Mixed-Use Property with Live-Work
For Sale
$289,000
1023 S Main Street, Burlington, NC 27215
OI-zoned space pairs an upper-level residence with finished rooms below for office or additional living use.
Property Size2,524 SF
Price / SF$114.50
Days on Market22
Property Features for 1023 S Main Street
General Information
Standard status
Active
Size
2,524 SF
Property subtype
Commercial
Zoning
OI
Additional Details
Condition
Move-in Ready
Property Use
Office
Amenities
Ceiling Fan(s)
Granite Counters
Open Floorplan
Kitchen/Dining Room Combination
Building Details
Building Size
2,524 SF
Year Built
1910
Stories
1
Listing Agency:
eXp Realty, LLC - C
(888) 584-9431
Listed By:
Yazmin Simone Aguila · License #322333
(919) 548-6057
Source:
Dwellraleigh
Added: Oct 7
Changed: Oct 25
Last Checked: Oct 26 at 3:35AM
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 eXp Realty, LLC - C
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Investment Insights
Based on property information with market context.
This 2,524-square-foot mixed-use property has a three-bedroom, two-bathroom upper level with a kitchen and access to a 10' x 10' rear deck. The finished lower level adds two rooms and a full bathroom. Improvements include LVP flooring, stainless steel appliances, and an HVAC unit installed in 2025. A gravel parking area is located behind the building.
Zoned OI (Office Institutional), the property is within walking distance of downtown Burlington, restaurants, shops, and local amenities. Its upper and lower levels provide separate areas for residential and office functions, subject to applicable permitted uses.
Zoned OI (Office Institutional), the property is within walking distance of downtown Burlington, restaurants, shops, and local amenities. Its upper and lower levels provide separate areas for residential and office functions, subject to applicable permitted uses.
Key Highlights
- 2,524 square feet; zoned OI (Office Institutional)
- Upper level has 3 bedrooms, 2 full baths, a kitchen area, and a 10' x 10' rear deck
- Lower level includes 2 finished rooms and a full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,556
Cap Rate
8.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,120
$511.1K
Cap Rate 7%
$365,086
$365.1K
Cap Rate 9%
$283,956
$284.0K
Market Conditions
NOI Build-Up for 2,524 SF
Gross rent
$45.4K $18.00/SF
− Vacancy
−$4.5K −$1.80/SF
EGI
$40.9K $16.20/SF
− OpEx
−$15.3K −$6.07/SF
NOI
$25.6K $10.13/SF
Area
Alamance County, NC
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,120
Cap Rate 7%
$365,086
Cap Rate 9%
$283,956
Alternative Uses
Best Use
Office B
$700.1K
$612.6K – $816.8K
NOI $49,010 @ 7.0% cap · market cap 16.96%
Second Best
Mixed Use
$365.1K
$319.5K – $425.9K
NOI $25,556 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$832.2K
$728.1K – $970.9K
NOI $58,251 @ 7.0% cap · market cap 20.16%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
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Business Placement
Demographics for 27215, NC
44,620
Population
21,854
Households
2
Avg Household Size
42
Median Age
37%
College-Educated
92%
High-School Grad
63.1 sq mi
ZIP Area
707
Density / Sq Mi
$66,669
Median Household Income
$45,267
Median Earnings
$1,112
Median Rent
$241,700
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - OI-zoned space pairs an upper-level residence with finished rooms below for office or additional living use.
Where is this mixed-use property located?
The property is located at 1023 S Main Street Burlington, NC.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 2,524 square feet; zoned OI (Office Institutional); Upper level has 3 bedrooms, 2 full baths, a kitchen area, and a 10' x 10' rear deck; Lower level includes 2 finished rooms and a full bath
