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    Historic Retail/Office Condo in Charlotte Title is generated by Realmo AI

    221 S Tryon St, Charlotte, NC 28202

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    Retail/office condo in historic building, Charlotte's Central Business District.

    Type:Retail, Office, Mixed Use
    Property size:
    4,149 SF
    Price / SF:
    $524/SF
    Added:
    Aug 30, 2024
    Days on Market:
    648
    Last Refresh:
    May 13 at 8:23 pm

    Property Features for 221 S Tryon St

    General Information

    Standard status
    Active
    Size
    4,149 SF
    Property subtype
    Retail, Office, Mixed Use

    Building Details

    Year Built
    1899

    We can help!

    Listing Contact
    Katie Corrie
    Katie Corrie

    Listing agent Katie Corrie License #306897

    Listing office First & Early Partners

    Listing date Aug 30, 2024

    Source Crexi

    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 First & Early Partners

    HighLights

    • Prime location in the heart of Uptown Charlotte's dynamic street retail scene.
    • Rare historic landmark building (McCausland Building‑Thacker’s Restaurant) dating back to 1899.
    • 4,149 SF of ground floor retail/office space (Suite 100).
    • Close proximity to major attractions: NASCAR Hall of Fame, Spectrum Center (Charlotte Hornets).
    • Located near EpiCentre entertainment complex and Bank of America Stadium.
    • Rich heritage and architectural significance as a tangible reminder of Charlotte's history.

    Overview

    Located at 221 South Tryon Street in Charlotte's Central Business District, this retail/office condominium is situated within the historic McCausland Building, formerly Thacker’s Restaurant. The property offers 4,149 square feet of ground floor retail/office space in Suite 100. Originally constructed in 1899 for stove merchants and tinsmiths, the building was renovated in 1936 as Thacker’s Restaurant. The building showcases Charlotte's commercial architecture and serves as a reminder of the city's evolution. The location is in the heart of Uptown Charlotte, known for its dynamic street retail scene. The property is near the NASCAR Hall of Fame and the Spectrum Center, home of the Charlotte Hornets. The EpiCentre entertainment complex and Bank of America Stadium are also nearby, enriching the area's appeal. This location offers an environment for retail success in Charlotte's urban landscape.
    Location Intelligence

    Current Use by Public Records

    David M. Watkins Professional Services Netview Inc Employment Agency Sprinter Hydration Dental Office Emerson Joseph Barber Shop

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.844468
    Latitude
    35.2257888

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    FAQs

    What type of property is this?
    Mixed-use property - Retail/office condo in historic building, Charlotte's Central Business District.
    Where is this mixed-use property located?
    The property is located at 221 S Tryon St Charlotte, NC.
    What is the asking price?
    The asking price for this property is $2,175,000.
    What are key features of this property?
    This property features: Prime location in the heart of Uptown Charlotte's dynamic street retail scene.; Rare historic landmark building (McCausland Building‑Thacker’s Restaurant) dating back to 1899.; 4,149 SF of ground floor retail/office space (Suite 100).
    (704) 714-7600 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Katie Corrie
    Katie Corrie
    Real Estate License ID: 306897
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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