Renovated Storefront with Commercial
For Sale
$475,000
108 S Pine St, Princeton, NC 27569
C-2 zoning and separate entrances support retail or restaurant operations.
Property Size4,200 SF
Price / SF$113.10
Days on Market191
Property Features for 108 S Pine St
General Information
Standard status
Active
Size
4,200 SF
Zoning
C-2
Taxes and HOA fees
Annual Taxes
$4,743
Amenities
kitchen with 2 stoves
stacked washer and dryer
walk in freezer
restaurant sinks
baking oven
flatscreen TVs
Building Details
Year Built
1940
Year Renovated
2020
Buildings
1
Listing Agency:
Harris Realty & Land, LLC
(919) 669-4748
Listed By:
Teresa Daughtry · License #189895
(919) 669-4748
Source:
Exprealty
Added: Feb 20
Changed: Aug 30
Last Checked: Jul 17 at 5:48AM
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 Harris Realty & Land, LLC
Investment Insights
Based on property information with market context.
This storefront property in Princeton, NC, provides 4,200 square feet of commercial space within a building constructed in 1940 and renovated in 2020. The improvements include a commercial kitchen with 2 stoves, a baking oven, restaurant sinks, a walk-in freezer, and a stacked washer and dryer. The layout supports retail or restaurant use, with a dedicated public entrance.
An additional entrance serves the upper level, which includes a full kitchen and flatscreen TVs throughout the upstairs and downstairs areas. The upper floor may support apartment use with a shower added to the bathroom under a special use permit from the Town of Princeton. The property is zoned C-2 and is located at 108 South Pine Street.
An additional entrance serves the upper level, which includes a full kitchen and flatscreen TVs throughout the upstairs and downstairs areas. The upper floor may support apartment use with a shower added to the bathroom under a special use permit from the Town of Princeton. The property is zoned C-2 and is located at 108 South Pine Street.
Key Highlights
- 4,200‑square‑foot storefront property in Princeton, NC
- Building constructed in 1940 and renovated in 2020
- Commercial kitchen includes 2 stoves, baking oven, restaurant sinks, and walk‑in freezer
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
$24,608
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
5.18%
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%
$492,160
$492.2K
Cap Rate 7%
$351,543
$351.5K
Cap Rate 9%
$273,422
$273.4K
Market Conditions
NOI Build-Up for 4,200 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
$37.8K $9.00/SF
− Vacancy
−$2.6K −$0.63/SF
EGI
$35.2K $8.37/SF
− OpEx
−$10.5K −$2.51/SF
NOI
$24.6K $5.86/SF
Area
Johnston County, NC
Vacancy
7.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$492,160
Cap Rate 7%
$351,543
Cap Rate 9%
$273,422
Alternative Uses
Best Use
Specialty Retail
$944.8K
$826.7K – $1.10M
NOI $66,135 @ 7.0% cap · market cap 13.92%
Second Best
Retail
$736.6K
$644.5K – $859.4K
NOI $51,562 @ 7.0% cap · market cap 10.86%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,942 @ 7.0% cap · market cap 18.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
67k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 26%
Home Improvements & Furnishings 4%
Groceries 2%
Bojangles' Famous Chicken 'n Biscuits
Dining
30,650 visits/mo
0.5 miles
Hardee's
Dining
14,470 visits/mo
0.4 miles
Dollar General
Shops & Services
11,326 visits/mo
0.4 miles
Dollar Tree
Shops & Services
3,673 visits/mo
0.4 miles
Community Hardware True Value
Home Improvements & Furnishings
2,734 visits/mo
0.0 miles
Demographics for 27569, NC
8,854
Population
3,559
Households
2.5
Avg Household Size
39
Median Age
21%
College-Educated
85%
High-School Grad
80.0 sq mi
ZIP Area
111
Density / Sq Mi
$73,507
Median Household Income
$49,417
Median Earnings
$967
Median Rent
$194,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - C-2 zoning and separate entrances support retail or restaurant operations.
Where is this storefront property located?
The property is located at 108 S Pine St Princeton, NC.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 4,200‑square‑foot storefront property in Princeton, NC; Building constructed in 1940 and renovated in 2020; Commercial kitchen includes 2 stoves, baking oven, restaurant sinks, and walk‑in freezer
