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    Property profile & analytics

    4928 Park Rd Charlotte, NC 28209

    • Office buildings
    • 979 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    May 24, 2024
    $590,000
    Value Estimations
    $590,000
    Show details
    Cap Rate Potential
    2.7%
    Office buildings
    Location Intelligence
    Property ID
    US53-5671958
    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

    • Aaapetservices / Veterinarian
    • AAA Animal Eye , Dental & Dermatology Clinic / Veterinarian
    • AAA Pet Surgery Center / Veterinarian
    • Rachel Kitson PLLC / Psychologist
    • Mobile Vet Clinic-Charlotte NC / Veterinarian / Ophthalmology Clinic

    Property Details for 4928 Park Rd

    Year built
    1946
    Lot size
    0.19 lot acres
    Property size
    979 SF
    Zone code
    O-2
    Property type
    Office buildings
    APN
    17113116
    APU
    17113116

    Description

    This exceptional single-story office building, situated on a 0.192-acre lot at 4928 Park Road in Charlotte, North Carolina, presents a rare opportunity for lease. Built in 1946 and extensively renovated in 2013, the 979-square-foot building offers two private office suites ideal for executive or medical practices. Currently, 282 square feet are vacant and ready for immediate occupancy. The property boasts convenient on-site parking and shared amenities including a reception area, kitchen, and one bathroom. Located in a high-traffic area on Park Road, this property enjoys excellent visibility and proximity to the Park Road Shopping Center and South Park. The building is zoned OFC (Office) and its Mecklenburg County APN is 17113116. This location benefits from being in a rapidly growing area with high household incomes, as noted by the local Chamber of Commerce. The property's single-tenant occupancy provides a streamlined and efficient environment for businesses seeking a well-maintained and conveniently located office space in a thriving Charlotte neighborhood. The address is 4928 Park Rd, Charlotte, NC 28209.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $590,000
      ML approach
      $590,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $547,000
      Market price range: $193k - $547k

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8497
    Latitude
    35.163
    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
    $2,666
    $302,400
    $61,100
    $363,500
    -
    $302,400
    $61,100
    $363,500

    Comparable in this City

    • Value Estimation
      $1,070,000
      38,352 SF

      4641 Ss Blvd

      OFFICE BUILDING • 38,352 SF
      4641 Ss Blvd, Charlotte, NC 28209-2842
      View Details
    • Value Estimation
      $1,380,000
      122,052 SF

      5821 Fairview Rd

      OFFICE BUILDING • 122,052 SF
      5821 Fairview Rd, Charlotte, NC 28209-5601
      View Details
    • Value Estimation
      $645,000
      7,996 SF

      4539 Hedgemore Dr

      OFFICE BUILDING • 7,996 SF
      4539 Hedgemore Dr, Charlotte, NC 28209-3276
      View Details
    • Value Estimation
      $1,035,000
      29,696 SF

      4108 Park Rd

      OFFICE BUILDING • 29,696 SF
      4108 Park Rd, Charlotte, NC 28209-2259
      View Details
    • Value Estimation
      $495,000
      5,786 SF

      1710 Abbey Pl

      OFFICE BUILDING • 5,786 SF
      1710 Abbey Pl, Charlotte, NC 28209-3750
      View Details
    • Value Estimation
      $380,000
      2,715 SF

      4900 Park Rd

      OFFICE BUILDING • 2,715 SF
      4900 Park Rd, Charlotte, NC 28209-3506
      View Details

    Similar Nearby for Sale

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      Park Road Office Redevelopment Opportunity

      Office building for sale with redevelopment potential on 1.182 acres.
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      9,000 SF

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    • $750,000
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    Similar Nearby for Lease

    • Contact for pricing
      36,000 SF

      Office Building with Uptown Views

      300,000 SF office space available late 2024.
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    • $43 SF/Yr
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      Class A Office Building

      Four-story office building in the heart of SouthPark.
      4201 Congress St, Charlotte, NC 28209
      View Details
    • $29 SF/Yr
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      Class A Office Building

      Class A office space available in SouthPark area.
      5821 Fairview Rd, Charlotte, NC 28209
      View Details
    • $30 SF/Yr
      2,826 SF

      Office Space Available For Lease

      Office space available for lease in Charlotte, North Carolina.
      4601 Park Rd, Charlotte, NC 28209
      View Details
    • Contact for pricing
      5,346 SF

      Office Space For Rent

      Office space available for lease in Charlotte, North Carolina.
      5955 Carnegie Blvd, Charlotte, NC 28209
      View Details
    • $450 /Mo

      Office Space For Rent

      Office space available with Wi-Fi and parking included.
      415 E Woodlawn Rd, Charlotte, NC 28209
      View Details
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    Charlotte, NC 28209
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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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