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    715-805 N Norwood St Wallace, NC

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    For Lease
    $10 SF/Yr

    Retail, office, flex warehouse, and RV parking spaces available for rent.

    Type:RETAIL
    Property size:
    66,000 SF
    Lot size:
    15.70 Acres
    Added:
    Jul 18, 2024
    Days on Market:
    623
    Last Refresh:
    Mar 29 at 9:51 pm

    Property Features for 715-805 N Norwood St

    General Information

    Standard status
    Active
    Size
    66,000 SF
    Lot size
    15.70 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 715-805 N Norwood St Contact us

    We can help!

    Listing Contact
    Frank Efird
    Frank Efird

    Listing agent Frank Efird License ##106541

    Listing office SVN Efird Commercial Real Estate

    Listing date Jul 18, 2024

    Source Moodyscre

    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 SVN Efird Commercial Real Estate

    Overview

    Wallace Retail & Office Spaces

    Retail and office spaces are available for rent, offering built-to-suit options. The property also includes a flex warehouse with two dock-high doors, conditioned self-storage, RV parking, and lay-down yards. Outparcels are zoned for Highway Business along US Hwy 117. Wallace Crossing Shopping Center is situated on Wallace's US HWY 117 commercial corridor, which experiences daily traffic counts exceeding 11,000 vehicles. The shopping center is anchored by Ollie's Bargain Outlet, and other businesses include Hardee's, KFC, GoGas, Uhaul, and a CashPoints ATM. Ample, dedicated parking is available, along with multiple access points. Nearby businesses include Truist Bank, Farmers Home Furniture, Tractor Supply Company, Builder’s Discount Center, Ace Hardware, CVS, Piggly Wiggly, Dollar General, Pizza Hut, Bill Carone Chevrolet GMC, Enterprise Rent-A-Car, Advance Auto Parts, AutoZone Auto Parts, 1-800-PACK-RAT & Murphy Family Ventures. The property offers a total size of 66000 square feet.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Town & Country Shopping Center — 1224 N Norwood St, Wallace, NC 28466

    Location Insight

    • Map
    • Local Demand
    City
    Wallace
    County
    Duplin
    State
    North Carolina
    Longitude
    -77.9979498
    Latitude
    34.7433399

    Nearby Similar for Lease

    • $5/mo

      Wallace NC Industrial Center

      Industrial center in Foreign-Trade Zone with excellent transportation infrastructure.
      601-615 Old Wilmington Road, Wallace, NC
      View Details
    • Contact for pricing

      Retail and Office Spaces Available

      Retail, office, flex warehouse, and self-storage spaces for lease.
      715 N Norwood Street, Wallace, NC 28466
      View Details
    • Contact for pricing

      Duplin County Industrial Center For Lease

      54 acre industrial center for lease in Duplin County.
      607 - 751 Old Wilmington Road, Wallace, NC 28466
      View Details
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      Retail Space Available For Rent

      Retail spaces available for rent with future availability dates.
      5680 S NC 41 Highway | Wallace, NC 28466, NC 28466
      View Details
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      Retail Space in Wallace Corridor

      Retail space in Food Lion anchored shopping center for lease.
      5680 Old Nc 41 Hwy, Wallace, NC
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail, office, flex warehouse, and RV parking spaces available for rent.
    Where is this shopping center located?
    The property is located at 715-805 N Norwood St Wallace, NC.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: Highway business zoning on US Hwy 117 commercial corridor with high traffic (11,000+ daily); Anchored by Ollie's Bargain Outlet in established Wallace Crossing Shopping Center; Multiple income streams: retail & office spaces, flex warehouse, conditioned self‑storage, RV parking, lay down yards
    (910) 200-0037
    We can help!
    Listing Contact
    Frank Efird
    Frank Efird
    Real Estate License ID: #106541
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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