Mixed-Use Property with Detached
For Sale
$879,000
19428 Zion Avenue, Cornelius, NC 28031
Commercial Sale, Cornelius, NC
Property Size2,119 SF
Lot Size0.98 Acres
Price / SF$414.82
Days on Market330
Property Features for 19428 Zion Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NMX
Zoning description
NMX
Parking features
Garage, RV, Garage - Detached, Parking Lot
Lot features
Infill Lot, Level, Paved, Wooded
Standard status
Active
APN
007-101-07
Lot size
0.98 Acres
Taxes and HOA fees
Tax Description
Metes and Bounds
Legal Description
Metes and Bounds
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Window Unit(s), Ceiling Fan(s), Multi Units, Electric, Central Air
Amenities
wood floors
fireplace
updated Kitchen & Baths
large deck
secure storage
carport
detached garage
covered Boat/RV Parking
Building Details
Year built
1911
Roof type
Composition
Listing Agency:
Lake Norman Realty, Inc
(704) 655-2600
Listed By:
Nikki Robinson · License #282886
(704) 615-1722
Added: Oct 3, 2025
Changed: Aug 26
Last Checked: Aug 28 at 6:06AM
MLS# 4308256
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 mixed-use property occupies 0.98 acres and includes two units totaling 2,119 square feet. The improvements comprise a main house, detached studio, flex space, detached garage, storage areas, carport, and a large asphalt parking area. The main house includes wood floors, a fireplace, updated kitchen and baths, and a large deck. Built in 1911, the property combines older construction with selected modern updates.
The detached garage has two bays, high ceilings, and covered space for boat or RV parking. Additional flex and storage areas expand the available utility of the site, while parking includes 20+ spaces. NMX zoning, public sewer, electric heating, central air, window units, and ceiling fans are among the documented property features.
The detached garage has two bays, high ceilings, and covered space for boat or RV parking. Additional flex and storage areas expand the available utility of the site, while parking includes 20+ spaces. NMX zoning, public sewer, electric heating, central air, window units, and ceiling fans are among the documented property features.
Key Highlights
- 0.98‑acre mixed‑use property with two units totaling 2,119 square feet
- Main house, detached studio, flex space, storage areas, carport, and detached garage
- X‑large detached garage offers 2 bays and high ceilings
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
$37,163
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%
$743,260
$743.3K
Cap Rate 7%
$530,900
$530.9K
Cap Rate 9%
$412,922
$412.9K
Market Conditions
NOI Build-Up for 2,119 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
$55.2K $26.04/SF
− Vacancy
−$5.6K −$2.66/SF
EGI
$49.6K $23.38/SF
− OpEx
−$12.4K −$5.85/SF
NOI
$37.2K $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%
$743,260
Cap Rate 7%
$530,900
Cap Rate 9%
$412,922
Alternative Uses
Best Use
Office B
$530.9K
$464.5K – $619.4K
NOI $37,163 @ 7.0% cap · market cap 4.23%
Second Best
Retail
$370.7K
$324.4K – $432.5K
NOI $25,952 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$684.7K
$599.1K – $798.8K
NOI $47,930 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
431
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two units and multiple accessory structures provide a flexible commercial configuration.
Where is this mixed-use property located?
The property is located at 19428 Zion Avenue Cornelius, NC.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: 0.98‑acre mixed‑use property with two units totaling 2,119 square feet; Main house, detached studio, flex space, storage areas, carport, and detached garage; X‑large detached garage offers 2 bays and high ceilings
