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    1008 Roosevelt Blvd Monroe, NC 28110-2889
    Property profile & analytics

    1008 Roosevelt Blvd, Monroe, NC 28110-2889

    View on Map
    • Strip malls
    • 20,000 SF
    • 2.40 lot acres
    Off-Market
    Last Sale Jun 5, 2023
    $600,000
    Property ID
    US53-0270732
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Ma Nails / Hair Salon / Nail Salon
    • The Furnishery / Furniture & Home Goods / Home Decor Store
    • La herradura / Restaurant
    • Hunt4Bargains / Furniture & Home Goods
    • Bougie Pup Salon & Daycare / Pet Grooming Service

    Property Details for 1008 Roosevelt Blvd

    Year built
    1986
    Lot size
    2.40 lot acres
    Zone code
    GB MONROE
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    09-186-014
    APU
    9186014

    Description

    This exceptional value-add opportunity presents a 20,000-square-foot shopping center in Monroe, NC, situated on a 2.4-acre lot (APN: 09186014). The single-story, Class C property boasts 9 tenants with 92% occupancy, generating a substantial Net Operating Income (NOI) of $253,730 and a 6.77% cap rate. Priced at $3,750,000 ($187.50/sq ft), this fee-simple investment features a triple-net (NNN) lease structure with multi-tenancy. The property, built in 2002, benefits from recent renovations including a new roof and gutters (2023), HVAC unit replacements, and fresh paint (2024). The parking lot was restriped in June 2024. A shared monument sign is also available. Located on busy Highway 74, the center enjoys high visibility and traffic flow, enhanced by nearby shadow tenants. Shorter lease terms allow for rental adjustments, presenting significant value-add potential. Annual gross scheduled rent beginning December 1, 2024, is projected at $280,704. The property is zoned GB. This well-maintained asset offers immediate cash flow and future growth potential through rent increases and further improvements. One 1,600 sq ft unit is currently vacant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $670,000
      ML approach
      $695,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $656,000
      Market price range: $656k - $1.27M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Monroe
    County
    Union
    State
    North Carolina
    Longitude
    -80.5374
    Latitude
    34.9938
    CBSA code
    16740
    CBSA name
    CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,811
    $295,300
    $512,700
    $808,000
    -
    $295,300
    $512,700
    $808,000

    Comparable in this City

    • Value Estimation
      $960,000
      6,718 SF

      Roosevelt Blvd

      SHOPPING CENTER, STRIP CENTER
      Roosevelt Blvd, Monroe, NC 28110
      View Details
    • Value Estimation
      $1,835,000
      15,600 SF

      3306 Hwy 74

      SHOPPING CENTER, STRIP CENTER
      3306 Hwy 74, Monroe, NC 28110-8694
      View Details
    • Value Estimation
      $905,000
      7,320 SF

      1654 Dickerson Blvd

      SHOPPING CENTER, STRIP CENTER
      1654 Dickerson Blvd, Monroe, NC 28110-2883
      View Details
    • Value Estimation
      $1,500,000
      10,500 SF

      1900 1902nd W Roosevelt Blvd

      SHOPPING CENTER, STRIP CENTER
      1900 1902nd W Roosevelt Blvd, Monroe, NC 28110
      View Details
    • Value Estimation
      $825,000
      20,904 SF

      1313 Roosevelt Blvd

      SHOPPING CENTER, STRIP CENTER
      1313 Roosevelt Blvd, Monroe, NC 28110-2821
      View Details
    • Value Estimation
      $1,420,000
      10,109 SF

      2301 Roosevelt Blvd

      SHOPPING CENTER, STRIP CENTER
      2301 Roosevelt Blvd, Monroe, NC 28110-0416
      View Details

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      2,092 SF

      Retail Building For Sale

      2,092 SF retail building available for sale.
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      Indian Trail/Monroe Land Opportunity

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      Union County Commercial Opportunity

      Four-acre commercial property with warehouse, office, and metal building.
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    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space in Fowler Secrest

      Retail space for lease in Monroe, North Carolina.
      3306 E Roosevelt Blvd, Monroe, NC 28110
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      Regional Mall in Monroe, NC

      395,000 square foot regional mall in suburban Charlotte, NC.
      2115 W Roosevelt Blvd, Monroe, NC 28110
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      4,179 SF

      Prime Retail Location For Rent

      Excellent exposure and strong traffic counts in a dense retail corridor.
      2592 West Roosevelt Blvd, Monroe, NC 28110
      View Details
    • Contact for pricing

      Retail Space in Monroe, NC

      Retail space available for rent in Monroe, North Carolina.
      2833 Highway 74 W, Monroe, NC 28110
      View Details
    • $10,600 /Mo
      66,647 SF

      Retail Space in High-Traffic Area

      10,400 SF retail space in Monroe, NC for lease.
      2520 W Roosevelt Blvd, Monroe, NC 28110
      View Details
    • Contact for pricing
      1,290 SF

      Prime Retail/Office Space Available

      1,290 SF end-cap suite near Monroe Crossing Mall.
      2160 Commerce Dr, Monroe, NC 28110
      View Details
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    Monroe, NC 28110-2889
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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
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