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    Masonry & Steel Warehouse with Clerestory Title is generated by Realmo AI

    401 South Gardner Avenue, Charlotte, NC 28208

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    Column-free warehouse space with monitor roof and operable clerestory windows for flexible office and showroom layouts.

    Type:Retail, Office, Special Purpose
    Property size:
    46,500 SF
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 3:57 am

    Property Features for 401 South Gardner Avenue

    General Information

    Standard status
    Active
    Size
    46,500 SF
    Property subtype
    Retail, Office, Special Purpose

    Building Details

    Year Built
    1959

    Spaces For Lease

    at 401 South Gardner Avenue Contact us

    We can help!

    Listing Contact
    Greg Pappanastos

    Listing agent Greg Pappanastos License #NC

    Listing office Argos Real Estate Advisors

    Listing date Jun 2, 2026

    Source Crexi

    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 Argos Real Estate Advisors

    HighLights

    • The Fold includes 3 retail and office buildings totaling 46,500 RSF adjacent to Savona Mill and Vera Apartments
    • Largest building at 401 S. Gardner offers a single‑tenant HQ presence with a main entrance to the mill site
    • Building constructed in 1959 with masonry and steel warehouse design
    • Monitor roof with 200 steel operable clerestory windows plus lower steel sash windows for significant natural light
    • Open truss structure provides 12,000 SF column‑free area (200' x 60') for flexible planning
    • 401 S. Gardner can be subdivided for multiple tenants, including office and retail

    Overview

    The largest building at The Fold, a masonry and steel warehouse constructed in 1959, is designed to support office and showroom uses. It features a monitor roof with 200 steel operable clerestory windows plus lower steel sash windows that bring natural light deep into the space. The interior open truss structure provides a column-free area measuring 200 by 60 feet, offering flexibility for tenant planning and configuration.

    The property sits at the main entrance to the Savona Mill site within The Fold, which includes three retail and office buildings totaling 46,500 RSF adjacent to Savona Mill and the Vera Apartments. The campus concept also includes an adjacent food hall, Savona Food Works, scheduled to open in 2027.

    This building is positioned for a mid-sized office and/or showroom tenant seeking a single-tenant HQ presence at the mill entrance. For users that need options, the space can also be subdivided for multiple tenants, including office and retail. Natural lighting and the large column-free footprint can help support a range of showroom, work, and customer-facing layouts without relying on interior columns.
    Location Intelligence

    Current Use by Public Records

    The Paper Warehouse at Savona ... Hotel & Motel The GreenHouse Hotel & Motel Savona Mill Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Delectables By Holly Catering — 901 Berryhill Rd A, Charlotte, NC 28208
    • Brandon Marcello Event Planning Design and Catering LLC — 1701 W Trade St, Charlotte, NC 28216

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8672071
    Latitude
    35.2435502

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    FAQs

    What type of property is this?
    Flex space - Column-free warehouse space with monitor roof and operable clerestory windows for flexible office and showroom layouts.
    Where is this flex space located?
    The property is located at 401 South Gardner Avenue Charlotte, NC.
    What are key features of this property?
    This property features: The Fold includes 3 retail and office buildings totaling 46,500 RSF adjacent to Savona Mill and Vera Apartments; Largest building at 401 S. Gardner offers a single‑tenant HQ presence with a main entrance to the mill site; Building constructed in 1959 with masonry and steel warehouse design
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Greg Pappanastos
    Real Estate License ID: NC
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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