Adaptive Reuse Flex
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3123 May Street, Charlotte, NC 28217
The property carries ML-1 zoning near retail, breweries, multifamily development, and the New Bern light rail stop.
Property Size10,464 SF
Price / SF$334.48
Days on Market4
Property Features for 3123 May Street
General Information
Standard status
Active
Size
10,464 SF
Property subtype
Retail, Office, Industrial
Zoning
ML-1
Investment Type
Owner/User
Additional Details
Public Transit
Yes
Building Details
Tenancy
Single
Listing Agency:
6 Summit Partners
Listed By:
Brad Grow · License #171620
Source:
Crexi
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 10 at 8:24AM
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 6 Summit Partners
Investment Insights
Based on property information with market context.
3123 May Street is a 10,464-square-foot flex property in Charlotte, positioned for adaptive reuse by an owner-user or investor. The site carries ML-1 zoning and offers a commercial building format suited to a range of potential configurations.
The property is near Charlotte’s South End and LoSo districts, with new multifamily development, retail, and breweries in the surrounding area. The New Bern light rail stop is within walking distance, adding transit access to the location.
The property is near Charlotte’s South End and LoSo districts, with new multifamily development, retail, and breweries in the surrounding area. The New Bern light rail stop is within walking distance, adding transit access to the location.
Key Highlights
- 10,464‑square‑foot flex property at 3123 May Street
- ML‑1 zoning
- Positioned for adaptive reuse by an owner‑user or investor
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
$175,199
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
5.01%
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%
$3,503,980
$3.5M
Cap Rate 7%
$2,502,843
$2.5M
Cap Rate 9%
$1,946,656
$1.9M
Market Conditions
NOI Build-Up for 10,464 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
$257.4K $24.60/SF
− Vacancy
−$7.1K −$0.68/SF
EGI
$250.3K $23.92/SF
− OpEx
−$75.1K −$7.18/SF
NOI
$175.2K $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%
$3,503,980
Cap Rate 7%
$2,502,843
Cap Rate 9%
$1,946,656
Alternative Uses
Best Use
Retail
$2.50M
$2.19M – $2.92M
NOI $175,199 @ 7.0% cap · market cap 5.01%
Second Best
Office B
$2.31M
$2.02M – $2.69M
NOI $161,606 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$3.48M
$3.05M – $4.07M
NOI $243,917 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28217, NC
28,955
Population
13,615
Households
2.1
Avg Household Size
32
Median Age
35%
College-Educated
80%
High-School Grad
14.9 sq mi
ZIP Area
1,943
Density / Sq Mi
$60,397
Median Household Income
$37,338
Median Earnings
$1,498
Median Rent
$238,500
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?
Flex space - The property carries ML-1 zoning near retail, breweries, multifamily development, and the New Bern light rail stop.
Where is this flex space located?
The property is located at 3123 May Street Charlotte, NC.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 10,464‑square‑foot flex property at 3123 May Street; ML‑1 zoning; Positioned for adaptive reuse by an owner‑user or investor
