Turnkey Corner Restaurant
106 S Ray St Carthage, NC 28327
106 S Ray St, Carthage, NC, 28327
$2,100,000
For Sale
$2,100,000
Renovated two-story brick restaurant building with food-and-beverage setup and an outdoor pavilion event area.
Property Size5,500 SF
Lot Size0.41 Acres
Price / SF$381.82
Days on Market91
Property Features for 106 S Ray St
General Information
- Standard status
- Active
- Size
- 5,500 SF
- Lot size
- 0.41 Acres
Listing agency
Carolina Summit Group, LLC
(910) 690-1065
Listed by
Holly Spofford Bell · License #252152
(910) 690-1065
Source
Exprealty
Added: Apr 22 Updated: Jul 21 at 7:18AM Checked: Jul 21 at 7:18AM
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
Investment Insights
Based on property information with market context.
Turnkey two-story brick restaurant building originally built in 1906 and fully renovated in 2023. The property totals 5,500 SF and is configured for food and beverage use, offering a ready-to-operate setting for a hospitality concept. In addition to indoor space, the property includes an outdoor area with a pavilion for events and expanded seating.
The building is prominently positioned on a corner lot in Carthage, NC, located at the intersection of N Ray St and McReynolds St. The property spans three parcels totaling 0.41 acres and provides surrounding parking that is owned by the Town of Carthage.
This is a short sale subject to deed restrictions, and the Town of Carthage holds a right of first refusal.
The building is prominently positioned on a corner lot in Carthage, NC, located at the intersection of N Ray St and McReynolds St. The property spans three parcels totaling 0.41 acres and provides surrounding parking that is owned by the Town of Carthage.
This is a short sale subject to deed restrictions, and the Town of Carthage holds a right of first refusal.
Key Highlights
- 5,500 SF, two‑story brick restaurant building originally built in 1906
- Fully renovated in 2023 and most recently used as The Buggy Factory by Southern Pines Brewing
- Restaurant space is already configured for food‑and‑beverage use
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.3k | $18.96 |
| − Vacancy | −$6.5k | −$1.18 |
| EGI | $97.8k | $17.78 |
| − OpEx | −$24.5k | −$4.45 |
| NOI | $73.4k | $13.34 |
5,500 SF · lease $18.96/SF/yr · vacancy 6.20% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Conventional restaurants
FAQs
What type of property is this?
Conventional restaurant - Renovated two-story brick restaurant building with food-and-beverage setup and an outdoor pavilion event area.
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 originally built in 1906; Fully renovated in 2023 and most recently used as The Buggy Factory by Southern Pines Brewing; Restaurant space is already configured for food‑and‑beverage use
