Renovated Conventional
For Sale
$2,100,000
106 S Ray St, Carthage, NC 28327
Two-story brick building configured for food and beverage operations, with an outdoor pavilion and surrounding parking.
Property Size5,500 SF
Lot Size0.41 Acres
Price / SF$381.82
Days on Market224
Property Features for 106 S Ray St
General Information
Standard status
Active
Size
5,500 SF
Lot size
0.41 Acres
Property subtype
Commercial
Amenities
outdoor pavilion
Building Details
Year Built
1906
Year Renovated
2023
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Carolina Summit Group, LLC
Listed By:
Holly Spofford Bell · License #252152
(910) 690-1065
Source:
Coastalrealtyassociates
Added: Mar 10
Changed: Oct 1
Last Checked: Oct 16 at 9:29AM
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 Carolina Summit Group, LLC
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Investment Insights
Based on property information with market context.
This 5,500-square-foot, two-story brick restaurant property occupies three parcels totaling 0.41 acres. Constructed in 1906 and renovated in 2023, the building combines historic architectural elements with updated improvements and is configured for food and beverage operations. An outdoor pavilion expands the usable area for events or additional seating.
The property is positioned at 106 S Ray St at the corner of N Ray St and McReynolds St in Carthage, within the downtown setting. Parking surrounds the building and is owned by the Town of Carthage. The offering is subject to deed restrictions, and the Town of Carthage retains a right of first refusal.
The property is positioned at 106 S Ray St at the corner of N Ray St and McReynolds St in Carthage, within the downtown setting. Parking surrounds the building and is owned by the Town of Carthage. The offering is subject to deed restrictions, and the Town of Carthage retains a right of first refusal.
Key Highlights
- 5,500 SF two‑story brick restaurant building
- Built in 1906 and fully renovated in 2023
- Three parcels totaling 0.41 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,361
Cap Rate
3.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,467,220
$1.5M
Cap Rate 7%
$1,048,014
$1.0M
Cap Rate 9%
$815,122
$815.1K
Market Conditions
NOI Build-Up for 5,500 SF
Gross rent
$104.3K $18.96/SF
− Vacancy
−$6.5K −$1.18/SF
EGI
$97.8K $17.78/SF
− OpEx
−$24.5K −$4.45/SF
NOI
$73.4K $13.34/SF
Area
Moore County, NC
Vacancy
6.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,467,220
Cap Rate 7%
$1,048,014
Cap Rate 9%
$815,122
Alternative Uses
Best Use
Specialty Retail
$1.05M
$917.0K – $1.22M
NOI $73,361 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28327, NC
18,118
Population
7,874
Households
2.3
Avg Household Size
40
Median Age
36%
College-Educated
94%
High-School Grad
186.6 sq mi
ZIP Area
97
Density / Sq Mi
$84,850
Median Household Income
$43,066
Median Earnings
$1,362
Median Rent
$299,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two-story brick building configured for food and beverage operations, with an outdoor pavilion and surrounding parking.
Where is this conventional restaurant located?
The property is located at 106 S Ray St Carthage, NC.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 5,500 SF two‑story brick restaurant building; Built in 1906 and fully renovated in 2023; Three parcels totaling 0.41 acres
