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    The Largest CRE Database in the US with Over 1 Million Listings

    1010 S Garnett St Henderson, NC 27536

    Sponsored
    For Sale
    $750,000

    COMMERCIAL - Henderson, NC

    Property size:
    13,800 SF
    Lot size:
    1.18 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 26 at 5:06 am

    Property Features for 1010 S Garnett St

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    OIA
    APN
    0005 07019 & 0005 07005
    Parking
    20
    Size
    13,800 SF
    Lot size
    1.18 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1949
    Floors in Building
    2

    We can help!

    Listing Contact
    James Hutson
    James Hutson

    The James Hutson Group LLC (919) 342-8538

    Listing agent James Hutson (252) 915-2311

    Listing date Feb 26, 2026

    MLS# 10148505

    Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Redevelopment Opportunity in Henderson, NC

    This redevelopment opportunity is located at the signalized intersection of S. Garnett Street and Raleigh Road, a high-traffic area in Henderson, NC. The property offers strong visibility and direct access to US-1, with proximity to I-85 for regional connectivity to Raleigh and Durham. Originally built in 1949, the property includes a 25-room former hotel and 4 apartment units. Most guest rooms have private baths, while some have shared community baths, reflecting mid-century hotel design. A breezeway connects the main lodging building to a former restaurant. The site consists of three parcels totaling approximately 1.181 acres and includes on-site parking. The property is currently vacant and requires significant rehabilitation. The property is zoned OIA (Office, Institutional & Residential), allowing for various potential uses, such as boutique or flagged hotel redevelopment, office or medical conversion, multifamily or workforce housing conversion, mixed-use redevelopment, or institutional or community use. It is located within walking distance of downtown and near regional medical facilities. Vance County, home to Kerr Lake, benefits from recreational tourism and regional traffic. The property, with a building size of 13800 square feet, is being sold as-is.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Henderson
    County
    Vance
    State
    North Carolina
    Longitude
    -78.412154
    Latitude
    36.321736

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    FAQs

    What type of property is this?
    Hotel - Former hotel with redevelopment potential near downtown Henderson, NC.
    Where is this hotel located?
    The property is located at 1010 S Garnett St Henderson, NC.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: - High-traffic location at the signalized intersection of S. Garnett Street and Raleigh Road.; - Redevelopment opportunity with flexible OIA (Office, Institutional & Residential) zoning.; - Prime location with direct access to US-1 and proximity to I-85 for regional connectivity.
    (252) 915-2311
    Request Owner's contact information
    1010 S Garnett St Henderson, NC 27536
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    Henderson, NC 27536
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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
    1010 S Garnett St Henderson, NC 27536
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    We can help!
    Listing Contact
    James Hutson
    James Hutson
    Real Estate License ID: 259143
    (252) 915-2311 (252) 226-0992 (919) 301-8853
    Learn more
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