Historic Mixed-Use
For Sale
$1,950,000
131 W 4th Street, Winston Salem, NC 27101
Street-level corner retail space is paired with unfinished upper-level areas for office or creative use.
Property Size14,809 SF
Days on Market67
Property Features for 131 W 4th Street
General Information
Standard status
Active
Size
14,809 SF
Property subtype
Office
Additional Details
Corner Location
Yes
Building Details
Building Size
14,809 SF
Year Built
1907
Buildings
1
Listing Agency:
Linville Team Partners
(443) 540-9293
Listed By:
Dom Maggio · License #268640
Source:
Ltpcommercial
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 1:17PM
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 Linville Team Partners
Investment Insights
Based on property information with market context.
Constructed in 1907, this multi-story mixed-use property combines street-level retail space with open shell areas on the floors above. The corner storefront provides a visible commercial presence, while the upper levels offer unfinished space suited to flexible office, studio, or service-oriented configurations.
Known as The Arcade Building, the property is located at 131 W. 4th Street in downtown Winston-Salem, North Carolina. Its existing retail-and-office layout supports a range of commercial occupancy concepts within a central urban setting.
Known as The Arcade Building, the property is located at 131 W. 4th Street in downtown Winston-Salem, North Carolina. Its existing retail-and-office layout supports a range of commercial occupancy concepts within a central urban setting.
Key Highlights
- Constructed in 1907
- Corner storefront at street level
- Open shell spaces on upper floors
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
$175,891
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
9.02%
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%
$3,517,820
$3.5M
Cap Rate 7%
$2,512,729
$2.5M
Cap Rate 9%
$1,954,344
$2.0M
Market Conditions
NOI Build-Up for 14,809 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
$295.0K $19.92/SF
− Vacancy
−$60.5K −$4.08/SF
EGI
$234.5K $15.84/SF
− OpEx
−$58.6K −$3.96/SF
NOI
$175.9K $11.88/SF
Area
Forsyth County, NC
Vacancy
20.50%
Lease Rate
$19.92 /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%
$3,517,820
Cap Rate 7%
$2,512,729
Cap Rate 9%
$1,954,344
Alternative Uses
Best Use
Office B
$2.51M
$2.20M – $2.93M
NOI $175,891 @ 7.0% cap · market cap 9.02%
Second Best
Retail
$2.32M
$2.03M – $2.70M
NOI $162,189 @ 7.0% cap · market cap 8.32%
Theoretical Best
Specialty Retail
$3.83M
$3.35M – $4.46M
NOI $267,799 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,891
Businesses Nearby
Explore this area
Business Placement
Demographics for 27101, NC
21,654
Population
11,958
Households
1.8
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
12.5 sq mi
ZIP Area
1,732
Density / Sq Mi
$44,611
Median Household Income
$34,278
Median Earnings
$970
Median Rent
$201,500
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?
Mixed-use property - Street-level corner retail space is paired with unfinished upper-level areas for office or creative use.
Where is this mixed-use property located?
The property is located at 131 W 4th Street Winston Salem, NC.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Constructed in 1907; Corner storefront at street level; Open shell spaces on upper floors
