Versatile Warehouses with Storage
For Sale
$1,950,000
2313 W Front Street, Statesville, NC 28677
Two warehouses with storage units and expansion potential.
Property Size7,500 SF
Lot Size4.43 Acres
Price / SF$260
Days on Market215
Property Features for 2313 W Front Street
General Information
Standard status
Active
Size
7,500 SF
Lot size
4.43 Acres
Property subtype
Commercial
Amenities
Aluminum Roof
Carpet Flooring
Concrete Flooring
Natural Gas Heating
Building Details
Year Built
1997
Listing Agency:
GUARDIAN REAL ESTATE GROUP LLC
(704) 880-4426
Listed By:
JOSH WILSON · License #289067
Source:
Corcoran
Added: Jan 16
Changed: Aug 19
Last Checked: Aug 18 at 5:38AM
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 GUARDIAN REAL ESTATE GROUP LLC
Investment Insights
Based on property information with market context.
This commercial property offers significant value-add potential, situated on 4.43 acres. It features two warehouses, each approximately 7,500 square feet, along with additional land suitable for constructing more buildings or outdoor storage. The property includes 15 storage units sized 10x10 and 30 storage units sized 5x10, presenting a solid investment opportunity with a proforma income of $3,000 per month from the storage units alone. Each warehouse contains built-out, heated, and cooled office space, along with men's and women's restrooms and a break room. Each building also features a loading dock and two roll-up doors. The warehouses offer good clear height. Building #2 has been completely renovated, including the office space, kitchen, and showroom. The property is zoned LI, accommodating various business types, including manufacturing. It is conveniently located near I40 and I77 and provides ample parking. This property is suitable for investors or owner-operators looking to occupy space and lease additional areas.
Key Highlights
- Strong value‑add potential with LI zoning suitable for various businesses, including manufacturing.
- Two +/- 7,500 sq ft warehouses on 4.43 acres with additional land for expansion or outdoor storage.
- Proforma income of $3k/month from 15 (10x10) and 30 (5x10) storage units.
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
$131,535
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
6.75%
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%
$2,630,700
$2.6M
Cap Rate 7%
$1,879,071
$1.9M
Cap Rate 9%
$1,461,500
$1.5M
Market Conditions
NOI Build-Up for 7,500 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
$195.3K $26.04/SF
− Vacancy
−$19.9K −$2.66/SF
EGI
$175.4K $23.38/SF
− OpEx
−$43.8K −$5.85/SF
NOI
$131.5K $17.54/SF
Area
Iredell 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%
$2,630,700
Cap Rate 7%
$1,879,071
Cap Rate 9%
$1,461,500
Alternative Uses
Best Use
Office B
$1.88M
$1.64M – $2.19M
NOI $131,535 @ 7.0% cap · market cap 6.75%
Second Best
Flex RnD
$1.24M
$1.09M – $1.45M
NOI $86,884 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$2.36M
$2.07M – $2.75M
NOI $165,240 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Affordable Mini Storage — 129 Marble Rd, Statesville, NC 28625
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- Fcx Distribution Center — W Front St, Statesville, NC 28677, United States
- Life Storage — 1510 Northside Dr, Statesville, NC 28625
Frequently Asked Questions
What type of property is this?
Warehouse - Two warehouses with storage units and expansion potential.
Where is this warehouse located?
The property is located at 2313 W Front Street Statesville, NC.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Strong value‑add potential with LI zoning suitable for various businesses, including manufacturing.; Two +/- 7,500 sq ft warehouses on 4.43 acres with additional land for expansion or outdoor storage.; Proforma income of $3k/month from 15 (10x10) and 30 (5x10) storage units.
