Historic Retail/Office Condo in
For Sale
Contact for pricing
Pending
221 S Tryon St, Charlotte, NC 28202
Retail/office condo in historic building, Charlotte's Central Business District.
Property Size4,149 SF
Days on Market739
Property Features for 221 S Tryon St
General Information
Standard status
Pending
Size
4,149 SF
Class
A
Property subtype
Retail, Office, Mixed Use
Zoning
UC
Building Details
Year Built
1899
Year Renovated
2001
Buildings
1
Stories
3
Listing Agency:
First & Early Partners
Listed By:
Katie Corrie · License #306897
(704) 900-7462
Source:
Crexi
Added: Aug 30, 2024
Changed: Aug 16
Last Checked: Aug 14 at 5:57AM
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
Investment Insights
Based on property information with market context.
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.
Key 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).
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
$61,613
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
2.83%
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%
$1,232,260
$1.2M
Cap Rate 7%
$880,186
$880.2K
Cap Rate 9%
$684,589
$684.6K
Market Conditions
NOI Build-Up for 4,149 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
$109.5K $26.40/SF
− Vacancy
−$11.0K −$2.64/SF
EGI
$98.6K $23.76/SF
− OpEx
−$37.0K −$8.91/SF
NOI
$61.6K $14.85/SF
Area
Charlotte, NC
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
37.50%
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%
$1,232,260
Cap Rate 7%
$880,186
Cap Rate 9%
$684,589
Alternative Uses
Best Use
Mixed Use
$880.2K
$770.2K – $1.03M
NOI $61,613 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,714 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,884
Businesses Nearby
Explore this area
Business Placement
Demographics for 28202, NC
16,447
Population
11,490
Households
1.4
Avg Household Size
31
Median Age
64%
College-Educated
95%
High-School Grad
1.8 sq mi
ZIP Area
9,137
Density / Sq Mi
$101,711
Median Household Income
$67,683
Median Earnings
$1,862
Median Rent
$425,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
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).
