Renovated Commercial Hub on 1.38
For Sale
Contact for pricing
1108 Salisbury Ave, Spencer, NC 28159
Meticulously renovated commercial property on 1.38 acres in Spencer, NC.
Property Size2,989 SF
Lot Size1.38 Acres
Price / SF$150.55
Days on Market174
Property Features for 1108 Salisbury Ave
General Information
Standard status
Active
Size
2,989 SF
Lot size
1.38 Acres
Property subtype
Retail, Office
Zoning
HB
Building Details
Year Built
1910
Listing Agency:
Century 21 Towne & Country
(704) 762-0701
Listed By:
Joseph Rusher · License #344358
Source:
Crexi
Added: Feb 27
Changed: Aug 17
Last Checked: Aug 18 at 10:16PM
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 Century 21 Towne & Country
Investment Insights
Based on property information with market context.
This meticulously renovated commercial hub, totaling 5,989 square feet, is situated on 1.38 acres across four parcels in Spencer. The 2,989 square foot main level features a dual-zone layout, with the front area suitable for high-end office use and the back designed as a revenue-generating space currently used for classes and community events. This configuration allows for establishing a business in the primary suite while benefiting from the existing traffic and income potential of the event space. The building has undergone an extensive renovation, including new commercial-grade LVP flooring, vinyl ceiling tiles, and LED lighting. Infrastructure updates include new hot water lines, updated electrical outlets, and a secure front entry door. Both bathrooms have been fully renovated, and the entire structure features fresh interior and exterior paint. A 3,000 square foot unfinished basement with a large bay door is suitable for heavy storage, a workshop, or future expansion. Exterior improvements include a new paved parking lot, fresh concrete work around the entrance, new gravel at the rear, and a professionally graded backyard for optimal drainage. The property offers ample room for fleet parking, outdoor storage, or further development. It is suited for a professional service, medical user, or retailer.
Key Highlights
- Meticulously renovated 5,989 sq ft commercial building on 1.38 acres, ready for immediate occupancy.
- Dual‑zone layout with high‑end office space and a proven revenue‑generating event space.
- Extensive top‑to‑bottom renovation ensures a maintenance‑free transition.
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
$36,695
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
8.15%
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%
$733,900
$733.9K
Cap Rate 7%
$524,214
$524.2K
Cap Rate 9%
$407,722
$407.7K
Market Conditions
NOI Build-Up for 2,989 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
$56.7K $18.96/SF
− Vacancy
−$4.3K −$1.42/SF
EGI
$52.4K $17.54/SF
− OpEx
−$15.7K −$5.26/SF
NOI
$36.7K $12.28/SF
Area
Rowan County, NC
Vacancy
7.50%
Lease Rate
$18.96 /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%
$733,900
Cap Rate 7%
$524,214
Cap Rate 9%
$407,722
Alternative Uses
Best Use
Office B
$748.9K
$655.3K – $873.7K
NOI $52,421 @ 7.0% cap · market cap 11.65%
Second Best
Retail
$524.2K
$458.7K – $611.6K
NOI $36,695 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$940.8K
$823.2K – $1.10M
NOI $65,854 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 28159, NC
3,067
Population
1,458
Households
2.1
Avg Household Size
39
Median Age
23%
College-Educated
81%
High-School Grad
2.2 sq mi
ZIP Area
1,394
Density / Sq Mi
$63,396
Median Household Income
$43,302
Median Earnings
$1,042
Median Rent
$160,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
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 Salisbury Ave 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.; Dual‑zone layout with high‑end office space and a proven revenue‑generating event space.; Extensive top‑to‑bottom renovation ensures a maintenance‑free transition.
