Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    633 N Liberty St Winston-Salem, NC 27101

    View on Map
    Sponsored
    For Sale
    $11,000,000

    COMMERCIAL - Winston-Salem, NC

    Type:Retail
    Property size:
    42,234 SF
    Lot size:
    0.52 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 7 at 2:06 pm

    Property Features for 633 N Liberty St

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Retail
    TransactionType
    Standard
    Standard status
    Active
    Size
    42,234 SF
    Lot size
    0.52 Acres

    Building Details

    Year built
    1926

    We can help!

    Listing Contact
    Jose Cruz Labrada

    Century 21 Triangle Group (919) 720-4217

    Listing agent Jose Cruz Labrada (984) 239-8452

    Listing date Mar 6, 2026

    MLS# 10150972

    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.

    Learn more

    Property Insight Report

    Overview

    Winston-Salem Retail Investment Opportunity

    Located in downtown Winston-Salem, the property at 633 N Liberty Street offers a 7% cap rate investment with a seller lease-back structure, providing immediate and stabilized income. The property consists of 42,234 square feet situated on approximately 0.52 acres and features three stories of fully remodeled, flexible commercial space. The building has been extensively upgraded and is well-suited for a variety of uses, offering long-term adaptability for future repositioning or owner-occupancy upon lease expiration. Strategically located just blocks from the Wake Forest Innovation Quarter, the property benefits from strong visibility, walkability, and proximity to downtown Winston-Salem's growing mix of retail, dining, and employment centers. Surrounded by ongoing redevelopment, this asset presents an opportunity to acquire a stabilized income property with upside potential in a rapidly evolving urban core.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Winston-Salem
    County
    Forsyth
    State
    North Carolina
    Longitude
    -80.245156
    Latitude
    36.102658

    Nearby Similar for Sale

    • $785,000

      Winston-Salem Investment Opportunity

      Well-maintained commercial property in a high-traffic retail corridor.
      2910 Reynolda Road Prk, Winston-Salem, NC 27106
      View Details
    • $350,000
      0.25 Acres

      Charming Duplex in Historic Winston-Salem

      Historic duplex near hospital, flexible layout, income potential.
      1612 W 1St St, Winston-Salem, NC 27101
      View Details
    • $535,000
      0.20 Acres

      Ardmore Quadruplex Investment Opportunity

      Four-unit investment property in the heart of Ardmore, Winston-Salem.
      678 Irving St, Winston-Salem, NC 27103
      View Details
    • New
      $259,000
      1.00 Acre

      Winston-Salem Duplex with Updates

      Well-maintained duplex with recent updates, low maintenance, country solitude.
      419 Claratom Dr, Winston-Salem, NC 27107
      View Details
    • $720,000

      Winston-Salem Multifamily Investment Opportunity

      Eight-unit multifamily portfolio in Winston-Salem's high-growth rental market.
      2810 Carriage Dr, Winston-Salem, NC 27106
      View Details
    • $50,000
      0.55 Acres

      Residential Property in Winston-Salem, NC

      Residential property for sale in Winston-Salem, Forsyth County, NC.
      Linbrook Dr, Winston-Salem, NC 27106
      View Details
    • $45,000
      0.56 Acres

      Residential Property in Winston-Salem, NC

      Single family residence for sale in Winston-Salem, North Carolina.
      Harwyn Rd, Winston-Salem, NC 27127
      View Details
    • $320,000
      2,050 SF

      Move-in Ready Office Condo

      Well-maintained office condo with flexible layout and convenient location.
      2990 Bethesda Pl, Winston-Salem, NC
      View Details
    • $800,000
      6,716 SF

      Childcare Facility on Large Lot

      6,700 SF building on 0.96 acre lot for sale.
      5016 Old Walkertown Rd, Winston-Salem, NC
      View Details
    • $425,000
      2,890 SF

      Retail Property on Reynolda Road

      Retail property available for sale on Reynolda Road.
      4910 Reynolda Rd, Winston-Salem, NC
      View Details
    • $1,699,000
      15,600 SF

      Downtown Winston-Salem Office Building

      15,600 SF building in downtown Winston-Salem for sale/lease.
      201 N Broad St, Winston-Salem, NC
      View Details
    • $4,700,000
      35,000 SF

      Winston-Salem Campus with Redevelopment Potential

      35,000+ sqft campus near US 74/Hwy 52 and University Parkway.
      271-289 Mercantile Dr, Winston-Salem, NC
      View Details

    FAQs

    What type of property is this?
    Retail space - 7% cap rate retail property in downtown Winston-Salem.
    Where is this retail space located?
    The property is located at 633 N Liberty St Winston-Salem, NC.
    What is the asking price?
    The asking price for this property is $11,000,000.
    What are key features of this property?
    This property features: - 7% cap rate investment with seller lease-back for immediate, stabilized income.; - **42,234 SF of fully remodeled, flexible commercial space on +/-0.52 acres.**; - Extensively upgraded building suitable for various uses, offering long-term adaptability.
    (984) 239-8452
    Request Owner's contact information
    633 N Liberty St Winston-Salem, NC 27101
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    633 N Liberty St
    Winston-Salem, NC 27101
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    633 N Liberty St Winston-Salem, NC 27101
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jose Cruz Labrada
    (984) 239-8452 (919) 552-4517
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!