Adaptive Reuse Flex
For Sale
Contact for pricing
532 Patterson Ave, Mooresville, NC 28115
A large flex space revitalized in the early 2000s at 532-533 Patterson Avenue in Mooresville.
Property Size85,235 SF
Price / SF$93.86
Days on Market167
Property Features for 532 Patterson Ave
General Information
Standard status
Active
Size
85,235 SF
Property subtype
FLEX_R_AND_D
Additional Details
Highway Access
Yes
Listing Agency:
Park Commercial Real Estate
(704) 218-9204
Listed By:
Chandler Knox, SIOR · License #175197
(704) 287-8607
Source:
Moodyscre
Added: Feb 15
Changed: Jul 31
Last Checked: Jul 31 at 6:37AM
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 adaptive reuse flex space is part of the Design Center Lake Norman, originally constructed in the 1920s as a T-shirt manufacturing facility and revitalized in the early 2000s. The property’s efficient, expansive floor plans are designed to support collaborative business environments. At 85,235 square feet, it offers flexibility for a range of space needs tied to workspace and operational layouts.
Located at 532-533 Patterson Avenue in the heart of Mooresville, the center is about 30 minutes north of Charlotte. The site is positioned for convenient access to major interstates, including Interstate 77 and Highway 150, and is described as easily accessible to Lowe’s Corporate Headquarters.
The property is presented with an existing WALT (weighted average lease term), providing an outlook for phased expansion control or rental income strategies over the life of the asset.
Located at 532-533 Patterson Avenue in the heart of Mooresville, the center is about 30 minutes north of Charlotte. The site is positioned for convenient access to major interstates, including Interstate 77 and Highway 150, and is described as easily accessible to Lowe’s Corporate Headquarters.
The property is presented with an existing WALT (weighted average lease term), providing an outlook for phased expansion control or rental income strategies over the life of the asset.
Key Highlights
- 85,235 SF adaptive reuse flex space
- Originally constructed in the 1920s as a T‑shirt manufacturing facility
- Revitalized in the early 2000s as the Design Center Lake Norman
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $848.9k | $9.96 |
| − Vacancy | −$46.7k | −$0.55 |
| EGI | $802.2k | $9.41 |
| − OpEx | −$240.7k | −$2.82 |
| NOI | $561.6k | $6.59 |
85,235 SF · lease $9.96/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Office B
$21.35M
$18.69M – $24.91M
NOI $1,494,846 @ 7.0% cap · market cap 18.69%
Second Best
Flex RnD
$14.11M
$12.34M – $16.46M
NOI $987,410 @ 7.0% cap · market cap 12.34%
Theoretical Best
Office A
$26.83M
$23.47M – $31.30M
NOI $1,877,898 @ 7.0% cap · market cap 23.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28115, NC
43,413
Population
17,427
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
74.6 sq mi
ZIP Area
582
Density / Sq Mi
$86,724
Median Household Income
$46,921
Median Earnings
$1,193
Median Rent
$330,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - A large flex space revitalized in the early 2000s at 532-533 Patterson Avenue in Mooresville.
Where is this flex space located?
The property is located at 532 Patterson Ave Mooresville, NC.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 85,235 SF adaptive reuse flex space; Originally constructed in the 1920s as a T‑shirt manufacturing facility; Revitalized in the early 2000s as the Design Center Lake Norman
