Two-Tenant Storefront
For Sale
$425,000
698 E New Hope Road, Goldsboro, NC 27534
COMMERCIAL - Goldsboro, NC
Property Size2,370 SF
Lot Size0.45 Acres
Price / SF$179.32
Days on Market491
Property Features for 698 E New Hope Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GB
Standard status
Active
Size
2,370 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
698 E New Hope Rd
Tax Annual Amount
1119
Legal Description
698 E New Hope Rd
Building Details
Year built
1990
Floors in Building
1
Listing Agency:
Century 21 Triangle Group · Century 21 Real Estate
(919) 552-4517
Listed By:
Marguerite Greene · License #283390
(919) 219-9312
Added: Apr 16, 2025
Changed: Aug 4
Last Checked: Aug 19 at 4:06PM
MLS# 10089660
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 2,370-square-foot storefront property was built in 1990 on a 0.45-acre site and is configured as a two-tenant plaza. The primary space operates as a hair salon, with fixtures available for negotiation. A smaller office suite is also part of the property and is leased on a yearly basis through April 2026.
Zoned General Business (GB), the property is located in Wayne County Planning District. Listed permitted uses include barber and beauty shops, day care centers, clubs and lodges, nonprofit organizations, restaurants, churches, martial arts schools, automobile service, banks or ATMs, bakeries, clinics, medical or therapeutic services, and convenience stores.
Zoned General Business (GB), the property is located in Wayne County Planning District. Listed permitted uses include barber and beauty shops, day care centers, clubs and lodges, nonprofit organizations, restaurants, churches, martial arts schools, automobile service, banks or ATMs, bakeries, clinics, medical or therapeutic services, and convenience stores.
Key Highlights
- 2,370‑square‑foot storefront property on 0.45 acres
- Two‑tenant plaza with salon and office components
- Primary space is an operating hair salon
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
$29,086
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
6.84%
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%
$581,720
$581.7K
Cap Rate 7%
$415,514
$415.5K
Cap Rate 9%
$323,178
$323.2K
Market Conditions
NOI Build-Up for 2,370 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
$42.7K $18.00/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$41.6K $17.53/SF
− OpEx
−$12.5K −$5.26/SF
NOI
$29.1K $12.27/SF
Area
Wayne County, NC
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$581,720
Cap Rate 7%
$415,514
Cap Rate 9%
$323,178
Alternative Uses
Best Use
Retail
$415.5K
$363.6K – $484.8K
NOI $29,086 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.22M
NOI $133,378 @ 7.0% cap · market cap 31.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 84%
Shops & Services 16%
Food Lion Grocery Store
Groceries
19,754 visits/mo
0.3 miles
Family Dollar
Shops & Services
3,777 visits/mo
0.3 miles
Demographics for 27534, NC
30,844
Population
15,158
Households
2
Avg Household Size
38
Median Age
29%
College-Educated
91%
High-School Grad
73.1 sq mi
ZIP Area
422
Density / Sq Mi
$59,950
Median Household Income
$39,686
Median Earnings
$1,106
Median Rent
$187,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - General Business zoning permits a range of commercial, service, office, and institutional uses.
Where is this storefront property located?
The property is located at 698 E New Hope Road Goldsboro, NC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,370‑square‑foot storefront property on 0.45 acres; Two‑tenant plaza with salon and office components; Primary space is an operating hair salon
