Harris Station Shopping
For Sale
Contact for pricing
8424-8432 Old Statesville Road, Charlotte, NC 28269
Commercial-use zoning and Old Statesville Road frontage provide a retail-oriented setting with access to regional thoroughfares.
Property Size31,678 SF
Price / SF$184.67
Days on Market61
Property Features for 8424-8432 Old Statesville Road
General Information
Standard status
Active
Size
31,678 SF
Property subtype
Retail
Zoning
Commercial Use
Occupancy
100%
Net Operating Income
$498,035
Additional Details
Traffic Count
14,000 vehicles/day
Building Details
Year Built
1966
Year Renovated
1978
Buildings
2
Tenancy
Multi
Listing Agency:
Colliers - Huntsville, Alabama
Listed By:
Clarke Todd · License #RE-14135
(256) 539-1686
Source:
Crexi
Added: Jul 21
Changed: Sep 13
Last Checked: Sep 18 at 5:35AM
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 Colliers - Huntsville, Alabama
Investment Insights
Based on property information with market context.
The Shops at Harris Station is a shopping center at 8424-8432 Old Statesville Road in Charlotte, North Carolina. The property was built in 1966 and carries Commercial Use zoning, supporting its identification as a retail-oriented commercial asset. The listing provides a PropertySize of 31,678, although no measurement unit is specified.
The center fronts Old Statesville Road, which carries 14K VPD, and sits near W W. T. Harris Blvd, identified at 36K VPD. Regional connectivity includes a location less than two miles from I-77 and an approximately 15-minute drive to Uptown Charlotte. The property is also positioned within the planned Charlotte Red Line corridor, a proposed commuter rail connection between Uptown Charlotte and northern Mecklenburg County.
The center fronts Old Statesville Road, which carries 14K VPD, and sits near W W. T. Harris Blvd, identified at 36K VPD. Regional connectivity includes a location less than two miles from I-77 and an approximately 15-minute drive to Uptown Charlotte. The property is also positioned within the planned Charlotte Red Line corridor, a proposed commuter rail connection between Uptown Charlotte and northern Mecklenburg County.
Key Highlights
- Shopping center at 8424‑8432 Old Statesville Road, Charlotte, NC 28269
- Commercial Use zoning
- 14K VPD along Old Statesville Road
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
$443,049
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
7.57%
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%
$8,860,980
$8.9M
Cap Rate 7%
$6,329,271
$6.3M
Cap Rate 9%
$4,922,767
$4.9M
Market Conditions
NOI Build-Up for 31,678 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
$684.2K $21.60/SF
− Vacancy
−$51.3K −$1.62/SF
EGI
$632.9K $19.98/SF
− OpEx
−$189.9K −$5.99/SF
NOI
$443.0K $13.99/SF
Area
ZIP 28269
Vacancy
7.50%
Lease Rate
$21.60 /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%
$8,860,980
Cap Rate 7%
$6,329,271
Cap Rate 9%
$4,922,767
Alternative Uses
Best Use
Retail
$6.33M
$5.54M – $7.38M
NOI $443,049 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.97M
$8.72M – $11.63M
NOI $697,930 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
23k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 92%
Home Improvements & Furnishings 8%
Exxon
Shops & Services
9,992 visits/mo
0.1 miles
BP
Shops & Services
9,237 visits/mo
0.1 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
1,454 visits/mo
0.1 miles
Extra Space Storage
Shops & Services
945 visits/mo
0.3 miles
Grease Monkey
Shops & Services
849 visits/mo
0.1 miles
Demographics for 28269, NC
82,422
Population
33,124
Households
2.5
Avg Household Size
35
Median Age
46%
College-Educated
92%
High-School Grad
30.6 sq mi
ZIP Area
2,694
Density / Sq Mi
$81,063
Median Household Income
$48,045
Median Earnings
$1,607
Median Rent
$300,300
Median Home Value
Market
Vacancy Rate% for Retail in Charlotte, NC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Commercial-use zoning and Old Statesville Road frontage provide a retail-oriented setting with access to regional thoroughfares.
Where is this shopping center located?
The property is located at 8424-8432 Old Statesville Road Charlotte, NC.
What is the asking price?
The asking price for this property is $5,850,000.
What are key features of this property?
This property features: Shopping center at 8424‑8432 Old Statesville Road, Charlotte, NC 28269; Commercial Use zoning; 14K VPD along Old Statesville Road
