Renovated Office Units With
New
For Sale
$479,000
2801 S Cannon Boulevard, Kannapolis, NC 28083
Flexible commercial layout with private offices, collaborative areas, and recently upgraded building systems.
Property Size2,231 SF
Price / SF$214.70
Days on Market2
Property Features for 2801 S Cannon Boulevard
General Information
Standard status
Active
Size
2,231 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1953
Buildings
1
Listing Agency:
Granite Real Estate Investments, LLC
Listed By:
Bob Smith
(704) 578-8250
Source:
Highperformancerea
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:23AM
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 at 2801 S Cannon Boulevard combines five private offices with two additional open areas suitable for workstations or conference use. The building, originally constructed in 1953, has received a new roof, HVAC system, and kitchen, along with interior renovation. A garage is also available for leased storage, and the property can be leased with an option to own.
A prominent on-site sign is positioned for exposure along Hwy 601, also known as Cannon Blvd, where it reaches approximately 28,000 vehicles daily. The configuration supports a range of office-oriented layouts while retaining flexible secondary space for meetings, workstations, or storage.
A prominent on-site sign is positioned for exposure along Hwy 601, also known as Cannon Blvd, where it reaches approximately 28,000 vehicles daily. The configuration supports a range of office-oriented layouts while retaining flexible secondary space for meetings, workstations, or storage.
Key Highlights
- 2,231 SF office property with five private offices and two open areas
- New roof, HVAC system, and kitchen following interior renovation
- On‑site sign reaches approximately 28,000 vehicles daily
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 - Flexible commercial layout with private offices, collaborative areas, and recently upgraded building systems.
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 with five private offices and two open areas; New roof, HVAC system, and kitchen following interior renovation; On‑site sign reaches approximately 28,000 vehicles daily
