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    10524 Connell Rd Mint Hill, NC 28227

    Sponsored
    For Sale
    $2,950,000

    Prime 51-acre commercial lot near I-485.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 51.5-acre commercial land parcel, located at 10524 Connell Rd in Mint Hill, North Carolina (zip code 28227), presents a unique investment opportunity. The property, identified by APN 139-082-02, is priced at $2,950,000, translating to $56,408 per acre. Currently zoned "R" for single-family housing, it offers minimum lot sizes of 30,000 square feet with 135-foot lot widths. City water is available, although sewer service is not accessible in this area for residential development. The site boasts excellent topography, with only approximately two acres designated as floodplain. Its strategic location just off I-485 at the Hwy 51 Blair Road exit provides easy access to major transportation routes and is proximate to existing shopping centers and a significant new residential development. Water access is available on Connell Road (approximately 1,100 feet) and Blair Road (approximately 1,830 feet). This property offers substantial potential for various commercial ventures, given its size, location, and access to key infrastructure. Serious inquiries are encouraged.

    Property Features for 10524 Connell Rd

    General Information

    Property type
    Land
    Lot Size
    2,243,340 SF

    We can help!

    Listing Contact
    John N. Jones
    John N. Jones

    Learn more

    Property Insight Report

    HighLights

    • I‑485 & Hwy 51 access. Near retail and new residential.
    • R‑1 zoning, 30,000 sq ft min lot size, 135' lot width, city water available.
    • Tax Parcel 139‑082‑02. Water access (1100‑1830 ft). No sewer.
    • Mostly level topography; ~2 acres floodplain.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Wholesale Shop Auto Repair Shop Clothing Store Nail Salon Gym & Fitness Auto Parts Store Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Mint Hill
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.6276835
    Latitude
    35.2105973

    Nearby Comparable

    • $261,250

      177-Acre Business Park Land

      177-acre business park with I-485 access and GI zoning.
      10741 Blair Rd, Mint Hill, NC 28227
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      177-Acre Master Planned Business Park

      177-acre business park with GI zoning and outdoor storage.
      10701 Blair Rd, Mint Hill, NC 28227
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    • $2,600,000

      Mint Hill Land For Sale

      Approximately 19 acres with easy access to I-485.
      9945 Blair Rd, Mint Hill, NC 28227
      View Details
    • Contact for pricing

      65 Acres Industrial Land I-485

      65-acre industrial land tract with I-485 frontage in Mint Hill.
      10501 Truelight Church Rd, Mint Hill, NC 28227
      View Details
    • Contact for pricing
      59.84 Acres

      Prime Mint Hill Commercial Land

      59.84 Acres, R-zoned, Investment Opportunity
      9400 Blair Rd, Mint Hill, NC 28227
      View Details
    • $125,000

      Commercial Lot Near Albemarle Road

      Commercial land with conversion potential near Uptown Charlotte and I-485.
      13428 Albemarle Rd, Charlotte, NC 28227
      View Details
    • Contact for pricing

      177-Acre Business Park Land

      177-acre master planned business park with I-485 access.
      12800 Albemarle Rd, Mint Hill, NC 28227
      View Details
    • $7,762,500
      46.12 Acres

      46 Acres Land in Charlotte

      46+/- acres ideal for warehouses or residential community development.
      14211 Cabarrus Rd, Charlotte, NC 28227
      View Details
    • Contact for pricing

      177-Acre Business Park Land

      177-acre master planned business park with I-485 access.
      12936 Albemarle Rd, Mint Hill, NC 28227
      View Details

    FAQs

    What type of property is this?
    Land - Prime 51-acre commercial lot near I-485.
    Where is this land located?
    The property is located at 10524 Connell Rd Mint Hill, NC.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: I-485 & Hwy 51 access. Near retail and new residential.; R-1 zoning, 30,000 sq ft min lot size, 135' lot width, city water available.; Tax Parcel 139-082-02. Water access (1100-1830 ft). No sewer.
    Request Owner's contact information
    10524 Connell Rd Mint Hill, NC 28227
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    Mint Hill, NC 28227
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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.

    More about this property
    10524 Connell Rd Mint Hill, NC 28227
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    We can help!
    Listing Contact
    John N. Jones
    John N. Jones
    Real Estate License ID: NC 63807
    Learn more
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