Move-In Ready Office Retail
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2923 S Tryon St, Charlotte, NC 28203
Move-in ready open floor plan condo unit suited for office, showroom, or flex use in an adaptive reuse building.
Property Size1,456 SF
Price / SF$546.02
Days on Market171
Property Features for 2923 S Tryon St
General Information
Standard status
Active
Size
1,456 SF
Class
A
Property subtype
Office
Zoning
MUDD-O
Building Details
Year Built
1955
Buildings
1
Stories
1
Listing Agency:
Park Commercial Real Estate
Listed By:
Charlie Swanson Jr. · License #79246
(704) 218-9204
Source:
Crexi
Added: Mar 31
Changed: Sep 17
Last Checked: Sep 16 at 1:30PM
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 Park Commercial Real Estate
Investment Insights
Based on property information with market context.
This move-in ready condo unit offers an open floor plan and is described as in excellent condition. The property is presented as an office/retail condo within an adaptive reuse building, with the space positioned for office, showroom, design, medical, and flex uses.
The offering is located in the heart of South End, with numerous walkable amenities and noted proximity to the New Bern Light Rail Station, one block away. The combination of an open interior layout and mixed-use orientation supports a range of day-to-day commercial uses.
Prospective buyers should refer to the provided flyer for the unit layout and additional specifics.
The offering is located in the heart of South End, with numerous walkable amenities and noted proximity to the New Bern Light Rail Station, one block away. The combination of an open interior layout and mixed-use orientation supports a range of day-to-day commercial uses.
Prospective buyers should refer to the provided flyer for the unit layout and additional specifics.
Key Highlights
- Open floor plan condo unit built in 1955
- Move‑in ready for office, showroom, or flex use
- Adaptive reuse building supports office, showroom, design, medical, and flex uses
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
$22,486
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
2.83%
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%
$449,720
$449.7K
Cap Rate 7%
$321,229
$321.2K
Cap Rate 9%
$249,844
$249.8K
Market Conditions
NOI Build-Up for 1,456 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
$36.3K $24.96/SF
− Vacancy
−$6.4K −$4.37/SF
EGI
$30.0K $20.59/SF
− OpEx
−$7.5K −$5.15/SF
NOI
$22.5K $15.44/SF
Area
Charlotte, NC
Vacancy
17.50%
Lease Rate
$24.96 /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%
$449,720
Cap Rate 7%
$321,229
Cap Rate 9%
$249,844
Alternative Uses
Best Use
Office B
$321.2K
$281.1K – $374.8K
NOI $22,486 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$484.9K
$424.3K – $565.7K
NOI $33,940 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 28203, NC
18,572
Population
11,641
Households
1.6
Avg Household Size
30
Median Age
80%
College-Educated
98%
High-School Grad
3.1 sq mi
ZIP Area
5,991
Density / Sq Mi
$103,860
Median Household Income
$73,695
Median Earnings
$1,829
Median Rent
$708,600
Median Home Value
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Market
Vacancy Rate% for Office in Charlotte, NC
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Frequently Asked Questions
What type of property is this?
Office units - Move-in ready open floor plan condo unit suited for office, showroom, or flex use in an adaptive reuse building.
Where is this office units located?
The property is located at 2923 S Tryon St Charlotte, NC.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Open floor plan condo unit built in 1955; Move‑in ready for office, showroom, or flex use; Adaptive reuse building supports office, showroom, design, medical, and flex uses
