Conventional Restaurant
For Sale
$975,000
3870 Bethania Station Road, Winston-Salem, NC
COMMERCIAL - Winston-Salem, NC
Property Size3,200 SF
Lot Size21.77 Acres
Price / SF$304.69
Days on Market53
Property Features for 3870 Bethania Station Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Hb-S/Rm18/Rs9
Standard status
Active
APN
6817692775000
Size
3,200 SF
Lot size
21.77 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Johannes Restaurant (Old Par) Lo:111B Bl:3457 Bu:1
Tax Annual Amount
3956
Legal Description
Johannes Restaurant (Old Par) Lo:111B Bl:3457 Bu:1
Building Details
Year built
1995
Floors in Building
1
Building materials
Vinyl Siding
Listing Agency:
Franklin Street Realty
(919) 929-7174
Listed By:
Bill Bracey
(919) 619-2160
Added: Jun 18
Changed: Aug 4
Last Checked: Aug 9 at 10:06AM
MLS# 10174937
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 conventional restaurant property includes a 3,200-square-foot building constructed in 1995 with vinyl siding. The offering includes two tax parcels, with the combined land area subject to survey. Current zoning is identified as Hb-S/Rm18/Rs9, and any proposed use remains subject to applicable zoning and restrictions.
The property is located at 3870 Bethania Station Road in Winston-Salem, North Carolina. The source information identifies potential concepts including event space, a farm-to-table restaurant, or a brewery, while also noting the possibility of returning the site to historic par-three golf-course use, subject to current approvals and restrictions.
The property is located at 3870 Bethania Station Road in Winston-Salem, North Carolina. The source information identifies potential concepts including event space, a farm-to-table restaurant, or a brewery, while also noting the possibility of returning the site to historic par-three golf-course use, subject to current approvals and restrictions.
Key Highlights
- 3,200‑square‑foot building constructed in 1995
- Two tax parcels included in the offering
- Zoning: Hb‑S/Rm18/Rs9
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
$37,550
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
3.85%
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%
$751,000
$751.0K
Cap Rate 7%
$536,429
$536.4K
Cap Rate 9%
$417,222
$417.2K
Market Conditions
NOI Build-Up for 3,200 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
$51.5K $16.08/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$50.1K $15.65/SF
− OpEx
−$12.5K −$3.91/SF
NOI
$37.6K $11.73/SF
Area
Winston-Salem, NC
Vacancy
2.70%
Lease Rate
$16.08 /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%
$751,000
Cap Rate 7%
$536,429
Cap Rate 9%
$417,222
Alternative Uses
Best Use
Specialty Retail
$536.4K
$469.4K – $625.8K
NOI $37,550 @ 7.0% cap · market cap 3.85%
Second Best
Industrial
$265.2K
$232.1K – $309.5K
NOI $18,567 @ 7.0% cap · market cap 1.90%
Theoretical Best
Office A
$591.1K
$517.2K – $689.6K
NOI $41,378 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial 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?
Conventional restaurant - Restaurant-oriented property with vinyl siding, 1995 construction, and zoning designated Hb-S/Rm18/Rs9.
Where is this conventional restaurant located?
The property is located at 3870 Bethania Station Road Winston-Salem, NC.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 3,200‑square‑foot building constructed in 1995; Two tax parcels included in the offering; Zoning: Hb‑S/Rm18/Rs9
