Commercial Land with Existing
For Sale
$525,000
1475 W Market Street, Smithfield, NC 27577
Commercial Sale, Smithfield, NC
Property Size1,900 SF
Lot Size0.62 Acres
Price / SF$276.32
Days on Market191
Property Features for 1475 W Market Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Exterior features
Courtyard, Fire Pit, Outdoor Kitchen
Lot features
Paved
Standard status
Active
Size
1,900 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PIN 15077028E
Tax Annual Amount
2227
Legal Description
PIN 15077028E
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1976
Building materials
Brick Veneer, Wood Siding
Additional Structures
Outdoor Kitchen
Listing Agency:
HTR Southern Properties
(919) 879-8770
Listed By:
Tracy L Riba · License #221530
(919) 637-0004
Added: Feb 25
Changed: Aug 26
Last Checked: Sep 4 at 4:06PM
MLS# 10149418
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.
Investment Insights
Based on property information with market context.
This commercial land offering includes an approximately 1,900-square-foot building constructed in 1976. The improvements are being offered as-is and include outdoor areas with an open patio, an enclosed patio, two fire pits, an outdoor kitchen, and courtyard space. The building was formerly used as a café, while the property’s first-listed classification is commercial land.
The site is located at 1475 W Market Street in Smithfield, North Carolina, with reported daily traffic exceeding 13,500 vehicles. Johnston Regional Airport (JNX), the Amazon distribution plant, and Johnston Health Hospital are identified in the surrounding area. Public water and public sewer serve the property, and a 20-foot utility easement crosses the site.
The site is located at 1475 W Market Street in Smithfield, North Carolina, with reported daily traffic exceeding 13,500 vehicles. Johnston Regional Airport (JNX), the Amazon distribution plant, and Johnston Health Hospital are identified in the surrounding area. Public water and public sewer serve the property, and a 20-foot utility easement crosses the site.
Key Highlights
- Approximately 1,900 SF building on commercial land
- As‑is offering with building constructed in 1976
- Open and enclosed patios with two fire pits
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,326
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$466,520
$466.5K
Cap Rate 7%
$333,229
$333.2K
Cap Rate 9%
$259,178
$259.2K
Market Conditions
NOI Build-Up for 1,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.0K $18.96/SF
− Vacancy
−$2.7K −$1.42/SF
EGI
$33.3K $17.54/SF
− OpEx
−$10.0K −$5.26/SF
NOI
$23.3K $12.28/SF
Area
Johnston County, NC
Vacancy
7.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$466,520
Cap Rate 7%
$333,229
Cap Rate 9%
$259,178
Alternative Uses
Best Use
Retail
$333.2K
$291.6K – $388.8K
NOI $23,326 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$574.8K
$503.0K – $670.6K
NOI $40,236 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13,500 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 27577, NC
24,972
Population
10,744
Households
2.3
Avg Household Size
40
Median Age
21%
College-Educated
82%
High-School Grad
103.7 sq mi
ZIP Area
241
Density / Sq Mi
$56,237
Median Household Income
$39,604
Median Earnings
$802
Median Rent
$230,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercial site with an existing building, outdoor gathering areas, and public water and sewer service.
Where is this commercial land located?
The property is located at 1475 W Market Street Smithfield, NC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Approximately 1,900 SF building on commercial land; As‑is offering with building constructed in 1976; Open and enclosed patios with two fire pits
