Leased Storefront
For Sale
$3,751,668
235 Medical Park Rd, Mooresville, NC 28117
Fully leased retail and medical building positioned within a high-traffic commercial corridor.
Property Size12,460 SF
Days on Market153
Property Features for 235 Medical Park Rd
General Information
Standard status
Active
Size
12,460 SF
Property subtype
Retail - Street Retail
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Building Size
12,460 SF
Year Built
2006
Units
5
Tenancy
Multi
Listing Agency:
Divaris Real Estate
(704) 442-1988
Listed By:
Charles S. Neil · License #190580
Source:
Commercialcafe
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 30 at 8:29AM
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 Divaris Real Estate
Investment Insights
Based on property information with market context.
Built in 2006, this fully leased storefront property combines retail and medical uses in a single commercial building. The tenant roster includes both local and national businesses, supporting a varied occupancy profile.
The property sits at the entrance to Mount Mourne Medical Park, near the I-77 Express interchange and Charlotte Hwy. Traffic exposure includes 83,000 VPD on I-77 Express and 24,000 VPD on Charlotte Hwy. Lake Norman Regional Hospital is .4 miles away, while Lowe's Home Improvement headquarters is 0.5 miles from the property. The surrounding commercial district encompasses 1.5 million square feet and is projected to experience population growth of 10-12%.
The property sits at the entrance to Mount Mourne Medical Park, near the I-77 Express interchange and Charlotte Hwy. Traffic exposure includes 83,000 VPD on I-77 Express and 24,000 VPD on Charlotte Hwy. Lake Norman Regional Hospital is .4 miles away, while Lowe's Home Improvement headquarters is 0.5 miles from the property. The surrounding commercial district encompasses 1.5 million square feet and is projected to experience population growth of 10-12%.
Key Highlights
- Fully leased retail and medical building built in 2006
- 83,000 VPD on I‑77 Express and 24,000 VPD on Charlotte Hwy
- At the entrance of Mount Mourne Medical Park
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
$218,523
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
5.82%
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%
$4,370,460
$4.4M
Cap Rate 7%
$3,121,757
$3.1M
Cap Rate 9%
$2,428,033
$2.4M
Market Conditions
NOI Build-Up for 12,460 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
$324.5K $26.04/SF
− Vacancy
−$33.1K −$2.66/SF
EGI
$291.4K $23.38/SF
− OpEx
−$72.8K −$5.85/SF
NOI
$218.5K $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%
$4,370,460
Cap Rate 7%
$3,121,757
Cap Rate 9%
$2,428,033
Alternative Uses
Best Use
Office B
$3.12M
$2.73M – $3.64M
NOI $218,523 @ 7.0% cap · market cap 5.82%
Second Best
Healthcare Medical
$2.48M
$2.17M – $2.89M
NOI $173,539 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,519 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
995
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28117, NC
46,917
Population
21,528
Households
2.2
Avg Household Size
42
Median Age
55%
College-Educated
98%
High-School Grad
39.1 sq mi
ZIP Area
1,200
Density / Sq Mi
$109,310
Median Household Income
$53,706
Median Earnings
$1,593
Median Rent
$567,200
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?
Storefront property - Fully leased retail and medical building positioned within a high-traffic commercial corridor.
Where is this storefront property located?
The property is located at 235 Medical Park Rd Mooresville, NC.
What is the asking price?
The asking price for this property is $3,751,668.
What are key features of this property?
This property features: Fully leased retail and medical building built in 2006; 83,000 VPD on I‑77 Express and 24,000 VPD on Charlotte Hwy; At the entrance of Mount Mourne Medical Park
