 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,029
Businesses Nearby
Explore this area
Business Placement
Demographics for 28262, NC
46,048
Population
23,449
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
93%
High-School Grad
21.0 sq mi
ZIP Area
2,193
Density / Sq Mi
$66,757
Median Household Income
$47,201
Median Earnings
$1,481
Median Rent
$297,300
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 units - Tenant-occupied office condos provide established occupancy, on-site parking, and access to Interstate 85 in Charlotte’s University City area.
Where is this office units located?
The property is located at 1913 J N Pease Pl Unit 201 Charlotte, NC.
What is the asking price?
The asking price for this property is $523,900.
What are key features of this property?
This property features: Two tenant‑occupied office condo units offered together; 1,997 square feet; built in 2002; Research Campus (RC) zoning
