Renovated Office
For Sale
Contact for pricing
21000 Torrence Chapel Rd, Cornelius, NC 28031
Fully leased, 2024-renovated office building offering turnkey occupancy for an owner-operator or investor.
Property Size9,135 SF
Lot Size0.80 Acres
Price / SF$404.49
Days on Market99
Property Features for 21000 Torrence Chapel Rd
General Information
Standard status
Active
Size
9,135 SF
Lot size
0.80 Acres
Property subtype
Office
Occupancy
100%
Building Details
Year Renovated
2024
Listing Agency:
Knox Group Inc
Listed By:
Michelle Polito · License #NC 335054
(704) 896-1911
Source:
Crexi
Added: May 30
Changed: Sep 4
Last Checked: Sep 4 at 3:43AM
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 Knox Group Inc
Investment Insights
Based on property information with market context.
This for-sale office building was fully renovated in 2024 and is currently fully leased. The property totals approximately 9,135 square feet, situated on about 0.80 acres.
The building is located at 21000 Torrence Chapel Rd in Cornelius, North Carolina. With a compact site footprint, the property is set up to serve office tenants seeking a dedicated facility.
For prospective buyers, the combination of full occupancy and 2024 renovations may appeal to those looking for a turn-key office asset with current tenant in place. The offering includes the entire building and leased space, allowing an operator or investor to evaluate the property as-is based on the existing lease situation.
The building is located at 21000 Torrence Chapel Rd in Cornelius, North Carolina. With a compact site footprint, the property is set up to serve office tenants seeking a dedicated facility.
For prospective buyers, the combination of full occupancy and 2024 renovations may appeal to those looking for a turn-key office asset with current tenant in place. The offering includes the entire building and leased space, allowing an operator or investor to evaluate the property as-is based on the existing lease situation.
Key Highlights
- Fully leased office building at 21000 Torrence Chapel Rd, Cornelius, NC 28031
- Completely renovated in 2024
- 9,135 +/- SF total building size
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
$160,209
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
4.34%
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%
$3,204,180
$3.2M
Cap Rate 7%
$2,288,700
$2.3M
Cap Rate 9%
$1,780,100
$1.8M
Market Conditions
NOI Build-Up for 9,135 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
$237.9K $26.04/SF
− Vacancy
−$24.3K −$2.66/SF
EGI
$213.6K $23.38/SF
− OpEx
−$53.4K −$5.85/SF
NOI
$160.2K $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%
$3,204,180
Cap Rate 7%
$2,288,700
Cap Rate 9%
$1,780,100
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $160,209 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,624 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
673
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Fully leased, 2024-renovated office building offering turnkey occupancy for an owner-operator or investor.
Where is this office building located?
The property is located at 21000 Torrence Chapel Rd Cornelius, NC.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: Fully leased office building at 21000 Torrence Chapel Rd, Cornelius, NC 28031; Completely renovated in 2024; 9,135 +/- SF total building size
