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

    1108 S Salisbury Ave Spencer, NC 28159

    Sponsored
    For Sale
    $475,000

    SINGLE_FAMILY - Spencer, NC

    Type:Office
    Lot size:
    1.38 Acres
    Days on Market:
    21
    Last Refresh:
    Jan 25 at 3:06 am

    Property Features for 1108 S Salisbury Ave

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    Rooms
    Basement
    APN
    030092
    Parking
    20
    Parking features
    Parking Lot
    Basement
    Unfinished
    Lot size
    1.38 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air, Ceiling Fan(s)

    Building Details

    Year built
    1910
    Flooring type
    Laminate
    Building materials
    Concrete, Vinyl

    We can help!

    Listing Contact
    Joseph Rusher

    Century 21 Towne & Country (704) 637-7721

    Listing agent Joseph Rusher (704) 762-0701

    Listing date Jan 5, 2026

    MLS# 4333179

    Copyright © 2026 Canopy 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

    Renovated Commercial Hub on 1.38 Acres

    This is a renovated commercial hub situated on 1.38 acres across four parcels in Spencer. The property, totaling 5,989 square feet, is currently owner-occupied by a consulting firm that will vacate upon sale. The 2,989 square foot main level features a dual-zone layout. The front area is suited for office use, while the back has been used for classes and community events. This configuration allows a new owner to establish their business while benefiting from the existing traffic and income potential of the event space. The building has undergone an extensive renovation. The interior features commercial-grade LVP flooring, vinyl ceiling tiles, and LED lighting. Infrastructure has been modernized with hot water lines, updated electrical outlets, and a secure front entry door. Both bathrooms have been fully renovated, and the entire structure features fresh interior and exterior paint. The property includes a 3,000 square foot unfinished basement equipped with a large bay door, suitable for heavy storage, a workshop, or future expansion. Exterior improvements include a paved parking lot at the front, concrete work around the entrance, and new gravel at the rear. The backyard has been professionally graded for drainage. The 1.38 acres of land allow for fleet parking, outdoor storage, or further development. The property is located in Rowan County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Cabana Dance Hall Castle Counseling Counselor The Blank Page Club

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop Wholesale Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Rowan
    State
    North Carolina
    Longitude
    -80.441247
    Latitude
    35.684066

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    FAQs

    What type of property is this?
    Office building - Meticulously renovated commercial property on 1.38 acres in Spencer, NC.
    Where is this office building located?
    The property is located at 1108 S Salisbury Ave Spencer, NC.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: - Meticulously renovated 5,989 sq ft commercial building on 1.38 acres, ready for immediate occupancy.; - Benefit from the dual-zone layout: High-end office space in the front and proven revenue-generating event space in the back.; - Extensive top-to-bottom renovation ensures a maintenance-free transition, including new flooring, lighting, and updated infrastructure.
    (704) 762-0701
    Request Owner's contact information
    1108 S Salisbury Ave Spencer, NC 28159
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    Spencer, NC 28159
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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
    1108 S Salisbury Ave Spencer, NC 28159
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    Listing Contact
    Joseph Rusher
    (704) 762-0701
    Learn more
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