Commercial Building with Income
For Sale
$450,000
302 S Main Street #A B C, King, NC 27021
Commercial building with multiple units, income potential, and road frontage.
Property Size2,400 SF
Price / SF$187.50
Days on Market498
Property Features for 302 S Main Street #A B C
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Amenities
Corner Lot
City Lot
Building Details
Year Built
1997
Listing Agency:
KENT HUNTER REALTY LLC
(336) 682-4075
Listed By:
KENT HUNTER · License #268274
Source:
Corcoran
Added: May 5, 2025
Changed: Aug 15
Last Checked: Sep 14 at 7:41AM
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 KENT HUNTER REALTY LLC
Investment Insights
Based on property information with market context.
This commercial building offers 2400 square feet of space and includes two tenants, office space, and warehouse space. It features two bathrooms and two at-grade dock doors. Additionally, there is a separate 240-square-foot office building with a bathroom. The property currently generates rental income and presents the potential for increased revenue. The location provides road frontage on Main Street in King, North Carolina, and is situated near downtown. The multiple units offer leasing opportunities.
Key Highlights
- Income‑producing commercial property with potential for increased rental income.
- Prime location on Main Street in King, NC, near downtown.
- 2400sf commercial building with office and warehouse space, plus a separate 240sf office building.
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
$27,540
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
6.12%
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%
$550,800
$550.8K
Cap Rate 7%
$393,429
$393.4K
Cap Rate 9%
$306,000
$306.0K
Market Conditions
NOI Build-Up for 2,400 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
$49.0K $20.40/SF
− Vacancy
−$4.9K −$2.04/SF
EGI
$44.1K $18.36/SF
− OpEx
−$16.5K −$6.89/SF
NOI
$27.5K $11.48/SF
Area
Stokes County, NC
Vacancy
10.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
37.50%
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%
$550,800
Cap Rate 7%
$393,429
Cap Rate 9%
$306,000
Alternative Uses
Best Use
Retail
$3.76M
$3.29M – $4.38M
NOI $263,046 @ 7.0% cap · market cap 58.45%
Second Best
Mixed Use
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 6.12%
Theoretical Best
Multifamily LT 5
$28.55M
$24.98M – $33.31M
NOI $1,998,532 @ 7.0% cap · market cap 444.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27021, NC
17,345
Population
7,926
Households
2.2
Avg Household Size
46
Median Age
24%
College-Educated
93%
High-School Grad
53.7 sq mi
ZIP Area
323
Density / Sq Mi
$61,736
Median Household Income
$43,041
Median Earnings
$912
Median Rent
$203,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Commercial building with multiple units, income potential, and road frontage.
Where is this warehouse located?
The property is located at 302 S Main Street #A B C King, 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: Income‑producing commercial property with potential for increased rental income.; Prime location on Main Street in King, NC, near downtown.; 2400sf commercial building with office and warehouse space, plus a separate 240sf office building.
