Wedding Venue with Dual
For Sale
$4,500,000
Pending
26 Commerce Drive, Pembroke, NC 28372
Commercial Sale, Pembroke, NC
Property Size12,410 SF
Lot Size2.24 Acres
Days on Market436
Property Features for 26 Commerce Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-30
Rooms
Dining Room
Parking
100
Security features
Security
Vegetation
Partially Wooded, Cleared
Interior features
Bar, Beamed Ceilings, Built-in Features, Butler's Pantry, Cathedral Ceiling(s), Ceiling Fan(s), Chandelier, Crown Molding, Dining L, Dressing Room, Eat-in Kitchen, High Ceilings, Kitchen/Dining Room Combination, Pantry, Recessed Lighting, Smooth Ceilings, Sound System, Storage, Wet Bar, Wired for Sound
Exterior features
Courtyard, Garden, Lighting, Misting System, Private Yard, Rain Gutters, Smart Camera(s)/Recording, Storage, Uncovered Courtyard
Appliances
Bar Fridge, Built-In Gas Oven, Built-In Gas Range, Built-In Range, Built-In Refrigerator, Convection Oven, Cooktop, Dishwasher, Double Oven, Exhaust Fan, Free-Standing Freezer, Freezer, Gas Range, Ice Maker, Microwave, Range Hood, Self Cleaning Oven, Stainless Steel Appliance(s), Wine Cooler
Lot features
Back Yard, Cleared, Corner Lot, Few Trees, Garden, Landscaped, Private, Rectangular Lot, Sloped Down, Views, Waterfront, Pond on Lot, High
Standard status
Pending
Size
12,410 SF
Lot size
2.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
DIST:14 CITY/MUNI/TWP:PEMBROKE SW/S HWY 711
Tax Annual Amount
9256
Legal Description
DIST:14 CITY/MUNI/TWP:PEMBROKE SW/S HWY 711
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Forced Air, Exhaust Fan (Heating)
Water source
Well, Public
Amenities
dual commercial kitchens
custom indoor waterfall
bar
private electrical room
water-based passive cooling system
Building Details
Year built
2008
Flooring type
Hardwood, Concrete, Varies
Building materials
Concrete, Glass, Steel Siding, Stone
Additional Structures
Storage
Listing Agency:
United Real Estate Triangle
(919) 573-8322
Listed By:
Natalie Pearse · License #305394
(919) 839-3131
Added: Jul 18, 2025
Changed: Sep 21
Last Checked: Sep 26 at 5:06AM
MLS# 10110283
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.
Investment Insights
Based on property information with market context.
This wedding and event venue occupies a 12,410-square-foot steel-framed structure on 2.24 acres. Built in 2008, the property includes two full commercial kitchens, a bar, dining areas, storage, sound wiring, and a private electrical room. Interior detailing includes hardwood and concrete flooring, beamed and cathedral ceilings, built-in features, and a custom indoor waterfall. Exterior improvements include courtyards, gardens, lighting, a misting system, rain gutters, and smart camera recording. The foundation is reinforced for flood resistance, while the roof is solar-ready and the building has double insulation and a water-based passive cooling system.
The venue is located in Pembroke, NC, approximately 10 minutes from I-95, 5 minutes from UNC Pembroke, and under an hour from Fort Liberty. It has booked 30+ weddings annually through referrals without paid marketing. The property is zoned C-30 and served by propane, a septic tank, and well and public water sources.
The venue is located in Pembroke, NC, approximately 10 minutes from I-95, 5 minutes from UNC Pembroke, and under an hour from Fort Liberty. It has booked 30+ weddings annually through referrals without paid marketing. The property is zoned C-30 and served by propane, a septic tank, and well and public water sources.
Key Highlights
- 12,410‑square‑foot steel‑framed event venue on 2.24 acres
- Two full commercial kitchens, bar, dining areas, and storage
- Custom indoor waterfall, courtyards, gardens, and outdoor lighting
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
$195,815
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
4.35%
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%
$3,916,300
$3.9M
Cap Rate 7%
$2,797,357
$2.8M
Cap Rate 9%
$2,175,722
$2.2M
Market Conditions
NOI Build-Up for 12,410 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
$268.1K $21.60/SF
− Vacancy
−$7.0K −$0.56/SF
EGI
$261.1K $21.04/SF
− OpEx
−$65.3K −$5.26/SF
NOI
$195.8K $15.78/SF
Area
Robeson County, NC
Vacancy
2.60%
Lease Rate
$21.60 /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%
$3,916,300
Cap Rate 7%
$2,797,357
Cap Rate 9%
$2,175,722
Alternative Uses
Best Use
Specialty Retail
$2.80M
$2.45M – $3.26M
NOI $195,815 @ 7.0% cap · market cap 4.35%
Second Best
Industrial
$2.78M
$2.43M – $3.24M
NOI $194,311 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$3.42M
$2.99M – $3.99M
NOI $239,463 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 28372, NC
13,765
Population
4,652
Households
3
Avg Household Size
30
Median Age
22%
College-Educated
85%
High-School Grad
44.3 sq mi
ZIP Area
311
Density / Sq Mi
$31,860
Median Household Income
$33,845
Median Earnings
$728
Median Rent
$100,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Wedding venue - Event property with two full kitchens, a bar, landscaped outdoor areas, and specialized architectural features.
Where is this wedding venue located?
The property is located at 26 Commerce Drive Pembroke, NC.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 12,410‑square‑foot steel‑framed event venue on 2.24 acres; Two full commercial kitchens, bar, dining areas, and storage; Custom indoor waterfall, courtyards, gardens, and outdoor lighting
