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    Historic Home, Sanford, NC Title is generated by Realmo AI

    202 W Main Street, Sanford, NC 27332

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    Claim this Listing
    For Sale
    $675,000

    COMMERCIAL - Sanford, NC

    Type:Office
    Property size:
    3,550 SF
    Lot size:
    1.19 Acres
    Price / SF:
    $190/SF
    Added:
    Mar 4, 2026
    Days on Market:
    91
    Last Refresh:
    Jun 3 at 7:06 pm

    Property Features for 202 W Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    C-2
    Vegetation
    Partially Wooded
    Interior features
    Built-in Features, Ceiling Fan(s), Eat-in Kitchen, Entrance Foyer, Natural Woodwork, Primary Downstairs, Quartz Counters, Separate Shower, Walk-In Closet(s)
    Exterior features
    Courtyard, Lighting
    Appliances
    Dishwasher, Electric Range, Microwave, Refrigerator
    Standard status
    Active
    APN
    9652-41-4118
    Size
    3,550 SF
    Lot size
    1.19 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    202 W Main St 62/131, 30/591
    Tax Annual Amount
    3550

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1882
    Floors in Building
    2
    Flooring type
    Hardwood, Tile - Ceramic
    Building materials
    Wood Siding
    Roof type
    Shingle, Composition

    We can help!

    Listing Contact
    John Ramsperger
    John Ramsperger

    Listing agent John Ramsperger License #187355

    Listing office Sanford Real Estate 304 N Horner Blvd., Sanford, NC

    Listing date Mar 4, 2026

    MLS# 10150003

    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.

    HighLights

    • Exquisitely restored historic home (Ca 1880) with extensive updates including new foundation, roof, HVAC, electric, plumbing, kitchen, and baths.
    • Large 1.19 acre lot suitable for events and additional parking.
    • Zoned C‑2, ideal for a professional office or event space.
    • Rich history: Built by railroad official Frank Pierce and later owned by Attorney General and Supreme Court Justice A.A.F. Seawell.
    • Interior features include quartz counters, walk‑in closet(s), eat‑in kitchen, and natural woodwork.
    • Modern amenities include central air, natural gas heating, and updated appliances.

    Overview

    The Pierce-Seawell Home, constructed circa 1880, is an exquisitely restored historic residence situated in the Jonesboro Heights area of Sanford. The property has undergone extensive renovations, including the installation of a new foundation after the home was raised, as well as updates to the roof, heating and air conditioning systems, electrical and plumbing infrastructure, and both the exterior and interior paint. The floors have been refinished, and the kitchen and bathrooms have been newly appointed, along with updated lighting and hardware. Originally built by railroad official Frank Pierce, the home was later owned by attorney A.A.F. Seawell, who played a key role in the establishment of Lee County and served in the North Carolina Senate. He subsequently became the state Attorney General and served on the state Supreme Court. Zoned C-2, the property is suitable for use as a professional office or an event space. The 1.19-acre lot provides ample space for events and additional parking.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $78.8k $22.20
    − Vacancy −$10.0k −$2.82
    EGI $68.8k $19.38
    − OpEx −$17.2k −$4.85
    NOI $51.6k $14.54
    3,550 SF · lease $22.20/SF/yr · vacancy 12.70% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $737.2K
    $645.0K – $860.0K (±1% cap)
    NOI $51,601 @ 7.0% cap · market cap 7.64%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $863.2K
    $755.3K – $1.01M (±1% cap)
    NOI $60,424 @ 7.0% cap · market cap 8.95%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Sanford
    County
    Lee
    State
    North Carolina
    Longitude
    -79.153051
    Latitude
    35.456791

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    FAQs

    What type of property is this?
    Office building - Restored historic home ideal for office or event space.
    Where is this office building located?
    The property is located at 202 W Main Street Sanford, NC.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Exquisitely restored historic home (Ca 1880) with extensive updates including new foundation, roof, HVAC, electric, plumbing, kitchen, and baths.; Large 1.19 acre lot suitable for events and additional parking.; Zoned C‑2, ideal for a professional office or event space.
    (919) 708-5100
    We can help!
    Listing Contact
    John Ramsperger
    John Ramsperger
    Real Estate License ID: 187355
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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.

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