Remodeled Live-Work
For Sale
Under Contract
$899,000
21036 Catawba Avenue, Cornelius, NC 28031
Commercial Sale, Cornelius, NC
Property Size1,868 SF
Lot Size0.37 Acres
Price / SF$481.26
Days on Market16
Property Features for 21036 Catawba Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
NMX
Zoning description
NMX
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Parking Lot, Driveway
Window features
Insulated Windows
Patio and Porch features
Porch
Appliances
Dishwasher, Disposal, Exhaust Hood, Gas Cooktop, Gas Water Heater, Microwave, Plumbed For Ice Maker, Self Cleaning Oven, Wall Oven
Lot features
Cleared, Orchard(s)
Standard status
Active Under Contract
APN
005-201-06
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
39773-30
Legal Description
39773-30
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1930
Flooring type
Tile, Wood
Building materials
Fiber Cement
Roof type
Shingle
Listing Agency:
Lake Norman Realty, Inc.
(704) 892-9673
Listed By:
Debbie Monroe · License #106258
(704) 533-0444
Added: Aug 9
Changed: Aug 23
Last Checked: Aug 24 at 3:06AM
MLS# 4412874
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 circa 1930 live-work property combines a remodeled primary building with period character and practical workspace features. The interior was updated in 2018 and retains heart-of-pine hardwood flooring, 10-foot ceilings, period-style windows and doors, and a front porch. The kitchen includes quartz surfaces, a farmhouse sink, stainless appliances, a gas cooktop, hood, pot filler, and pantry. The primary suite has two closets and an ensuite bath, while additional bedrooms include walk-in closets and a shared Jack-and-Jill bath.
A detached 20-by-20-foot cottage provides office or storage space. The attic includes 2-by-10 floor joists and 3/4-inch Advantech T&G subfloor for future expansion. The property also features a sealed crawlspace with an Aprilaire dehumidifier, public sewer, central air, forced-air heat, parking lot, driveway, rear planting beds, fruiting trees and shrubs, and a brick-paver walkway.
Located at 21036 Catawba Avenue in Cornelius, the property carries NMX zoning and offers access to downtown Cornelius, Cain Arts, Cornelius Elementary, shopping, and dining.
A detached 20-by-20-foot cottage provides office or storage space. The attic includes 2-by-10 floor joists and 3/4-inch Advantech T&G subfloor for future expansion. The property also features a sealed crawlspace with an Aprilaire dehumidifier, public sewer, central air, forced-air heat, parking lot, driveway, rear planting beds, fruiting trees and shrubs, and a brick-paver walkway.
Located at 21036 Catawba Avenue in Cornelius, the property carries NMX zoning and offers access to downtown Cornelius, Cain Arts, Cornelius Elementary, shopping, and dining.
Key Highlights
- 0.365‑acre parcel with 1,868 SF live‑work property
- NMX (Neighborhood Mixed Use) zoning
- Remodeled in 2018; originally built in 1930
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
$32,761
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
3.64%
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%
$655,220
$655.2K
Cap Rate 7%
$468,014
$468.0K
Cap Rate 9%
$364,011
$364.0K
Market Conditions
NOI Build-Up for 1,868 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
$48.6K $26.04/SF
− Vacancy
−$5.0K −$2.66/SF
EGI
$43.7K $23.38/SF
− OpEx
−$10.9K −$5.85/SF
NOI
$32.8K $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%
$655,220
Cap Rate 7%
$468,014
Cap Rate 9%
$364,011
Alternative Uses
Best Use
Office B
$468.0K
$409.5K – $546.0K
NOI $32,761 @ 7.0% cap · market cap 3.64%
Second Best
Mixed Use
$308.2K
$269.7K – $359.6K
NOI $21,575 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$603.6K
$528.2K – $704.2K
NOI $42,252 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
981
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?
Live-work space - Neighborhood Mixed Use zoning supports a flexible commercial setting with a detached cottage office and storage building.
Where is this live-work space located?
The property is located at 21036 Catawba Avenue Cornelius, NC.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 0.365‑acre parcel with 1,868 SF live‑work property; NMX (Neighborhood Mixed Use) zoning; Remodeled in 2018; originally built in 1930
