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    Property profile & analytics

    235 Medical Park Rd Mooresville, NC 28117

    • Office buildings
    • 17,408 SF
    • 0.66 lot acres
    For Sale
    View listing
    $3,751,668
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1258737
    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

    • Sumo Shack / Restaurant
    • James G. Zolzer, MD, FACOG / Physician
    • Todd J. Adams, MD, MPH, FACOG / Physician
    • Lakeshore Women's Specialists, PC / Medical Clinic
    • Orange Cleaners / (Bike/Boat/Book/etc) Store

    Property Details for 235 Medical Park Rd

    Year built
    2006
    Construction
    STEEL FRAME
    Lot size
    0.66 lot acres
    Property size
    17,408 SF
    Zone code
    CM
    Property type
    Office buildings
    APN
    4646-81-5619.000
    APU
    4646815619000

    Description

    This exceptional 17,408 square foot medical office building, constructed in 2006, presents a compelling investment opportunity in Mooresville, NC. Located at 235 Medical Park Rd, this fully leased property boasts a strong 6.85% cap rate and a substantial net operating income (NOI) of $256,989.32, representing an asking price of $3,751,668. The building features a mix of first-floor retail and second-floor medical office space, occupied by a cohesive blend of local and national tenants. Its strategic location offers excellent proximity to a thriving commercial district encompassing 1.5 million square feet, including Lake Norman Regional Hospital (0.4 miles) and Lowe's Home Improvement corporate offices (1.2 miles). Situated on a 28,098 square foot lot, the property benefits from high visibility along US 21 (Charlotte Highway), a major thoroughfare with 24,000 vehicles per day. The surrounding area exhibits robust population growth projected at 10-12%, ensuring sustained demand for retail and medical services, making this a secure and appreciating asset for investors seeking both short-term returns and long-term value appreciation. This property offers a rare combination of stability and growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,430,000
      6.5%
      $5,010,000
      7%
      $4,650,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,360,000
      Market price range: $3.31M - $7.80M
      AI Estimate
      $3,213,000
      Market price range: $1.76M - $4.44M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $5,220,000
      Current use
      INDUSTRIAL (GENERAL)
      $5,550,000
      Change: +6% Conversion: Difficult
      RESTAURANT
      $4,215,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Mooresville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.8542
    Latitude
    35.554
    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
    $31,703
    $396,000
    $2,827,200
    $3,223,200
    -
    $396,000
    $2,827,200
    $3,223,200

    Comparable in this City

    • Value Estimation
      $13,205,000
      48,108 SF

      150 Fairview Rd

      OFFICE BUILDING • 48,108 SF
      150 Fairview Rd, Mooresville, NC 28117-9504
      View Details
    • Value Estimation
      $2,850,000
      12,398 SF

      128 Fast Ln

      OFFICE BUILDING • 12,398 SF
      128 Fast Ln, Mooresville, NC 28117-7508
      View Details
    • Value Estimation
      $1,575,000
      10,201 SF

      124 Bandit Ln

      OFFICE BUILDING • 10,201 SF
      124 Bandit Ln, Mooresville, NC 28117-4000
      View Details
    • Value Estimation
      $9,955,000
      34,100 SF

      522 Brawley School Rd

      OFFICE BUILDING • 34,100 SF
      522 Brawley School Rd, Mooresville, NC 28117-9120
      View Details
    • Value Estimation
      $730,000
      2,669 SF

      538 Williamson Rd

      OFFICE BUILDING • 2,669 SF
      538 Williamson Rd, Mooresville, NC 28117-9186
      View Details
    • Value Estimation
      $630,000
      3,024 SF

      Vlg Commerce Dr

      OFFICE BUILDING • 3,024 SF
      Vlg Commerce Dr, Mooresville, NC 28117
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,700 SF

      Prime Greenwood Road Office Suites

      Modern office space, flexible layouts, all utilities included.
      637 Williamson Rd, Mooresville, NC 28117
      View Details
    • $3,490,000
      13,009 SF

      Medical Buildings on Williamson Road

      Two connected medical buildings on a 1.47-acre lot.
      357-359 Williamson Rd, Mooresville, NC 28117
      View Details
    • $475,000
      0.17 Acres

      Versatile Office/Flex Space Available

      Well-maintained office/flex space with reception, offices, bathroom, and kitchenette.
      119 Magnolia Park Dr, Mooresville, NC 28117
      View Details
    • $450,000
      Pending

      Brawley School Road Commercial Condo

      Versatile 1,120 sq ft office/retail condo in high-traffic Mooresville location.
      110 Charleston Dr, Mooresville, NC 28117
      View Details
    • $260,000
      0.02 Acres

      Mooresville Office Condo - Great Location

      Prime Mooresville office suite, high visibility.
      111 Kilson Dr Unit, Mooresville, NC 28117
      View Details
    • $525,000

      Commercial Office Condo Investment Opportunity

      Tenant-occupied office condo with stable income and growth potential.
      107 Kilson Dr, Mooresville, NC 28117
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      7,170 SF

      Class A Office Building

      Three-story professional office building near Lake Norman Regional Hospital.
      136 Fairview Rd, Mooresville, NC 28117
      View Details
    • Contact for pricing
      5,300 SF

      Mooresville Office Building For Rent

      Two-story office building with private parking in Mooresville, NC.
      135 Gasoline Aly, Mooresville, NC 28117
      View Details
    • $25 SF/Yr
      1,950 SF

      Mooresville Office Space for Lease

      Turnkey Office Suite, Ideal Location
      107 Kilson Dr, Mooresville, NC 28117
      View Details
    • Contact for pricing
      6,581 SF

      Mooresville Medical Office Space

      High-traffic location, 1700 sq ft available
      637 Williamson Rd, Mooresville, NC 28117
      View Details
    • $19 SF/Yr
      31,915 SF

      Park 35: Mooresville Flex Space

      New Class A Flex Space, Lake Norman
      137 Ebert Ln, Mooresville, NC 28117
      View Details
    • $10,800 /Mo

      Mooresville Executive Suites

      Modern furnished offices, all utilities included.
      137 Ebert Ln, Mooresville, NC 28117
      View Details
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    235 Medical Park Rd
    Mooresville, NC 28117
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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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