Downtown Lenoir Commercial
For Sale
$349,900
101 Willow Street NW, Lenoir, NC 28645
Professionally renovated office building in the heart of downtown Lenoir.
Property Size2,674 SF
Price / SF$130.85
Days on Market254
Property Features for 101 Willow Street NW
General Information
Standard status
Active
Size
2,674 SF
Property subtype
Commercial
Amenities
Central air
Corner Lot
Central Air Cooling
Laminate Flooring
Level
Parking Lot
Building Details
Year Built
1949
Listing Agency:
WALKER REAL ESTATE SERVICES LLC
(828) 851-1541
Listed By:
RHONDA WALKER · License #202018
Source:
Corcoran
Added: Dec 8, 2025
Changed: Aug 18
Last Checked: Aug 18 at 4:37AM
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 WALKER REAL ESTATE SERVICES LLC
Investment Insights
Based on property information with market context.
This 2674+/- square foot commercial building is located in downtown Lenoir. The property has been professionally renovated inside and out and is suitable for professional services such as attorney offices, medical practices, accounting firms, consulting operations, and similar business uses. Recent updates include new HVAC, roof, LVP flooring, interior and exterior paint, upgraded lighting, and a refreshed layout. The interior features a welcoming entry and waiting area, two conference rooms, multiple administrative areas supporting at least 4 private offices, a kitchenette, and 2 bathrooms. It also includes storage rooms and closets, plus a separate storage facility out back. Other features include audio and video setup and an alarm security system. The property offers visibility, easy access and curb appeal. It is within walking distance to downtown businesses, restaurants, and municipal buildings.
Key Highlights
- Prime commercial location in the heart of downtown Lenoir.
- Professionally renovated, turnkey 2700+\/- sq ft building.
- Recent updates include new HVAC, roof, LVP flooring, and interior/exterior paint.
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
$31,348
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
8.96%
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%
$626,960
$627.0K
Cap Rate 7%
$447,829
$447.8K
Cap Rate 9%
$348,311
$348.3K
Market Conditions
NOI Build-Up for 2,674 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
$53.6K $20.04/SF
− Vacancy
−$11.8K −$4.41/SF
EGI
$41.8K $15.63/SF
− OpEx
−$10.4K −$3.91/SF
NOI
$31.3K $11.72/SF
Area
Caldwell County, NC
Vacancy
22.00%
Lease Rate
$20.04 /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%
$626,960
Cap Rate 7%
$447,829
Cap Rate 9%
$348,311
Alternative Uses
Best Use
Office B
$447.8K
$391.9K – $522.5K
NOI $31,348 @ 7.0% cap · market cap 8.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$610.2K
$534.0K – $711.9K
NOI $42,716 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
595
Businesses Nearby
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
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 building - Professionally renovated office building in the heart of downtown Lenoir.
Where is this office building located?
The property is located at 101 Willow Street NW Lenoir, NC.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Prime commercial location in the heart of downtown Lenoir.; Professionally renovated, turnkey 2700+\/- sq ft building.; Recent updates include new HVAC, roof, LVP flooring, and interior/exterior paint.
