Shop Space with Fenced
For Sale
$399,500
1028 Washburn Switch Road, Shelby, NC 28150
Versatile shop space with fenced acreage, convenient location, and key features.
Property Size3,800 SF
Price / SF$105.13
Days on Market461
Property Features for 1028 Washburn Switch Road
General Information
Standard status
Active
Size
3,800 SF
Building Details
Year Built
1967
Listing Agency:
POINT 135 REAL ESTATE
Listed By:
RUSS PUTNAM
Source:
Corcoran
Added: Jun 2, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 POINT 135 REAL ESTATE
Investment Insights
Based on property information with market context.
This versatile property features approximately 3,800 square feet of shop space situated on approximately 1.5 acres of fenced land. The property includes 587 square feet of finished office space with a half bathroom. It has two pull-through bays equipped with four 14-foot high and 12-foot wide doors. One of the garage bays is heated and cooled. Additional features include an office in the garage, a breakroom and storage area above, a dock, and a half bathroom. The property is located close to industry and approximately 2 miles from NC 74.
Key Highlights
- +/- 3,800 sq ft shop space with +/- 1.5 acres fenced.
- Two pull‑through bays with four 14' high x 12' wide doors.
- 587 sq ft of finished office space with a half bathroom.
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
$34,457
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
8.63%
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%
$689,140
$689.1K
Cap Rate 7%
$492,243
$492.2K
Cap Rate 9%
$382,856
$382.9K
Market Conditions
NOI Build-Up for 3,800 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
$57.0K $15.00/SF
− Vacancy
−$4.0K −$1.05/SF
EGI
$53.0K $13.95/SF
− OpEx
−$18.6K −$4.88/SF
NOI
$34.5K $9.07/SF
Area
Cleveland County, NC
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$689,140
Cap Rate 7%
$492,243
Cap Rate 9%
$382,856
Alternative Uses
Best Use
Flex RnD
$492.2K
$430.7K – $574.3K
NOI $34,457 @ 7.0% cap · market cap 8.63%
Second Best
Industrial
$329.3K
$288.2K – $384.2K
NOI $23,054 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$965.0K
$844.4K – $1.13M
NOI $67,552 @ 7.0% cap · market cap 16.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28150, NC
28,517
Population
13,482
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
90%
High-School Grad
109.5 sq mi
ZIP Area
260
Density / Sq Mi
$53,027
Median Household Income
$36,843
Median Earnings
$793
Median Rent
$195,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Gingerbread Meeting House — 1103 Washburn Switch Rd, Shelby, NC 28150
Frequently Asked Questions
What type of property is this?
Flex space - Versatile shop space with fenced acreage, convenient location, and key features.
Where is this flex space located?
The property is located at 1028 Washburn Switch Road Shelby, NC.
What is the asking price?
The asking price for this property is $399,500.
What are key features of this property?
This property features: +/- 3,800 sq ft shop space with +/- 1.5 acres fenced.; Two pull‑through bays with four 14' high x 12' wide doors.; 587 sq ft of finished office space with a half bathroom.
