Prime Office Space Near
For Sale
$995,000
121 W Center St, Lexington, NC 27292
Professional office space ideal for attorneys and other businesses.
Property Size2,500 SF
Price / SF$398
Days on Market196
Property Features for 121 W Center St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Building Details
Year Built
1926
Listing Agency:
Price REALTORS - Thomasville
Listed By:
Donna Stone
(336) 474-8320
Source:
Searchhomesinthetriad
Added: Mar 5
Changed: Sep 9
Last Checked: Sep 16 at 9:53PM
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 Price REALTORS - Thomasville
Investment Insights
Based on property information with market context.
This commercial space is suitable for attorneys or other professional businesses. It features private offices suitable for solo attorneys or small firms, a reception area, and a quiet environment. The location is convenient to courts, major highways, and key amenities. Ample parking is available for clients and staff. The property is located across from the Davidson County Court House. An income-producing apartment is located in the rear of the building.
Key Highlights
- Prime location directly across from the Davidson County Court House
- Private offices suitable for attorneys or small firms
- Reception area for client interaction and professional image
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
$30,470
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
3.06%
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%
$609,400
$609.4K
Cap Rate 7%
$435,286
$435.3K
Cap Rate 9%
$338,556
$338.6K
Market Conditions
NOI Build-Up for 2,500 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
$54.9K $21.96/SF
− Vacancy
−$14.3K −$5.71/SF
EGI
$40.6K $16.25/SF
− OpEx
−$10.2K −$4.06/SF
NOI
$30.5K $12.19/SF
Area
Davidson County, NC
Vacancy
26.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$609,400
Cap Rate 7%
$435,286
Cap Rate 9%
$338,556
Alternative Uses
Best Use
Office B
$435.3K
$380.9K – $507.8K
NOI $30,470 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$634.3K
$555.0K – $740.0K
NOI $44,400 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 27292, NC
39,337
Population
18,749
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
144.0 sq mi
ZIP Area
273
Density / Sq Mi
$54,468
Median Household Income
$34,776
Median Earnings
$831
Median Rent
$193,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Professional office space ideal for attorneys and other businesses.
Where is this office units located?
The property is located at 121 W Center St Lexington, NC.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Prime location directly across from the Davidson County Court House; Private offices suitable for attorneys or small firms; Reception area for client interaction and professional image
