Renovated Office
For Sale
$479,000
2801 S Cannon Boulevard, Kannapolis, NC 28083
Updated office setting with private rooms, flexible open areas, and prominent roadside signage along Hwy 601.
Property Size2,231 SF
Price / SF$214.70
Days on Market116
Property Features for 2801 S Cannon Boulevard
General Information
Standard status
Active
Size
2,231 SF
Total Parking Spaces
12
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Building Size
2,231 SF
Year Built
1953
Buildings
1
Stories
2
Listing Agency:
Granite Real Estate Investments, LLC
(704) 578-8250
Listed By:
Bob Smith
Source:
Techrealtyllc
Added: May 7
Changed: Aug 29
Last Checked: Aug 29 at 5:33PM
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 Granite Real Estate Investments, LLC
Investment Insights
Based on property information with market context.
This 2,231-square-foot office property occupies a 1953 building that has been renovated for commercial use. The layout provides five private offices along with two open areas that can accommodate workstations or conference functions. Recent improvements include a new roof, HVAC system, and kitchen, creating a refreshed setting for office operations.
An existing sign is positioned for visibility along Hwy 601, also identified as Cannon Boulevard, and is reported to reach 28,000 vehicles daily. A garage is available for leased storage, adding a separate storage option to the office configuration.
An existing sign is positioned for visibility along Hwy 601, also identified as Cannon Boulevard, and is reported to reach 28,000 vehicles daily. A garage is available for leased storage, adding a separate storage option to the office configuration.
Key Highlights
- 2,231 SF office property in a 1953 building
- Five private offices plus two open areas for workstations or conferences
- New roof, HVAC system, and kitchen
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
$39,127
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
8.17%
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%
$782,540
$782.5K
Cap Rate 7%
$558,957
$559.0K
Cap Rate 9%
$434,744
$434.7K
Market Conditions
NOI Build-Up for 2,231 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
$58.1K $26.04/SF
− Vacancy
−$5.9K −$2.66/SF
EGI
$52.2K $23.38/SF
− OpEx
−$13.0K −$5.85/SF
NOI
$39.1K $17.54/SF
Area
Cabarrus 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%
$782,540
Cap Rate 7%
$558,957
Cap Rate 9%
$434,744
Alternative Uses
Best Use
Office B
$559.0K
$489.1K – $652.1K
NOI $39,127 @ 7.0% cap · market cap 8.17%
Second Best
Retail
$391.3K
$342.4K – $456.5K
NOI $27,389 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$702.2K
$614.4K – $819.2K
NOI $49,153 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
Explore this area
Business Placement
Demographics for 28083, NC
25,821
Population
11,925
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
20.0 sq mi
ZIP Area
1,291
Density / Sq Mi
$60,563
Median Household Income
$39,831
Median Earnings
$1,120
Median Rent
$194,300
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?
Office units - Updated office setting with private rooms, flexible open areas, and prominent roadside signage along Hwy 601.
Where is this office units located?
The property is located at 2801 S Cannon Boulevard Kannapolis, NC.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: 2,231 SF office property in a 1953 building; Five private offices plus two open areas for workstations or conferences; New roof, HVAC system, and kitchen
