Spring Lake Commercial Property For
For Sale
$395,000
1506 N Bragg Blvd, Spring Lake, NC 28390
Versatile commercial property with high visibility and development potential.
Property Size2,199 SF
Lot Size1.49 Acres
Price / SF$179.63
Days on Market109
Property Features for 1506 N Bragg Blvd
General Information
Standard status
Active
Size
2,199 SF
Lot size
1.49 Acres
Property subtype
Retail
Building Details
Building Size
2,199 SF
Year Built
1961
Listing Agency:
Grant-Murray Real Estate
(910) 987-3242
Listed By:
Greg Spears
(910) 987-3242
Source:
Grantmurrayre
Added: May 14
Changed: Aug 26
Last Checked: Aug 29 at 7:54AM
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 Grant-Murray Real Estate
Investment Insights
Based on property information with market context.
Located on N Bragg Boulevard in Spring Lake, this commercial property benefits from substantial daily traffic and close proximity to established businesses, residential areas, and Fort Liberty. The corridor acts as a key link between Spring Lake, Fayetteville, and the military community, fostering consistent consumer activity and business exposure. Nearby retailers, restaurants, and service providers contribute to the area’s commercial presence, while ongoing residential growth bolsters long-term demand. The property also provides convenient access to NC Highway 24/87, ensuring efficient regional connectivity within Cumberland County. This central location in an active commercial corridor makes it suitable for owner-users, investors, or businesses looking to expand. The property includes a 2,199 square foot building on approximately 1.20 acres, along with an adjacent 0.29-acre parcel, offering additional flexibility for parking, expansion, or outdoor storage. Zoned C-P, the property supports various commercial uses and is ideal for office, retail, or service-oriented businesses seeking visibility along a primary Spring Lake corridor. Existing improvements can be upfitted to accommodate diverse operational needs, and the rear 3-bay garage provides functional workspace and storage for automotive, contractor, or light industrial users. With direct frontage on N Bragg Boulevard and convenient access to Fort Bragg, this 1.49-acre property combines usability, accessibility, and future development potential.
Key Highlights
- High‑traffic location on N Bragg Boulevard with strong visibility and accessibility.
- Zoned C‑P, supporting a variety of commercial uses.
- Proximity to Fort Liberty and established commercial businesses, residential neighborhoods, and the military community.
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
$21,457
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
5.43%
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%
$429,140
$429.1K
Cap Rate 7%
$306,529
$306.5K
Cap Rate 9%
$238,411
$238.4K
Market Conditions
NOI Build-Up for 2,199 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
$31.7K $14.40/SF
− Vacancy
−$1.0K −$0.46/SF
EGI
$30.7K $13.94/SF
− OpEx
−$9.2K −$4.18/SF
NOI
$21.5K $9.76/SF
Area
Cumberland County, NC
Vacancy
3.20%
Lease Rate
$14.40 /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%
$429,140
Cap Rate 7%
$306,529
Cap Rate 9%
$238,411
Alternative Uses
Best Use
Retail
$306.5K
$268.2K – $357.6K
NOI $21,457 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$525.5K
$459.8K – $613.1K
NOI $36,783 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
12k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 96%
Shops & Services 4%
IHOP
Dining
11,374 visits/mo
0.2 miles
Circle K
Shops & Services
454 visits/mo
0.4 miles
Demographics for 28390, NC
23,799
Population
10,204
Households
2.3
Avg Household Size
31
Median Age
28%
College-Educated
93%
High-School Grad
60.2 sq mi
ZIP Area
395
Density / Sq Mi
$58,750
Median Household Income
$36,678
Median Earnings
$1,151
Median Rent
$195,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Versatile commercial property with high visibility and development potential.
Where is this storefront property located?
The property is located at 1506 N Bragg Blvd Spring Lake, NC.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: High‑traffic location on N Bragg Boulevard with strong visibility and accessibility.; Zoned C‑P, supporting a variety of commercial uses.; Proximity to Fort Liberty and established commercial businesses, residential neighborhoods, and the military community.
