Renovated Commercial Hub on 1.38
1108 S Salisbury Avenue, Spencer, NC 28159
SINGLE_FAMILY - Spencer, NC
Type:Office
Property size:
5,989 SFLot size:
1.38 AcresPrice / SF:
$75/SF- Added:
- Jan 5, 2026
- Days on Market:
- 130
- Last Refresh:
- May 15 at 3:06 pm
Property Features for 1108 S Salisbury Avenue
General Information
- Property type
- Residential
- Property subtype
- Office
- Rooms
- Basement
- Parking
- 20
- Parking features
- Parking Lot
- Basement
- Unfinished
- Standard status
- Active
- APN
- 030092
- Size
- 5,989 SF
- Lot size
- 1.38 Acres
Taxes and HOA fees
- Tax Description
- PT L5 BLK C ELIZABETH B. HE
Utilities
- Sewer type
- Public Sewer
- Heating system
- Heat Pump (Heating)
- Cooling system
- Central Air, Ceiling Fan(s)
Building Details
- Year built
- 1910
- Flooring type
- Laminate
- Building materials
- Concrete, Vinyl
Listing agent Joseph Rusher (704) 762-0701
Listing office Century 21 Towne and Country 474 Jake Alexander Blvd W, Salisbury, NC (704) 637-7721
Listing date Jan 5, 2026
MLS# 4333179
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Meticulously renovated 5,989 sq ft commercial building on 1.38 acres, ready for immediate occupancy.
- Benefit from the dual‑zone layout: High‑end office space in the front and proven revenue‑generating event space in the back.
- Extensive top‑to‑bottom renovation ensures a maintenance‑free transition, including new flooring, lighting, and updated infrastructure.
- Massive 3,000 sq ft unfinished basement with a large bay door, ideal for storage, workshop, or future expansion.
- Significant site improvements: New paved parking lot, fresh concrete work, and professionally graded backyard.
- Located on four parcels, offering ample room for fleet parking, outdoor storage, or further development.
Overview
This is a renovated commercial hub situated on 1.38 acres across four parcels in Spencer. The property, totaling 5,989 square feet, is currently owner-occupied by a consulting firm that will be vacating upon sale. The 2,989 square foot main level is designed with a dual-zone layout. The front is suitable for high-end office use, while the back is currently utilized for classes and community events. The property includes a 3,000 square foot unfinished basement equipped with a large bay door, suitable for heavy storage, a workshop, or future expansion. The interior features commercial-grade LVP flooring, vinyl ceiling tiles, and LED lighting. Infrastructure has been modernized with hot water lines, updated electrical outlets, and a front entry door. Both bathrooms have been renovated, and the entire structure features interior and exterior paint. Exterior improvements include a paved parking lot at the front, concrete work around the entrance, and gravel at the rear. The backyard has been professionally graded for drainage. The property offers room for fleet parking, outdoor storage, or further development.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$1.17M
NOI $105,035 @ 9.00% cap · cautious / downside scenario
Moderate
$1.50M
NOI $105,035 @ 7.00% cap · market / base-case scenario
Aggressive
$2.10M
NOI $105,035 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $156.0k | $26.04 |
| − Vacancy | −$15.9k | −$2.66 |
| EGI | $140.0k | $23.38 |
| − OpEx | −$35.0k | −$5.85 |
| NOI | $105.0k | $17.54 |
5,989 SF · lease $26.04/SF/yr · vacancy 10.20% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$1.50M
$1.31M – $1.75M
NOI $105,035 @ 7.0% cap · market cap 23.34%
Second Best
Warehouse
$632.9K
$553.8K – $738.4K
NOI $44,302 @ 7.0% cap · market cap 9.84%
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,950 @ 7.0% cap · market cap 29.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
The Cabana
Nightclub
Castle Counseling
Counselor
The Blank Page
Nightclub
Location Insight
- Map
- Local Demand
- City
- Spencer
- County
- Rowan
- State
- North Carolina
- Longitude
- -80.441247
- Latitude
- 35.684066
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - Meticulously renovated commercial property on 1.38 acres in Spencer, NC.
Where is this office units located?
The property is located at 1108 S Salisbury Avenue Spencer, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Meticulously renovated 5,989 sq ft commercial building on 1.38 acres, ready for immediate occupancy.; Benefit from the dual‑zone layout: High‑end office space in the front and proven revenue‑generating event space in the back.; Extensive top‑to‑bottom renovation ensures a maintenance‑free transition, including new flooring, lighting, and updated infrastructure.
