Versatile Commercial Building on
For Sale
$599,000
935 Shelton Avenue, Statesville, NC 28677
5,070 sq ft commercial building on 0.59-acre lot.
Property Size5,070 SF
Lot Size0.59 Acres
Price / SF$118.15
Days on Market232
Property Features for 935 Shelton Avenue
General Information
Standard status
Active
Size
5,070 SF
Lot size
0.59 Acres
Property subtype
Commercial
Amenities
Driveway
Building Details
Year Built
1963
Listing Agency:
CENTURY 21 TOWNE AND COUNTRY
(704) 637-7721
Listed By:
CATHY GRIFFIN · License #187850
Source:
Corcoran
Added: Dec 19, 2025
Changed: Aug 8
Last Checked: Aug 8 at 1:37PM
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 CENTURY 21 TOWNE AND COUNTRY
Investment Insights
Based on property information with market context.
This 5,070 sq. ft. commercial building is positioned on a 0.59-acre lot along one of Statesville’s most active thoroughfares. Currently operating as a go-kart and auto shop, this property features a functional mix of spacious warehouse area and dedicated office space. The property is zoned "Commercial", offering flexibility for automotive services, retail, light industrial, or professional suites. It benefits from high visibility and easy access in a central location designed to drive customer traffic.
Key Highlights
- Prime location on Shelton Ave, a high‑traffic thoroughfare.
- Versatile 5,070 sq. ft. commercial building on a .59‑acre lot.
- "Commercial" zoning allows for diverse business uses (automotive, retail, light industrial, professional suites).
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
$36,846
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
6.15%
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%
$736,920
$736.9K
Cap Rate 7%
$526,371
$526.4K
Cap Rate 9%
$409,400
$409.4K
Market Conditions
NOI Build-Up for 5,070 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
$45.6K $9.00/SF
− Vacancy
−$2.3K −$0.45/SF
EGI
$43.3K $8.55/SF
− OpEx
−$6.5K −$1.28/SF
NOI
$36.8K $7.27/SF
Area
Iredell County, NC
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$736,920
Cap Rate 7%
$526,371
Cap Rate 9%
$409,400
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $88,917 @ 7.0% cap · market cap 14.84%
Second Best
Retail
$889.2K
$778.0K – $1.04M
NOI $62,242 @ 7.0% cap · market cap 10.39%
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,702 @ 7.0% cap · market cap 18.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Tim's Small Engine Service & Repair — 820 Wilmington Ave, Statesville, NC 28677
- Junior's Garage — 1503 Shelton Ave, Statesville, NC 28677
- Pedros auto repair — 1405 Shelton Ave, Statesville, NC 28677
- Good As Gold Transportation — 1715 Shelton Ave, Statesville, NC 28677
- Iredell Auto Repair — 1503 Shelton Ave, Statesville, NC 28677
Frequently Asked Questions
What type of property is this?
Auto shop - 5,070 sq ft commercial building on 0.59-acre lot.
Where is this auto shop located?
The property is located at 935 Shelton Avenue Statesville, NC.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Prime location on Shelton Ave, a high‑traffic thoroughfare.; Versatile **5,070 sq. ft. commercial building** on a .59‑acre lot.; "Commercial" zoning allows for diverse business uses (automotive, retail, light industrial, professional suites).
