Flexible Retail
For Sale
Contact for pricing
2815 Greenland Ave, Charlotte, NC 28208
8,928 SF retail building on a 1.66-acre site with on-site parking, delivered vacant at closing.
Property Size8,928 SF
Lot Size1.66 Acres
Price / SF$196.01
Days on Market53
Property Features for 2815 Greenland Ave
General Information
Standard status
Active
Size
8,928 SF
Lot size
1.66 Acres
Property subtype
RETAIL
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Listing Agency:
First & Early Partners
(803) 230-4185
Listed By:
Katie Corrie · License #306897
(803) 230-4185
Source:
Moodyscre
Added: Jun 16
Changed: Jul 29
Last Checked: Jul 29 at 4:53AM
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 First & Early Partners
Investment Insights
Based on property information with market context.
This 8,928 SF existing retail building sits on a 1.66-acre site and includes existing on-site parking. The interior offers a flexible layout that can support a variety of commercial and community uses, with delivery vacant at closing. The property is also positioned for adaptive reuse and repositioning.
The site provides direct access to I-85, I-77, and Brookshire Boulevard, along with other major transportation routes.
With its straightforward configuration and available vacancy, the building can serve as a practical option for operators seeking flexibility in how they configure space for neighborhood-serving businesses and service providers.
The site provides direct access to I-85, I-77, and Brookshire Boulevard, along with other major transportation routes.
With its straightforward configuration and available vacancy, the building can serve as a practical option for operators seeking flexibility in how they configure space for neighborhood-serving businesses and service providers.
Key Highlights
- 8,928 SF existing retail building on a 1.66‑acre site
- Flexible layout suitable for a variety of commercial and community uses
- Existing on‑site parking
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
$149,482
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
8.54%
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%
$2,989,640
$3.0M
Cap Rate 7%
$2,135,457
$2.1M
Cap Rate 9%
$1,660,911
$1.7M
Market Conditions
NOI Build-Up for 8,928 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
$219.6K $24.60/SF
− Vacancy
−$6.1K −$0.68/SF
EGI
$213.5K $23.92/SF
− OpEx
−$64.1K −$7.18/SF
NOI
$149.5K $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%
$2,989,640
Cap Rate 7%
$2,135,457
Cap Rate 9%
$1,660,911
Alternative Uses
Best Use
Retail
$2.14M
$1.87M – $2.49M
NOI $149,482 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $208,113 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
86k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 83%
Dining 11%
Apparel 5%
Home Improvements & Furnishings 2%
QuikTrip
Shops & Services
53,935 visits/mo
0.5 miles
7-Eleven
Shops & Services
12,590 visits/mo
0.5 miles
Dunkin' Donuts
Dining
6,891 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
4,749 visits/mo
0.5 miles
Dairy Queen
Dining
2,435 visits/mo
0.3 miles
Demographics for 28208, NC
38,614
Population
17,842
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
81%
High-School Grad
20.2 sq mi
ZIP Area
1,912
Density / Sq Mi
$51,339
Median Household Income
$40,359
Median Earnings
$1,173
Median Rent
$198,300
Median Home Value
Market
Vacancy Rate% for Retail in Charlotte, NC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 8,928 SF retail building on a 1.66-acre site with on-site parking, delivered vacant at closing.
Where is this retail space located?
The property is located at 2815 Greenland Ave Charlotte, NC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 8,928 SF existing retail building on a 1.66‑acre site; Flexible layout suitable for a variety of commercial and community uses; Existing on‑site parking
