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    228 E Palmer St Franklin, NC 28734

    Sponsored
    For Sale
    $1,900,000

    SINGLE_FAMILY - Franklin, NC

    Type:Office
    Lot size:
    0.37 Acres
    Days on Market:
    56
    Last Refresh:
    Jan 19 at 5:06 pm

    Property Features for 228 E Palmer St

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    Security features
    Security System
    Rooms
    Basement
    APN
    6594194852
    Parking features
    Parking Lot
    Basement
    Unfinished, Storage Space
    Lot size
    0.37 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air, Heat Pump (Heating), Central, Electric (Heating)
    Cooling system
    Heat Pump, Central Air, Electric

    Building Details

    Year built
    1909
    Flooring type
    Wood, Tile, Carpet
    Building materials
    Brick Partial
    Roof type
    Flat, Rubber

    We can help!

    Listing Contact
    Jake Mossman
    Jake Mossman

    Keller Williams Professionals (828) 254-7253 [email protected]

    Listing agent Jake Mossman (828) 367-9148

    Listing date Nov 25, 2025

    Copyright © 2025 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

    Historic Downtown Franklin Commercial Property

    The Historic Joines/Bryant Building is a substantial commercial property in Downtown Franklin. Spanning half a city block, this two-story landmark offers a blend of history and modern adaptability. The property provides 24,574 square feet of finished, heated space plus an additional 6,079 square feet of unfinished basement. The location is in Franklin's core business district, steps from restaurants, shops, festivals, and pedestrian traffic. The main structure at 228 E Palmer offers 20,122 square feet of updated, furnished, split-level workspace. Features include an elevator, multiple lobbies, glass-front offices, refinished hardwood floors, conference rooms, kitchenettes with appliances, water fountains, 12 bathrooms, and storage. Multiple HVAC systems provide climate control. Much of the office furniture conveys at no additional cost. Connected to the main building is 208 E Palmer, an additional 1,434 square foot suite with its own portico-style private entrance. Rounding out the property are 226 and 224 E Palmer, totaling 3,018 square feet. Both units are currently leased to tenants, providing immediate income. Operationally, the property is equipped with 13 HVAC units, a diesel generator with a double-walled 250-gallon tank, upgraded systems, extensive wiring, and adjacency to a city parking lot. The building is located on a 0.37-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Macon
    State
    North Carolina
    Longitude
    -83.380709
    Latitude
    35.181399

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    FAQs

    What type of property is this?
    Office building - Iconic commercial property in Franklin's core business district.
    Where is this office building located?
    The property is located at 228 E Palmer St Franklin, NC.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: - Prime downtown Franklin location with high visibility and pedestrian traffic.; - Substantial 24,574 sq ft of finished space plus a 6,079 sq ft unfinished basement suitable for diverse uses.; - Turnkey opportunity with elegantly updated, furnished workspace, including an elevator, multiple lobbies, conference rooms, kitchenettes, and 12 bathrooms; much of the office furniture conveys.
    (828) 367-9148
    Request Owner's contact information
    228 E Palmer St Franklin, NC 28734
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    Franklin, NC 28734
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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
    228 E Palmer St Franklin, NC 28734
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    We can help!
    Listing Contact
    Jake Mossman
    Jake Mossman
    Real Estate License ID: 325658
    (828) 367-9148
    Learn more
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