Historic Bank Building in
For Sale
$575,000
101 E FIRST Street, Lowell, NC 28098
Charming 1921 bank building in revitalized downtown Lowell.
Property Size2,515 SF
Price / SF$228.63
Days on Market262
Property Features for 101 E FIRST Street
General Information
Standard status
Active
Size
2,515 SF
Property subtype
Commercial
Building Details
Year Built
1921
Listing Agency:
CENTURY 21 TOWN & COUNTRY RLTY
(704) 735-1425
Listed By:
TINA CLARK
Source:
Corcoran
Added: Nov 29, 2025
Changed: Aug 15
Last Checked: Aug 18 at 5:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 TOWN & COUNTRY RLTY
Investment Insights
Based on property information with market context.
This historic building, constructed in 1921, is located on the corner of E First Street in downtown Lowell. The solid brick structure retains its original bank vault and offers a layout suitable for up to three separate business spaces, presenting opportunities for a café, office space, studio, salon, or multi-tenant investment. A connecting doorway provides flexibility to unify spaces or operate them independently. The property includes additional square footage (1755 sqft) upstairs, suitable for offices, creative studios, co-working space, or potential future residential use. The walkable location is near parks, city hall, local shops, and downtown development. Situated in a revitalized downtown area with convenient access to I-85 and proximity to Charlotte, this property offers potential for retail space with historic charm or a multi-use investment.
Key Highlights
- Historic building built in 1921 with original bank vault, offering unique character.
- Prime corner lot location** in Historic Downtown Lowell with strong street visibility.
- Flexible layout allowing for up to three separate business spaces.
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
$30,876
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
5.37%
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%
$617,520
$617.5K
Cap Rate 7%
$441,086
$441.1K
Cap Rate 9%
$343,067
$343.1K
Market Conditions
NOI Build-Up for 2,515 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
$47.7K $18.96/SF
− Vacancy
−$3.6K −$1.42/SF
EGI
$44.1K $17.54/SF
− OpEx
−$13.2K −$5.26/SF
NOI
$30.9K $12.28/SF
Area
Gaston County, NC
Vacancy
7.50%
Lease Rate
$18.96 /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%
$617,520
Cap Rate 7%
$441,086
Cap Rate 9%
$343,067
Alternative Uses
Best Use
Retail
$441.1K
$386.0K – $514.6K
NOI $30,876 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.6K
$692.6K – $923.5K
NOI $55,410 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
14k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Home Improvements & Furnishings 7%
Dollar General
Shops & Services
7,706 visits/mo
0.2 miles
Citgo
Shops & Services
5,262 visits/mo
0.2 miles
City Electric Supply
Home Improvements & Furnishings
1,044 visits/mo
0.1 miles
Demographics for 28098, NC
3,868
Population
1,685
Households
2.3
Avg Household Size
39
Median Age
17%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
1,074
Density / Sq Mi
$51,879
Median Household Income
$33,750
Median Earnings
$1,152
Median Rent
$153,300
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.
Similar Off Market Nearby
- Akers Florist Inc — 4520 wilkinson blvd, gastonia, nc 28056
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Frequently Asked Questions
What type of property is this?
Storefront property - Charming 1921 bank building in revitalized downtown Lowell.
Where is this storefront property located?
The property is located at 101 E FIRST Street Lowell, NC.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Historic building built in 1921 with **original bank vault**, offering unique character.; Prime corner lot location** in Historic Downtown Lowell with strong street visibility.; Flexible layout allowing for up to three separate business spaces.
