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

    1505 Skwy Dr, Unit 1507 Monroe, NC 28110-3007

    • Office buildings
    • 2,188 SF
    • 0.52 lot acres
    OFF-MARKET
    Last Sale
    Dec 13, 2021
    $500,000
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    7.5%
    Office buildings
    Location Intelligence
    Property ID
    US53-1359472
    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

    • AGAPE Youth & Family Services / Mental Health Service
    • UC Best Medical Center / Medical Clinic
    • Emmanuel Edosomwan-Eigbe / Internist
    • APT Accounting LLC / Accounting Firm

    Property Details for 1505 Skwy Dr

    Year built
    1980
    Lot size
    0.52 lot acres
    Property size
    2,188 SF
    Zone code
    GB MONROE
    Property type
    Office buildings
    APN
    09-226-048
    APU
    9226048

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $485,000
      ML approach
      $445,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $605,000
      6.5%
      $560,000
      7%
      $520,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $551,000
      Market price range: $222k - $552k
      AI Estimate
      $459,000
      Market price range: $142k - $460k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $400,000
      Current use
      RETAIL STORES
      $605,000
      Change: +52% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $510,000
      Change: +27% Conversion: Easy
      AUTO REPAIR, GARAGE
      $345,000
      Change: -13% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $330,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Monroe
    County
    Union
    State
    North Carolina
    Longitude
    -80.5493
    Latitude
    34.9969
    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
    $4,649
    $86,300
    $340,000
    $426,300
    -
    $86,300
    $340,000
    $426,300

    Comparable in this City

    • Value Estimation
      $5,730,000
      24,400 SF

      2649 Brekonridge Ctr Dr

      OFFICE BUILDING • 24,400 SF
      2649 Brekonridge Ctr Dr, Monroe, NC 28110-5629
      View Details
    • Value Estimation by Request
      1,176 SF

      1804 Concord Ave

      OFFICE BUILDING • 1,176 SF
      1804 Concord Ave, Monroe, NC 28110-2748
      View Details
    • Value Estimation by Request
      676 SF

      2328 Concord Hwy

      OFFICE BUILDING • 676 SF
      2328 Concord Hwy, Monroe, NC 28110-8768
      View Details
    • Value Estimation
      $2,765,000
      14,006 SF

      1744 Williams Rd

      OFFICE BUILDING • 14,006 SF
      1744 Williams Rd, Monroe, NC 28110-8592
      View Details
    • Value Estimation
      $1,070,000
      6,624 SF

      5601 Cannon Dr

      OFFICE BUILDING • 6,624 SF
      5601 Cannon Dr, Monroe, NC 28110-9139
      View Details
    • Value Estimation by Request
      1,353 SF

      1409 Skwy Dr

      OFFICE BUILDING • 1,353 SF
      1409 Skwy Dr, Monroe, NC 28110-3005
      View Details

    Similar Nearby for Sale

    • $440,000
      1,680 SF

      Well-Maintained Office Building For Sale

      Private office building with flexible layout and excellent accessibility.
      1717 Williams Rd, Monroe, NC 28110
      View Details
    • $450,000

      Two-Story Office Building For Sale

      Well-maintained office building with functional layout suitable for professional uses.
      2314 Katie Leigh Ln, Monroe, NC 28110
      View Details
    • $1,300,000
      10,000 SF

      Versatile Office Spaces Available

      Small, versatile office spaces for sale with flexible options.
      1617 W Roosevelt Blvd, Monroe, NC 28110
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    • $615,000
      2.58 Acres

      Monroe Commercial Opportunity Near Downtown

      2.58-acre property with updated historic building near downtown Monroe.
      907 N Charlotte Ave, Monroe, NC 28110
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    • New
      $800,000
      4,400 SF

      Warehouse, Office & Flex Space

      Union County commercial property with warehouse, office, and flex space.
      5610 Morgan Mill Rd, Monroe, NC 28110
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    • $4,770,000
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      Monroe Hwy 74 Commercial Land

      Prime Union County commercial land, ideal for development.
      0 Highway 74, Monroe, NC 28110
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    Similar Nearby for Lease

    • $2,200 /Mo
      1,585 SF

      Professional Office Space For Rent

      Move-in ready office space with included water and sewer.
      105 Cedar St, Monroe, NC 28110
      View Details
    • Contact for pricing
      6,033 SF

      Monroe Executive Office Space

      6,033 SF Office Building in Monroe, NC
      2208 Roosevelt Blvd, Monroe, NC 28110
      View Details
    • $20 SF/Yr
      852 SF

      New Office Space Available

      Newly constructed office space for rent in Monroe, NC.
      1620-1622 Skyway Dr, Monroe, NC 28110
      View Details
    • $1,250 /Mo
      1,080 SF

      Retail or Office Space Available

      Retail or office space near Skyway Drive and US 74.
      100 W Myers St, Monroe, NC 28110
      View Details
    • $25 SF/Yr
      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
    • Contact for pricing
      3,176 SF

      Roosevelt Blvd Retail Sublease Opportunity

      Prime QSR space with drive-thru. Sublease available.
      1302 Roosevelt Blvd, Monroe, NC 28110
      View Details
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    Monroe, NC 28110-3007
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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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