Union County Commercial
For Sale
Contact for pricing
5610 Morgan Mill Rd, Monroe, NC 28110
Four-acre commercial property with warehouse, office, and metal building.
Property Size4,400 SF
Lot Size4.00 Acres
Price / SF$181.82
Days on Market195
Property Features for 5610 Morgan Mill Rd
General Information
Standard status
Active
Size
4,400 SF
Lot size
4.00 Acres
Property subtype
Mixed Use
Zoning
B-4
Listing Agency:
Keller Williams South Park
(704) 221-8553
Listed By:
Jackie Bevington · License #322203
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 8 at 3:23PM
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 Keller Williams South Park
Investment Insights
Based on property information with market context.
This commercial property in Union County, NC, encompasses three parcels totaling just over four acres. It features a warehouse and office space of approximately 4,400 square feet, equipped with bay doors and loading docks. Additionally, there is a separate metal building of approximately 2,400 square feet, along with a 400+ square foot house suitable for office use. The interior includes shelving and storage. The large lot provides ample parking, equipment storage, and potential for future expansion. The property offers investment and rental potential, with previous tenants paying a combined $6,000 per month. It is ideal for owner-users, contractors, or investors seeking flexible industrial space.
Key Highlights
- Three parcels totaling over four acres in Union County, NC.
- Warehouse/office space of approximately 4,400 sq ft with bay doors/loading docks.
- Separate metal building of approximately 2,400 sq ft.
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
$50,972
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
6.37%
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%
$1,019,440
$1.0M
Cap Rate 7%
$728,171
$728.2K
Cap Rate 9%
$566,356
$566.4K
Market Conditions
NOI Build-Up for 4,400 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
$83.4K $18.96/SF
− Vacancy
−$5.0K −$1.14/SF
EGI
$78.4K $17.82/SF
− OpEx
−$27.4K −$6.24/SF
NOI
$51.0K $11.58/SF
Area
Union County, NC
Vacancy
6.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,019,440
Cap Rate 7%
$728,171
Cap Rate 9%
$566,356
Alternative Uses
Best Use
Flex RnD
$728.2K
$637.2K – $849.5K
NOI $50,972 @ 7.0% cap · market cap 6.37%
Second Best
Warehouse
$456.8K
$399.7K – $533.0K
NOI $31,977 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,135 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28110, NC
53,316
Population
20,236
Households
2.6
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
127.4 sq mi
ZIP Area
418
Density / Sq Mi
$81,221
Median Household Income
$41,425
Median Earnings
$1,313
Median Rent
$302,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Four-acre commercial property with warehouse, office, and metal building.
Where is this flex space located?
The property is located at 5610 Morgan Mill Rd Monroe, NC.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Three parcels totaling over four acres in Union County, NC.; Warehouse/office space of approximately 4,400 sq ft with bay doors/loading docks.; Separate metal building of approximately 2,400 sq ft.
