Three-Space Downtown
For Sale
$229,000
155/157 E Main Street, Forest City, NC 28043
Commercial Sale, Forest City, NC
Property Size1,704 SF
Lot Size0.09 Acres
Price / SF$134.39
Days on Market234
Property Features for 155/157 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C1
Parking features
On Street
View
City
Directions
Downtown Forest City
Standard status
Active
APN
1643924
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
BLDG: E MAIN & N POWELL
Legal Description
BLDG: E MAIN & N POWELL
Utilities
Sewer type
Public Sewer
Building Details
Year built
1940
Building materials
Brick Full
Listing Agency:
Odean Keever & Associates, Inc.
(828) 286-1311
Listed By:
Sonja Smith · License #133997
(828) 748-5359
Added: Jan 19
Changed: Aug 24
Last Checked: Sep 10 at 10:06AM
MLS# 4336275
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.
Investment Insights
Based on property information with market context.
This brick commercial property contains approximately 1,704 square feet and is arranged as three separate business spaces. The configuration supports multi-tenant occupancy, an owner-operated business, or future interior reworking for other commercial needs. The building dates to 1940 and includes public sewer service.
Positioned in downtown Forest City on Main Street, the property offers access to an established business district with on-street parking. The rear portion includes an additional site that may support future expansion or development. Retail, office, and service-oriented uses are identified as potential applications for the property.
Positioned in downtown Forest City on Main Street, the property offers access to an established business district with on-street parking. The rear portion includes an additional site that may support future expansion or development. Retail, office, and service-oriented uses are identified as potential applications for the property.
Key Highlights
- Approximately 1,704+/- square feet of commercial space
- Three separate business spaces within the building
- Located in downtown Forest City on Main Street
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
$16,850
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
7.36%
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%
$337,000
$337.0K
Cap Rate 7%
$240,714
$240.7K
Cap Rate 9%
$187,222
$187.2K
Market Conditions
NOI Build-Up for 1,704 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
$24.5K $14.40/SF
− Vacancy
−$466 −$0.27/SF
EGI
$24.1K $14.13/SF
− OpEx
−$7.2K −$4.24/SF
NOI
$16.8K $9.89/SF
Area
Rutherford County, NC
Vacancy
1.90%
Lease Rate
$14.40 /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%
$337,000
Cap Rate 7%
$240,714
Cap Rate 9%
$187,222
Alternative Uses
Best Use
Retail
$240.7K
$210.6K – $280.8K
NOI $16,850 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$375.8K
$328.8K – $438.4K
NOI $26,304 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Home Improvements & Furnishings 10%
Truist
Shops & Services
12,013 visits/mo
0.1 miles
Kimbrell's Furniture
Home Improvements & Furnishings
1,451 visits/mo
0.2 miles
OneMain Financial
Shops & Services
1,086 visits/mo
0.1 miles
Demographics for 28043, NC
20,183
Population
9,356
Households
2.2
Avg Household Size
43
Median Age
18%
College-Educated
84%
High-School Grad
66.3 sq mi
ZIP Area
304
Density / Sq Mi
$41,746
Median Household Income
$29,909
Median Earnings
$744
Median Rent
$176,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial building with flexible business spaces in downtown Forest City and public sewer service.
Where is this storefront property located?
The property is located at 155/157 E Main Street Forest City, NC.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Approximately 1,704+/- square feet of commercial space; Three separate business spaces within the building; Located in downtown Forest City on Main Street
