Mixed-Use Office Building with
New
For Sale
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224 Harrill St, Statesville, NC 28677
Brick construction combines professional office space, on-site parking, and two upper-floor apartments.
Property Size4,994 SF
Price / SF$102.12
Days on Market2
Property Features for 224 Harrill St
General Information
Standard status
Active
Size
4,994 SF
Property subtype
OFFICE
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
on-site parking
Building Details
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Carolina Landmark Realty
(704) 872-0112
Listed By:
David L Jones · License #0491580
(704) 929-0363
Source:
Moodyscre
Added: Sep 26
Last Checked: Sep 26 at 2:38PM
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 Carolina Landmark Realty
Investment Insights
Based on property information with market context.
This two-story brick mixed-use property contains 4,994 square feet. The main level is arranged for office use with a reception and waiting area, six enclosed offices, a conference room, a kitchen, two bathrooms, and closet storage. Two residential apartments occupy the upper floor; each has two bedrooms and one bathroom, with separate exterior access from the rear parking area.
The building is at 224 Harrill St in Statesville, across from the Iredell County courthouse. On-site parking is located behind the building.
The building is at 224 Harrill St in Statesville, across from the Iredell County courthouse. On-site parking is located behind the building.
Key Highlights
- 4,994‑square‑foot, two‑story brick mixed‑use building
- Main floor includes six offices, a conference room, reception and waiting areas, kitchen, and two bathrooms
- Two upstairs apartments, each with two bedrooms and one bathroom
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
$45,403
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
8.90%
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%
$908,060
$908.1K
Cap Rate 7%
$648,614
$648.6K
Cap Rate 9%
$504,478
$504.5K
Market Conditions
NOI Build-Up for 4,994 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
$86.9K $17.40/SF
− Vacancy
−$4.3K −$0.87/SF
EGI
$82.6K $16.53/SF
− OpEx
−$37.1K −$7.44/SF
NOI
$45.4K $9.09/SF
Area
Iredell County, NC
Vacancy
5.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$908,060
Cap Rate 7%
$648,614
Cap Rate 9%
$504,478
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,584 @ 7.0% cap · market cap 17.17%
Second Best
Mixed Use
$1.02M
$895.9K – $1.19M
NOI $71,674 @ 7.0% cap · market cap 14.05%
Theoretical Best
Office A
$1.57M
$1.38M – $1.83M
NOI $110,028 @ 7.0% cap · market cap 21.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,057
Businesses Nearby
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
Median Home Value
Check the figures for this property
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick construction combines professional office space, on-site parking, and two upper-floor apartments.
Where is this mixed-use property located?
The property is located at 224 Harrill St Statesville, NC.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: 4,994‑square‑foot, two‑story brick mixed‑use building; Main floor includes six offices, a conference room, reception and waiting areas, kitchen, and two bathrooms; Two upstairs apartments, each with two bedrooms and one bathroom
