Office Units with Vacant Commercial
For Sale
$500,000
632 644 652 S Broadway Street, Forest City, NC 28043
SINGLE_FAMILY - Forest City, NC
Property Size3,346 SF
Lot Size1.04 Acres
Price / SF$149.43
Days on Market171
Property Features for 632 644 652 S Broadway Street
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Rooms
Basement
Parking features
Driveway
Basement
Walk-Out Access, Unfinished
Lot features
Cleared, Corner Lot, Paved
Directions
From College Ave, take exit for 221A, go toward Forest City, property on the left just after Food Lion Gros. Plaza.
Standard status
Active
APN
422930
Lot size
1.04 Acres
Taxes and HOA fees
Tax Description
3 Tracts, 2 buildings, 1 vacant lot, Approx. 1.04 ac
Legal Description
3 Tracts, 2 buildings, 1 vacant lot, Approx. 1.04 ac
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Central, Electric (Heating), Heat Pump (Heating)
Cooling system
Ductless, Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
1
Flooring type
Carpet, Vinyl
Roof type
Shingle
Listing Agency:
RE/MAX Journey · RE/MAX International
(828) 395-2222
Listed By:
Loyce Snider · License #162506
(828) 223-8946
Added: Mar 18
Changed: Aug 18
Last Checked: Sep 4 at 3:06AM
MLS# 4358876
Copyright © 2026 Canopy 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 offering combines three tracts containing two commercial buildings and a vacant lot. The office at 652 S. Broadway provides approximately 3,346 square feet with seven private offices, a reception area, a conference room, and a basement. The building at 644 S. Broadway operates as a walk-up restaurant and is leased month to month; it also includes basement space. Both buildings date to 1951 and feature public water and public sewer service.
The property fronts approximately 300 feet along S. Broadway and approximately 195 feet along Sunnyside Street. Daily traffic is reported at 8,000. The tracts adjoin Food Lion and The Medicine Box Drug Store. Flooring includes carpet and vinyl, while heating and cooling systems include central, ductless, electric, and heat pump components.
The property fronts approximately 300 feet along S. Broadway and approximately 195 feet along Sunnyside Street. Daily traffic is reported at 8,000. The tracts adjoin Food Lion and The Medicine Box Drug Store. Flooring includes carpet and vinyl, while heating and cooling systems include central, ductless, electric, and heat pump components.
Key Highlights
- Three tracts totaling 1.04 acres: two commercial buildings and one vacant lot
- Approximately 3,346 square feet of office space at 652 S. Broadway
- Office layout includes 7 private offices, reception area, and conference room
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
$39,683
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
7.94%
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%
$793,660
$793.7K
Cap Rate 7%
$566,900
$566.9K
Cap Rate 9%
$440,922
$440.9K
Market Conditions
NOI Build-Up for 3,346 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
$57.0K $17.04/SF
− Vacancy
−$4.1K −$1.23/SF
EGI
$52.9K $15.81/SF
− OpEx
−$13.2K −$3.95/SF
NOI
$39.7K $11.86/SF
Area
Rutherford County, NC
Vacancy
7.20%
Lease Rate
$17.04 /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%
$793,660
Cap Rate 7%
$566,900
Cap Rate 9%
$440,922
Alternative Uses
Best Use
Specialty Retail
$566.9K
$496.0K – $661.4K
NOI $39,683 @ 7.0% cap · market cap 7.94%
Second Best
Office B
$499.5K
$437.0K – $582.7K
NOI $34,962 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$737.9K
$645.7K – $860.9K
NOI $51,652 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 28043, NC
20,183
Population
9,356
Households
2.2
Avg Household Size
43
Median Age
18%
College-Educated
84%
High-School Grad
66.3 sq mi
ZIP Area
304
Density / Sq Mi
$41,746
Median Household Income
$29,909
Median Earnings
$744
Median Rent
$176,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Three adjoining tracts combine office space, a walk-up restaurant, and a vacant lot with public utilities.
Where is this office units located?
The property is located at 632 644 652 S Broadway Street Forest City, NC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three tracts totaling 1.04 acres: two commercial buildings and one vacant lot; Approximately 3,346 square feet of office space at 652 S. Broadway; Office layout includes 7 private offices, reception area, and conference room
