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    501 Waterworks Dr Unit, Unit SINGLE Southern Pines, NC 28387

    View on Map
    Sponsored
    For Lease
    $2,200 /Mo ($57 SF/Yr)

    COMMERCIAL - Southern Pines, NC

    Property size:
    456 SF
    Lot size:
    28.80 Acres
    Days on Market:
    22
    Last Refresh:
    Mar 24 at 7:06 am

    Property Features for 501 Waterworks Dr Unit

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Lease
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    PD
    APN
    00039185
    Parking features
    Driveway, Off Street
    Size
    456 SF
    Lot size
    28.80 Acres

    Taxes and HOA fees

    Expense value
    2200
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Building Details

    Year built
    1935

    We can help!

    Listing Contact
    Holly Spofford Bell
    Holly Spofford Bell

    Carolina Summit Group, LLC

    Listing agent Holly Spofford Bell License #252152

    Listing date Mar 2, 2026

    MLS# 100500464

    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.

    Learn more

    Property Insight Report

    Overview

    Renovated Wellness Space Sublease

    This +/- 456 square foot room, suitable for a wellness practice or yoga studio, is available for sublease within Gym Better. It is located on the second floor of the recently renovated Waterworks building, off Central Drive and across from Reservoir Park in Southern Pines, North Carolina. The space features brick walls and a full glass wall that overlooks the gym, providing natural light. The tenant may have negotiable access to the stretch room, gym, and other facilities. Onsite parking is available. Utilities are included.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fitness centers & gyms

    Similar Places Nearby

    TruFit Gym Southern Pines, Hot Asana LLC, The Fitness Studio Inc., Revive Spa & Lash Lounge, Integrated Hemp Solutions

    Map

    City
    Southern Pines
    County
    Moore
    State
    North Carolina
    Longitude
    -79.394639
    Latitude
    35.21719

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    FAQs

    What type of property is this?
    Fitness center & gym - Sublease opportunity in renovated Waterworks building, Southern Pines.
    Where is this fitness center & gym located?
    The property is located at 501 Waterworks Dr Unit, Unit SINGLE Southern Pines, NC.
    What is the lease rate?
    The lease rate is $57 SF/Yr.
    What are key features of this property?
    This property features: - Ideal for wellness practice or yoga studio, offering a ready-to-go space within Gym Better.; - Prime location in the renovated Waterworks building, across from Reservoir Park and off Central Drive.; - +/- 456 SF room with desirable features: **brick walls and a full glass wall for natural light.**
    (910) 690-1065
    Request Owner's contact information
    501 Waterworks Dr Unit, Unit SINGLE Southern Pines, NC 28387
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    Southern Pines, NC 28387
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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
    501 Waterworks Dr Unit, Unit SINGLE Southern Pines, NC 28387
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    We can help!
    Listing Contact
    Holly Spofford Bell
    Holly Spofford Bell
    Real Estate License ID: 252152
    Learn More
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