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    66 Union St S Concord, NC 28025

    • Office space
    • 14,400 SF
    For Lease
    View listing
    $16 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2124356
    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

    • Union Street Herbalife Nutrition / Sports Nutrition Store
    • The S.T.U.D.I.O. / Non-Profit Organization

    Property Details for 66 Union St S

    Year built
    1957
    Property size
    14,400 SF
    Property type
    Office space

    Description

    This exceptional Class A property, "It's @ The Annex," located at 66 Union St S, Concord, NC 28025, offers two available spaces ranging from 1,312 to 1,342 square feet. Originally Concord's city hall, this 14,400 square foot building underwent a complete renovation in 2021, boasting brand new windows, doors, electrical systems, and HVAC, including in-duct air purifiers for superior air quality. The building is zoned CC and features multiple tenancies, with convenient access via elevators. Its prime location in Cabarrus County's Charlotte MSA submarket offers unparalleled convenience. Situated next to a 614-car county parking deck and across from the renovated courthouse, this property benefits from high foot traffic and visibility. Three new apartment complexes are within walking distance, further enhancing its appeal. The Annex is also at the heart of Concord's new downtown social district, allowing for outdoor enjoyment with expanded sidewalks (22' wide on Union Street and Barbrick Street) featuring landscaping, art installations, electronic kiosks, and coordinated lighting and sound systems. The owner prefers a restaurant/retail use for these spaces. The property's APN is 56209725090000. Power is supplied by the City of Concord. This is a truly unique opportunity to secure a space in a revitalized historic building with exceptional amenities and a vibrant surrounding environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Concord
    County
    Cabarrus
    State
    North Carolina
    Longitude
    -80.579937515462
    Latitude
    35.409284869964

    Comparable in this City

    • $23 SF/Yr
      1,450 SF

      Renovated Retail/Office Space Available

      Market Street facing space ideal for retail or office.
      42 Union St S, Concord, NC 28025
      View Details
    • Contact for pricing
      8,800 SF

      Landmark Building in Downtown Concord

      Former bank building with flexible space and ample parking.
      50 Union St N, Concord, NC 28025
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    • $30 SF/Yr
      34,412 SF

      Retail/Office Space For Lease

      Versatile retail or office space in a high-traffic commercial district.
      2361 Concord Lake Rd, Concord, NC 28025
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      1,690 SF

      Downtown Concord Commercial Office/Retail Space

      Renovated 1,690 sq ft office/retail space in historic downtown Concord.
      159 Church St NE, Concord, NC 28025
      View Details
    • $2,350,000
      6,728 SF

      Unique Downtown Concord Office Space

      Premier, fully furnished office space in downtown Concord.
      18 Cabarrus Ave W, Concord, NC 28025
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    • $25 SF/Yr
      1,351 SF

      Concord Office Space For Rent

      Office space available near I-85 and Highway 29.
      270 Copperfield Blvd NE, Concord, NC 28025
      View Details

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    Similar Nearby for Lease

    • $23 SF/Yr
      1,450 SF

      Renovated Retail/Office Space Available

      Market Street facing space ideal for retail or office.
      42 Union St S, Concord, NC 28025
      View Details
    • Contact for pricing
      8,800 SF

      Landmark Building in Downtown Concord

      Former bank building with flexible space and ample parking.
      50 Union St N, Concord, NC 28025
      View Details
    • Contact for pricing
      1,690 SF

      Downtown Concord Commercial Office/Retail Space

      Renovated 1,690 sq ft office/retail space in historic downtown Concord.
      159 Church St NE, Concord, NC 28025
      View Details
    • $30 SF/Yr
      34,412 SF

      Retail/Office Space For Lease

      Versatile retail or office space in a high-traffic commercial district.
      2361 Concord Lake Rd, Concord, NC 28025
      View Details
    • $2,350,000
      6,728 SF

      Unique Downtown Concord Office Space

      Premier, fully furnished office space in downtown Concord.
      18 Cabarrus Ave W, Concord, NC 28025
      View Details
    • $3,200 /Mo
      1,600 SF

      Office Suite in Concord

      Office suite for rent near Atrium Health Cabarrus Hospital.
      212 Le Phillip Ct NE, Concord, NC 28025
      View Details
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    66 Union St S
    Concord, NC 28025
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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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