Flex Space with
New
For Sale
$650,000
2232 Stallings Rd, Matthews, NC 28104
Flexible layout includes office rooms, kitchen, laundry, and accessory workspace.
Property Size1,421 SF
Price / SF$457.42
Days on Market7
Property Features for 2232 Stallings Rd
General Information
Standard status
Active
Size
1,421 SF
Building Details
Year Built
1986
Listing Agency:
Century 21 Providence Realty
(704) 847-2144
Listed By:
Pat Flanagan
Source:
Mycrosskeys
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 8:44PM
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 Century 21 Providence Realty
Investment Insights
Based on property information with market context.
This flex property at 2232 Stallings Rd includes a 1,421-square-foot main building with four rooms, a kitchen, and a laundry area. A separate 693-square-foot garage adds space for storage, workshop functions, or other business operations. The property also includes a front porch, rear deck, and on-site parking, with a maintained interior and exterior.
The 1.52-acre site is positioned just off Independence Blvd Bypass and minutes from I-485 in Matthews, North Carolina. Its combination of office areas, support spaces, and detached garage provides a practical configuration for a range of commercial uses. Built in 1986, the property offers an established commercial setting with room for parking and outdoor access areas.
The 1.52-acre site is positioned just off Independence Blvd Bypass and minutes from I-485 in Matthews, North Carolina. Its combination of office areas, support spaces, and detached garage provides a practical configuration for a range of commercial uses. Built in 1986, the property offers an established commercial setting with room for parking and outdoor access areas.
Key Highlights
- 1.52‑acre commercial site at 2232 Stallings Rd, Matthews, NC 28104
- 1,421 SF main building with four functional rooms
- 693 SF detached garage for storage, workshop, or additional workspace
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
$24,921
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
3.83%
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%
$498,420
$498.4K
Cap Rate 7%
$356,014
$356.0K
Cap Rate 9%
$276,900
$276.9K
Market Conditions
NOI Build-Up for 1,421 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
$37.0K $26.04/SF
− Vacancy
−$3.8K −$2.66/SF
EGI
$33.2K $23.38/SF
− OpEx
−$8.3K −$5.85/SF
NOI
$24.9K $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%
$498,420
Cap Rate 7%
$356,014
Cap Rate 9%
$276,900
Alternative Uses
Best Use
Office B
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 3.83%
Second Best
Flex RnD
$235.2K
$205.8K – $274.4K
NOI $16,462 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$459.2K
$401.8K – $535.7K
NOI $32,142 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28104, NC
34,521
Population
12,751
Households
2.7
Avg Household Size
41
Median Age
57%
College-Educated
95%
High-School Grad
29.6 sq mi
ZIP Area
1,166
Density / Sq Mi
$129,775
Median Household Income
$57,493
Median Earnings
$1,705
Median Rent
$482,200
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?
Flex space - Flexible layout includes office rooms, kitchen, laundry, and accessory workspace.
Where is this flex space located?
The property is located at 2232 Stallings Rd Matthews, NC.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1.52‑acre commercial site at 2232 Stallings Rd, Matthews, NC 28104; 1,421 SF main building with four functional rooms; 693 SF detached garage for storage, workshop, or additional workspace
