Restaurant Building with
For Sale
Contact for pricing
954 Blowing Rock Blvd, Lenoir, NC 28645
The layout includes dedicated dining, kitchen, and bar areas for restaurant operations.
Property Size6,598 SF
Price / SF$227.34
Days on Market845
Property Features for 954 Blowing Rock Blvd
General Information
Standard status
Active
Size
6,598 SF
Property subtype
Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
New South Properties
Listed By:
William Buchanan · License #NC 315599
Source:
Crexi
Added: May 8, 2024
Changed: Aug 29
Last Checked: Aug 29 at 4:20PM
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 New South Properties
Investment Insights
Based on property information with market context.
This vacant restaurant property contains 6,598 square feet with a dedicated dining area, fully equipped kitchen, bar space, and on-site parking. The improvements were formerly occupied by Dodge City Steak House and are configured for restaurant use.
The property is located at 954 Blowing Rock Blvd in Lenoir, North Carolina, along US Hwy 321. Its central community setting is surrounded by established businesses, with access from a highway-oriented commercial corridor.
The property is located at 954 Blowing Rock Blvd in Lenoir, North Carolina, along US Hwy 321. Its central community setting is surrounded by established businesses, with access from a highway-oriented commercial corridor.
Key Highlights
- 6,598‑square‑foot vacant restaurant property
- Dining area, commercial kitchen, and bar space included
- Formerly occupied by Dodge City Steak House
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
$64,055
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
4.27%
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%
$1,281,100
$1.3M
Cap Rate 7%
$915,071
$915.1K
Cap Rate 9%
$711,722
$711.7K
Market Conditions
NOI Build-Up for 6,598 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
$91.1K $13.80/SF
− Vacancy
−$5.6K −$0.86/SF
EGI
$85.4K $12.94/SF
− OpEx
−$21.4K −$3.24/SF
NOI
$64.1K $9.71/SF
Area
Caldwell County, NC
Vacancy
6.20%
Lease Rate
$13.80 /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%
$1,281,100
Cap Rate 7%
$915,071
Cap Rate 9%
$711,722
Alternative Uses
Best Use
Specialty Retail
$915.1K
$800.7K – $1.07M
NOI $64,055 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,399 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
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?
Conventional restaurant - The layout includes dedicated dining, kitchen, and bar areas for restaurant operations.
Where is this conventional restaurant located?
The property is located at 954 Blowing Rock Blvd Lenoir, NC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6,598‑square‑foot vacant restaurant property; Dining area, commercial kitchen, and bar space included; Formerly occupied by Dodge City Steak House
