Corner Lot Retail Storefront
For Sale
$1,100,000
20904 Catawba Avenue, Cornelius, NC 28031
Retail storefront on a premium corner lot on Catawba Avenue with strong downtown visibility.
Property Size2,567 SF
Price / SF$428.52
Days on Market172
Property Features for 20904 Catawba Avenue
General Information
Standard status
Active
Size
2,567 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Attached Garage
Built-Up Roof
Concrete Flooring
Driveway
Level
Building Details
Year Built
1969
Listing Agency:
DAEDALUS REALTY LLC
(704) 890-3907
Listed By:
JUDY SIMMONS
Source:
Corcoran
Added: Mar 18
Changed: Sep 4
Last Checked: Sep 4 at 8:55AM
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 DAEDALUS REALTY LLC
Investment Insights
Based on property information with market context.
This retail storefront property is offered for sale on a premium corner lot along Catawba Avenue. The seller notes strong downtown visibility and positions the site for a wide range of retail and service concepts, including uses that may be approved by the city of Cornelius.
The property is described as being in the heart of Downtown Cornelius, just steps from active shops, cafés, restaurants, nightlife, Cornelius Elementary School, and the library. The remarks also cite proximity to the Cain Center for the Arts and quick access to I-77 (Exit 28), about a quarter mile away.
The seller lists possible uses pending approval of the city of Cornelius, including bicycle shop, coffee shop, brewery, restaurant, transmission shop, and muffler shop.
The property is described as being in the heart of Downtown Cornelius, just steps from active shops, cafés, restaurants, nightlife, Cornelius Elementary School, and the library. The remarks also cite proximity to the Cain Center for the Arts and quick access to I-77 (Exit 28), about a quarter mile away.
The seller lists possible uses pending approval of the city of Cornelius, including bicycle shop, coffee shop, brewery, restaurant, transmission shop, and muffler shop.
Key Highlights
- Retail storefront on a premium corner lot along Catawba Avenue in downtown Cornelius.
- Built in 1969.
- About 0.25 miles to I‑77 (Exit 28) for quick highway access.
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
$31,439
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
2.86%
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%
$628,780
$628.8K
Cap Rate 7%
$449,129
$449.1K
Cap Rate 9%
$349,322
$349.3K
Market Conditions
NOI Build-Up for 2,567 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
$46.2K $18.00/SF
− Vacancy
−$1.3K −$0.50/SF
EGI
$44.9K $17.50/SF
− OpEx
−$13.5K −$5.25/SF
NOI
$31.4K $12.25/SF
Area
Mecklenburg County, NC
Vacancy
2.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$628,780
Cap Rate 7%
$449,129
Cap Rate 9%
$349,322
Alternative Uses
Best Use
Retail
$449.1K
$393.0K – $524.0K
NOI $31,439 @ 7.0% cap · market cap 2.86%
Second Best
Industrial
$205.6K
$179.9K – $239.9K
NOI $14,393 @ 7.0% cap · market cap 1.31%
Theoretical Best
Office A
$829.5K
$725.8K – $967.7K
NOI $58,063 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
22k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 100%
Food Lion Grocery Store
Groceries
21,950 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Freeman's Stereo Video — 19010 Statesville Rd, Cornelius, NC 28031
- Cornelius Paint & Body Shop — 18925 Statesville Rd, Cornelius, NC 28031
- 704 OFFROAD — 20215 Floral Ln, Cornelius, NC 28031
- Carolina Custom Vehicles — 20310 Chartwell Center Dr, Cornelius, NC 28031
- Lake Norman Commercial Service Center — 20310 Chartwell Center Dr, Cornelius, NC 28031
Frequently Asked Questions
What type of property is this?
Auto shop - Retail storefront on a premium corner lot on Catawba Avenue with strong downtown visibility.
Where is this auto shop located?
The property is located at 20904 Catawba Avenue Cornelius, NC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Retail storefront on a premium corner lot along Catawba Avenue in downtown Cornelius.; Built in 1969.; About 0.25 miles to I‑77 (Exit 28) for quick highway access.
