Historic Office Building with
For Sale
$1,650,000
159 Maxwell Street, Fayetteville, NC 28301
CommercialSale, Fayetteville, NC
Property Size10,400 SF
Lot Size0.29 Acres
Price / SF$158.65
Days on Market32
Property Features for 159 Maxwell Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
DT - Downtown
Parking
11
Parking features
Off Street
Security features
Security
Subdivision
DOWNTOWN
Lot features
Quarter To Half Acre Lot, Level
Standard status
Active
APN
0437-53-4783
Size
10,400 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
0.29 AC CULBRETH WAREHOUSE PROP
Legal Description
0.29 AC CULBRETH WAREHOUSE PROP
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1900
Building materials
BrickVeneer
Listing Agency:
FRANKLIN JOHNSON COMMERCIAL REAL ESTATE
(910) 864-2626
Listed By:
FRANKLIN JOHNSON · License #146789
(910) 818-8400
Added: Jul 21
Changed: Aug 19
Last Checked: Aug 21 at 8:06AM
MLS# 765946
Copyright © 2026 Longleaf Pine Realtors. 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.
A fully renovated office building converted from a 1900 structure, preserving original floors, outer walls, beams, and ceiling elements. The property includes 7,190 SF of office space configured as 5,000 SF on the lower level and 2,190 SF upstairs, plus one apartment that is currently rented and one apartment vacancy. The building is listed on the Historic Registry.
The property is located at the intersection of Maxwell and W. Russell Street in downtown Fayetteville and sits on 0.29 acres. It is zoned DT (downtown district) and provides 11 parking spaces.
For planning and occupancy, the property was occupied until the end of August and includes a mix of office space and residential unit configuration within a single historic building.
The property is located at the intersection of Maxwell and W. Russell Street in downtown Fayetteville and sits on 0.29 acres. It is zoned DT (downtown district) and provides 11 parking spaces.
For planning and occupancy, the property was occupied until the end of August and includes a mix of office space and residential unit configuration within a single historic building.
Key Highlights
- Downtown Fayetteville 10,400 SF building converted into a 7,190 SF office plus 1 apartment
- Built in 1900 and renovated in 2014, preserving original floors, outer wall, beams, and ceiling
- Historic Registry‑listed building with DT (downtown district) zoning
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
$127,137
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
7.71%
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%
$2,542,740
$2.5M
Cap Rate 7%
$1,816,243
$1.8M
Cap Rate 9%
$1,412,633
$1.4M
Market Conditions
NOI Build-Up for 10,400 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
$212.2K $20.40/SF
− Vacancy
−$42.6K −$4.10/SF
EGI
$169.5K $16.30/SF
− OpEx
−$42.4K −$4.07/SF
NOI
$127.1K $12.22/SF
Area
Fayetteville, NC
Vacancy
20.10%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,542,740
Cap Rate 7%
$1,816,243
Cap Rate 9%
$1,412,633
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.12M
NOI $127,137 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,544 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,874
Businesses Nearby
Explore this area
Business Placement
Demographics for 28301, NC
17,670
Population
8,590
Households
2.1
Avg Household Size
35
Median Age
17%
College-Educated
88%
High-School Grad
12.4 sq mi
ZIP Area
1,425
Density / Sq Mi
$36,955
Median Household Income
$28,350
Median Earnings
$926
Median Rent
$109,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully renovated 1900 building offers 7,190 SF of office space and one apartment, with 11 on-site parking spaces.
Where is this office building located?
The property is located at 159 Maxwell Street Fayetteville, NC.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Downtown Fayetteville 10,400 SF building converted into a 7,190 SF office plus 1 apartment; Built in 1900 and renovated in 2014, preserving original floors, outer wall, beams, and ceiling; Historic Registry‑listed building with DT (downtown district) zoning
