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    403 Gillespie Street Fayetteville, NC 28301

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    Claim this Listing
    For Lease
    $2,200/Mo $17 SF/Yr (calc)

    COMMERCIAL - Fayetteville, NC

    Property size:
    1,470 SF
    Lot size:
    0.73 Acres
    Added:
    Aug 8, 2025
    Days on Market:
    273
    Last Refresh:
    May 7 at 8:06 pm

    Property Features for 403 Gillespie Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    LC
    Parking features
    Parking Lot, Off Street
    Standard status
    Active
    APN
    0437518663
    Size
    1,470 SF
    Lot size
    0.73 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    RAZZAQ LLC RECOMB SE:01 PL:0136-0031
    Expense value
    2200
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Building Details

    Year built
    2018
    Flooring type
    Concrete

    We can help!

    Listing Contact
    George Manley
    George Manley

    Listing agent George Manley License #265776

    Listing office Carolina Summit Group, LLC PO Box 249, Southern Pines, NC

    Listing date Aug 8, 2025

    MLS# 100524554

    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.

    HighLights

    • Prime downtown Fayetteville location, ideal for professional services
    • High visibility with over 9,200 vehicles per day on Gillespie Street
    • Close proximity to Cumberland County Courthouse and municipal buildings
    • Flexible space: Units available individually or combined
    • Ample parking: 21 spaces, including 2 ADA‑accessible spots
    • Convenient access with street‑facing and rear parking lot entrances

    Overview

    Downtown Fayetteville Retail/Office Space

    Campbell Square presents a leasing opportunity in downtown Fayetteville, North Carolina, featuring a retail and office strip totaling approximately 4,410 square feet. The property consists of three units, each offering around 1,470 square feet of adaptable space. The units can be leased individually or combined to create a larger area. Delivered in vanilla shell condition, the space is suitable for professional service providers or businesses seeking a centrally located space with good visibility and access. The property is located approximately half a mile from the Cumberland County Courthouse and nearby municipal buildings, making it suitable for legal, financial, or administrative operations. Nearby government offices include City Hall, the Chamber of Commerce, and the Sheriff's Department. Situated along Gillespie Street with access via Dick Street from Campbell Avenue, the site benefits from visibility to over 9,200 vehicles per day. The property provides 21 parking spaces, including two ADA-accessible spots. Each unit includes both street-facing and rear parking lot entrances.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Restaurant Real Estate Agency Dental Office Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Law Firm Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Fayetteville
    County
    Cumberland
    State
    North Carolina
    Longitude
    -78.880285
    Latitude
    35.045901

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    FAQs

    What type of property is this?
    Strip mall - Flexible retail/office space in downtown Fayetteville, NC.
    Where is this strip mall located?
    The property is located at 403 Gillespie Street Fayetteville, NC.
    What is the lease rate?
    The lease rate is $2,200 /Mo.
    What are key features of this property?
    This property features: Prime downtown Fayetteville location, ideal for professional services; High visibility with over 9,200 vehicles per day on Gillespie Street; Close proximity to Cumberland County Courthouse and municipal buildings
    (910) 603-8395
    We can help!
    Listing Contact
    George Manley
    George Manley
    Real Estate License ID: 265776
    Learn More
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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
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