Covered Wedding Venue with Guest
For Sale
$1,250,000
2589 Sidney Cherry Grove Road, Clarendon, NC 28432
Commercial Sale, Clarendon, NC
Property Size3,569 SF
Lot Size4.64 Acres
Price / SF$350.24
Days on Market88
Property Features for 2589 Sidney Cherry Grove Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
General Use
Fireplace
1
Subdivision
Not In Subdivision
Lot features
Landscaped
Directions
From Tabor City, NC take 701 North to 410 North, then go 3 miles. Take a left on Sidney Cherry Grove Road. Property is 1/4 mile on left.
Standard status
Active
APN
0146.00-94-9902.000
Size
3,569 SF
Lot size
4.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
2589 Sidney Cherry Grove Road, Clarendon, NC, GIS #15342
Tax Annual Amount
1774
Legal Description
2589 Sidney Cherry Grove Road, Clarendon, NC, GIS #15342
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Heating system
Fireplace(s), Propane (Heating), Forced Air, Electric (Heating), Heat Pump (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1934
Number of units
3
Flooring type
Tile, Tile - Ceramic, Wood, Hardwood
Building materials
Brick, Wood Siding
Roof type
Metal, Asphalt
Listing Agency:
RE/MAX Southern Shores
(843) 249-5555
Listed By:
Bryant D Evans · License #324018
(702) 553-6601
Added: May 29
Changed: Aug 20
Last Checked: Aug 24 at 6:06PM
MLS# 100577853
Copyright © 2026 Hive 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 wedding venue property combines a remodeled 3-bedroom, 2-bathroom residence with a separate library and guest suite. The main house measures 3,569 square feet and includes a living area, renovated kitchen, laundry room, fireplace, hardwood and ceramic tile flooring, and a mix of brick and wood siding. The secondary building contains several thousand books and a loft that sleeps four.
Behind the library is a covered event structure designed for up to 350 seated guests. The venue includes bathrooms, a full commercial kitchen, lighting, and an open arrangement that supports wedding and other event functions. The 4.64-acre property is located at 2589 Sidney Cherry Grove Road in Clarendon, NC, with public water, septic service, and electricity available. The residence was built in 1934 and the property is zoned General Use.
Behind the library is a covered event structure designed for up to 350 seated guests. The venue includes bathrooms, a full commercial kitchen, lighting, and an open arrangement that supports wedding and other event functions. The 4.64-acre property is located at 2589 Sidney Cherry Grove Road in Clarendon, NC, with public water, septic service, and electricity available. The residence was built in 1934 and the property is zoned General Use.
Key Highlights
- Covered venue accommodates up to 350 seated guests
- Full commercial kitchen and bathrooms serve the event space
- Remodeled 3‑bedroom, 2‑bathroom residence
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
$45,987
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
3.68%
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%
$919,740
$919.7K
Cap Rate 7%
$656,957
$657.0K
Cap Rate 9%
$510,967
$511.0K
Market Conditions
NOI Build-Up for 3,569 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
$85.7K $24.00/SF
− Vacancy
−$12.1K −$3.38/SF
EGI
$73.6K $20.62/SF
− OpEx
−$27.6K −$7.73/SF
NOI
$46.0K $12.89/SF
Area
Columbus County, NC
Vacancy
14.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$919,740
Cap Rate 7%
$656,957
Cap Rate 9%
$510,967
Alternative Uses
Best Use
Mixed Use
$657.0K
$574.8K – $766.5K
NOI $45,987 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$865.8K
$757.5K – $1.01M
NOI $60,603 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 28432, NC
1,806
Population
686
Households
2.6
Avg Household Size
38
Median Age
13%
College-Educated
80%
High-School Grad
34.2 sq mi
ZIP Area
53
Density / Sq Mi
$83,984
Median Household Income
$47,602
Median Earnings
$871
Median Rent
$113,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Remodeled residential improvements accompany a covered event venue with bathrooms, commercial kitchen facilities, and flexible indoor-outdoor space.
Where is this wedding venue located?
The property is located at 2589 Sidney Cherry Grove Road Clarendon, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Covered venue accommodates up to 350 seated guests; Full commercial kitchen and bathrooms serve the event space; Remodeled 3‑bedroom, 2‑bathroom residence
