Eastland Promenade Strip
For Sale
Contact for pricing
Pending
5534 Albemarle Rd, Charlotte, NC 28212
Established retail property on Albemarle Road in Charlotte, built in 1988.
Property Size26,615 SF
Days on Market152
Property Features for 5534 Albemarle Rd
General Information
Standard status
Pending
Size
26,615 SF
Property subtype
Retail
Zoning
B-1 (CD)
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1988
Buildings
1
Stories
1
Units
10
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Raleigh
(843) 952-2222
Listed By:
Andrew Margulies · License #IL 475.147606
Source:
Crexi
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 30 at 4:25PM
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 Marcus & Millichap - Raleigh
Investment Insights
Based on property information with market context.
Eastland Promenade is a strip mall located at 5534 Albemarle Rd in Charlotte, North Carolina. The property was built in 1988 and has a listed property size of 26,615.
The asset is positioned on Albemarle Road within the 28212 ZIP code, providing a defined Charlotte location for retail-focused commercial use.
The asset is positioned on Albemarle Road within the 28212 ZIP code, providing a defined Charlotte location for retail-focused commercial use.
Key Highlights
- Strip mall asset known as Eastland Promenade
- Listed property size of 26,615
- Built in 1988
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
$445,615
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
7.43%
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%
$8,912,300
$8.9M
Cap Rate 7%
$6,365,929
$6.4M
Cap Rate 9%
$4,951,278
$5.0M
Market Conditions
NOI Build-Up for 26,615 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
$654.7K $24.60/SF
− Vacancy
−$18.1K −$0.68/SF
EGI
$636.6K $23.92/SF
− OpEx
−$191.0K −$7.18/SF
NOI
$445.6K $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%
$8,912,300
Cap Rate 7%
$6,365,929
Cap Rate 9%
$4,951,278
Alternative Uses
Best Use
Retail
$6.37M
$5.57M – $7.43M
NOI $445,615 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.86M
$7.75M – $10.34M
NOI $620,399 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,003
Businesses Nearby
88k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 83%
Dining 15%
Electronics 2%
Dollar Tree
Shops & Services
18,028 visits/mo
0.0 miles
Taco Bell
Dining
9,291 visits/mo
0.5 miles
Shell
Shops & Services
8,668 visits/mo
0.5 miles
Dollar General
Shops & Services
8,164 visits/mo
0.4 miles
Chase Bank
Shops & Services
5,693 visits/mo
0.1 miles
Demographics for 28212, NC
41,009
Population
17,417
Households
2.4
Avg Household Size
33
Median Age
24%
College-Educated
78%
High-School Grad
9.2 sq mi
ZIP Area
4,458
Density / Sq Mi
$51,530
Median Household Income
$35,596
Median Earnings
$1,274
Median Rent
$236,300
Median Home Value
Market
Vacancy Rate% for Retail in Charlotte, NC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Established retail property on Albemarle Road in Charlotte, built in 1988.
Where is this strip mall located?
The property is located at 5534 Albemarle Rd Charlotte, NC.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Strip mall asset known as Eastland Promenade; Listed property size of 26,615; Built in 1988
