Commercial Land With Existing
For Sale
$175,000
306 Masonic Road, Erwin, NC 28339
Commercial Sale, Erwin, NC
Property Size1,500 SF
Lot Size0.73 Acres
Price / SF$116.67
Days on Market492
Property Features for 306 Masonic Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
B1
Lot features
Corner Lot
Standard status
Active
Size
1,500 SF
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
DB 4128 PG 971
Tax Annual Amount
1088
Legal Description
DB 4128 PG 971
Utilities
Utilities
Water Available
Water source
Public
Building Details
Year built
1940
Listing Agency:
Ellis Barbour & Sons, Inc.
(910) 892-3185
Listed By:
Wayne Barbour · License #43106
(910) 514-3594
Added: Apr 28, 2025
Changed: Aug 31
Last Checked: Sep 1 at 12:06AM
MLS# 10092415
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 0.73-acre commercial land parcel includes an existing 1,500-square-foot building constructed in 1940. The property has road frontage and water available from the public system, providing established site infrastructure for future planning and evaluation.
Located at 306 Masonic Road in Erwin, the parcel sits just off East Jackson Boulevard, identified as US Hwy 421, and is near Campbell University. An adjoining 0.96-acre parcel is also available, offering an additional land option for buyers evaluating the surrounding area.
Located at 306 Masonic Road in Erwin, the parcel sits just off East Jackson Boulevard, identified as US Hwy 421, and is near Campbell University. An adjoining 0.96-acre parcel is also available, offering an additional land option for buyers evaluating the surrounding area.
Key Highlights
- 0.73‑acre commercial land parcel
- Existing 1,500‑square‑foot building constructed in 1940
- Road frontage along the property
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
$13,287
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
7.59%
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%
$265,740
$265.7K
Cap Rate 7%
$189,814
$189.8K
Cap Rate 9%
$147,633
$147.6K
Market Conditions
NOI Build-Up for 1,500 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
$20.7K $13.80/SF
− Vacancy
−$1.7K −$1.15/SF
EGI
$19.0K $12.65/SF
− OpEx
−$5.7K −$3.80/SF
NOI
$13.3K $8.86/SF
Area
Harnett County, NC
Vacancy
8.30%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$265,740
Cap Rate 7%
$189,814
Cap Rate 9%
$147,633
Alternative Uses
Best Use
Retail
$189.8K
$166.1K – $221.5K
NOI $13,287 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$326.5K
$285.7K – $381.0K
NOI $22,857 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
458
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Carquest Auto Parts # 5892
Shops & Services
458 visits/mo
0.5 miles
Demographics for 28339, NC
6,444
Population
3,245
Households
2
Avg Household Size
42
Median Age
14%
College-Educated
86%
High-School Grad
35.6 sq mi
ZIP Area
181
Density / Sq Mi
$51,803
Median Household Income
$36,017
Median Earnings
$1,006
Median Rent
$158,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Development parcel with an existing building, road frontage, and public water availability.
Where is this commercial land located?
The property is located at 306 Masonic Road Erwin, NC.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 0.73‑acre commercial land parcel; Existing 1,500‑square‑foot building constructed in 1940; Road frontage along the property
