Historic Office
For Sale
Contact for pricing
Pending
500 W John St, Matthews, NC 28105
O(CD) zoning supports office and select salon/spa uses.
Property Size3,225 SF
Days on Market148
Property Features for 500 W John St
General Information
Standard status
Pending
Size
3,225 SF
Class
B
Property subtype
Office
Zoning
O(CD)
Lease Type
NNN
Additional Details
Asking Price
$1,150,000
Highway Access
Yes
Building Details
Year Built
1877
Year Renovated
2007
Stories
2
Listing Agency:
6 Summit Partners
Listed By:
Brad Grow · License #171620
Source:
Crexi
Added: Apr 8
Changed: Sep 2
Last Checked: Sep 1 at 9:19AM
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.
This 3,225-square-foot office building dates to 1877 and retains a historic character suited to professional occupancy. The property is zoned O(CD), with office and select salon or spa uses identified in the listing. Approved plans are in place for a garage and studio addition.
Located at 500 W John St on the edge of downtown Matthews, the property is within walking distance of Town of Matthews amenities, including retail shops and restaurants. Access to I-485 and Independence Blvd connects the site with south Charlotte neighborhoods, schools, and surrounding commercial areas.
Located at 500 W John St on the edge of downtown Matthews, the property is within walking distance of Town of Matthews amenities, including retail shops and restaurants. Access to I-485 and Independence Blvd connects the site with south Charlotte neighborhoods, schools, and surrounding commercial areas.
Key Highlights
- 3,225‑square‑foot office building originally built in 1877
- O(CD) zoning supports office and select salon/spa uses
- Approved plans for garage/studio addition
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
$56,560
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
4.92%
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%
$1,131,200
$1.1M
Cap Rate 7%
$808,000
$808.0K
Cap Rate 9%
$628,444
$628.4K
Market Conditions
NOI Build-Up for 3,225 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
$84.0K $26.04/SF
− Vacancy
−$8.6K −$2.66/SF
EGI
$75.4K $23.38/SF
− OpEx
−$18.9K −$5.85/SF
NOI
$56.6K $17.54/SF
Area
Mecklenburg 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%
$1,131,200
Cap Rate 7%
$808,000
Cap Rate 9%
$628,444
Alternative Uses
Best Use
Office B
$808.0K
$707.0K – $942.7K
NOI $56,560 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$911.8K – $1.22M
NOI $72,946 @ 7.0% cap · market cap 6.34%
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
1,481
Businesses Nearby
Explore this area
Business Placement
Demographics for 28105, NC
44,085
Population
17,906
Households
2.5
Avg Household Size
41
Median Age
52%
College-Educated
95%
High-School Grad
23.2 sq mi
ZIP Area
1,900
Density / Sq Mi
$104,242
Median Household Income
$52,175
Median Earnings
$1,663
Median Rent
$389,100
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 building - O(CD) zoning supports office and select salon/spa uses.
Where is this office building located?
The property is located at 500 W John St Matthews, NC.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 3,225‑square‑foot office building originally built in 1877; O(CD) zoning supports office and select salon/spa uses; Approved plans for garage/studio addition
