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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1220 Matthews Township Pkwy Matthews, NC 28105-0218

    • Drug stores
    • 15,138 SF
    • 1.90 lot acres
    OFF-MARKET
    Last Sale
    May 12, 2022
    $6,804,000
    Value Estimations
    $6,785,000
    Show details
    Cap Rate Potential
    2.7%
    Drug stores
    Location Intelligence
    Property ID
    US53-5521003
    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.

    Current Use by Public Records

    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Western Union / Bank / Credit Union
    • Tonya Chrichlow, PharmD / Pharmacy
    • Lewis Marks, RPh / Pharmacy
    • Anna Nguyen Moyer, PharmD / Pharmacy

    Property Details for 1220 Matthews Township Pkwy

    Year built
    2006
    Lot size
    1.90 lot acres
    Property size
    15,138 SF
    Zone code
    B-1(CD)
    Property type
    Drug stores
    APN
    19327120
    APU
    19327120

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,825,000
      ML approach
      $6,715,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,286,000
      Market price range: $2.55M - $8.29M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,805,000
      Current use
      COMMERCIAL (GENERAL)
      $9,790,000
      Change: +104% Conversion: Easy
      RESTAURANT
      $8,980,000
      Change: +87% Conversion: Easy
      MEDICAL BUILDING
      $5,470,000
      Change: +14% Conversion: Difficult
      OFFICE BUILDING
      $4,740,000
      Change: -1% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $4,370,000
      Change: -9% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,150,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Matthews
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.7184
    Latitude
    35.1213
    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
    $39,990
    $2,608,800
    $2,798,200
    $5,407,000
    -
    $2,608,800
    $2,798,200
    $5,407,000

    Comparable in this City

    • Value Estimation
      $2,820,000
      15,250 SF

      3431 Matthews Mint Hl Rd

      DRUG STORE, PHARMACY • 15,250 SF
      3431 Matthews Mint Hl Rd, Matthews, NC 28105-4030
      View Details
    • Value Estimation
      $3,355,000
      12,678 SF

      1305 Matthews Township Pkwy

      DRUG STORE, PHARMACY • 12,678 SF
      1305 Matthews Township Pkwy, Matthews, NC 28105-4600
      View Details
    • Value Estimation
      $16,610,000
      103,313 SF

      3310 Siskey Pkwy

      DRUG STORE, PHARMACY • 103,313 SF
      3310 Siskey Pkwy, Matthews, NC 28105-3222
      View Details
    • Value Estimation
      $2,035,000
      10,113 SF

      Matthews, NC 28105

      DRUG STORE, PHARMACY • 10,113 SF
      Matthews, NC 28105
      View Details
    • Value Estimation by Request
      191,664 SF

      2332 Matthews Township Pkwy

      Individual retail properties • 191,664 SF
      2332 Matthews Township Pkwy, Matthews, NC 28105
      View Details
    • Value Estimation
      $7,055,000
      52,934 SF

      1819 Matthews Township Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 52,934 SF
      1819 Matthews Township Pkwy, Matthews, NC 28105-5341
      View Details

    Similar Nearby for Sale

    • $1,275,000

      Highway 74 Exit Land Parcel

      2.89+/- acre commercial land near Highway 74 exit.
      12027 Guion Ln, Matthews, NC 28105
      View Details
    • $4,995,000
      1.61 Acres

      Matthews Commercial Property Investment

      High-Visibility Matthews Location, Endless Potential
      200 Matthews St, Matthews, NC 28105
      View Details
    • $388,000
      1,579 SF

      Charming Home with Cozy Fireplace

      Charming home featuring a fireplace and natural color palette.
      2905 Polo View Ln, Matthews, NC 28105
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    • $677,250

      Matthews Specialty Property For Sale

      Specialty property available in Matthews, North Carolina.
      1912 E John St, Matthews, NC 28105
      View Details
    • $4,995,000
      1.61 Acres

      Matthews Commercial Land - $4.995M

      1.61 Acres, High-Visibility Location
      200 Matthews St, Matthews, NC 28105
      View Details
    • $1,980,000
      4.19 Acres

      Matthews, NC Commercial Land

      4.19 Acres, High-Traffic Location
      1905 Independence Commerce Dr, Matthews, NC 28105
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      75,000 SF

      Matthews Retail Space Available

      Prime Matthews storefront, 1,920 sq ft.
      3555 Matthews-Mint Hl Rd, Matthews, NC 28105
      View Details
    • Contact for pricing
      191,664 SF

      Matthews Corners Retail Space

      Prime Matthews location, 1,693 sq ft available.
      2332 Matthews Township Pkwy, Matthews, NC 28105
      View Details
    • Contact for pricing
      1,780 SF

      Retail Space Near Matthews Hospital

      Retail space with dedicated parking and high-traffic location.
      1643-1645 Matthews Township Pkwy, Matthews, NC 28105
      View Details
    • Contact for pricing

      Restaurant Space in Matthews, NC

      2,806 SF former restaurant with patio space for lease.
      Matthews, NC 28105
      View Details
    • Contact for pricing

      Retail Space in Matthews, NC

      Retail, service, and restaurant spaces available in high-traffic Matthews.
      Matthews, NC 28105
      View Details
    • Contact for pricing
      9,600 SF

      Matthews Retail & Office Space

      Prime Matthews location, flexible suites.
      1640 Matthews Township Pkwy, Matthews, NC 28105
      View Details
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    Matthews, NC 28105-0218
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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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