Live-Work Space with Industrial
For Sale
$1,200,000
2644 Shenandoah Avenue, Charlotte, NC 28205
Live-work property with a commercial front and a back industrial-style loft with approximately 20-foot ceilings.
Property Size5,238 SF
Price / SF$229.10
Days on Market164
Property Features for 2644 Shenandoah Avenue
General Information
Standard status
Active
Size
5,238 SF
Property subtype
Retail
Additional Details
Clear Height
20 ft
Amenities
3
Parking.
2 Parking Spaces. On Street.
Building Details
Year Built
1958
Listing Agency:
RE/MAX Executive
(704) 540-7500
Listed By:
Helen Honeycutt · License #73883
(704) 770-1773
Source:
Xome
Added: Mar 28
Changed: Sep 1
Last Checked: Sep 6 at 3:57AM
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 RE/MAX Executive
Investment Insights
Based on property information with market context.
This live-work property is configured with commercial space at the front and an industrial-style loft-style living area in the back. The loft includes approximately 20-foot ceilings, adding notable interior volume to the residential portion of the building. The overall setup combines business and separate living space on the same property.
Located in Chantilly in Charlotte, the property is offered at 2644 Shenandoah Avenue. The remarks also note proximity to Plaza Midwood, described as minutes away.
For buyers and tenants seeking an integrated work-and-living arrangement, the building’s front-and-back layout provides distinct areas for operating and retreating in the same setting.
Located in Chantilly in Charlotte, the property is offered at 2644 Shenandoah Avenue. The remarks also note proximity to Plaza Midwood, described as minutes away.
For buyers and tenants seeking an integrated work-and-living arrangement, the building’s front-and-back layout provides distinct areas for operating and retreating in the same setting.
Key Highlights
- Live‑work layout with commercial space at the front and an industrial‑style loft‑style living area at the back
- Approximately 20‑foot ceilings in the back loft area
- Separate living area included in addition to the commercial space
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
$87,700
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
7.31%
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%
$1,754,000
$1.8M
Cap Rate 7%
$1,252,857
$1.3M
Cap Rate 9%
$974,444
$974.4K
Market Conditions
NOI Build-Up for 5,238 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
$128.9K $24.60/SF
− Vacancy
−$3.6K −$0.68/SF
EGI
$125.3K $23.92/SF
− OpEx
−$37.6K −$7.18/SF
NOI
$87.7K $16.74/SF
Area
Charlotte, NC
Vacancy
2.77%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,754,000
Cap Rate 7%
$1,252,857
Cap Rate 9%
$974,444
Alternative Uses
Best Use
Retail
$1.25M
$1.10M – $1.46M
NOI $87,700 @ 7.0% cap · market cap 7.31%
Second Best
Office B
$1.16M
$1.01M – $1.35M
NOI $80,896 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.74M
$1.53M – $2.03M
NOI $122,099 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
Explore this area
Business Placement
Demographics for 28205, NC
49,600
Population
24,605
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
86%
High-School Grad
11.8 sq mi
ZIP Area
4,203
Density / Sq Mi
$72,479
Median Household Income
$49,340
Median Earnings
$1,376
Median Rent
$410,800
Median Home Value
Market
Vacancy Rate% for Office in Charlotte, NC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Live-work property with a commercial front and a back industrial-style loft with approximately 20-foot ceilings.
Where is this live-work space located?
The property is located at 2644 Shenandoah Avenue Charlotte, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Live‑work layout with commercial space at the front and an industrial‑style loft‑style living area at the back; Approximately 20‑foot ceilings in the back loft area; Separate living area included in addition to the commercial space
