Historic Downtown Mixed-Use
138 E Main Street Forest City, NC 28043
For Sale
$499,000
Office/retail space with residential apartment in historic downtown Forest City.
Property Size3,500 SF
Price / SF$142.57
Days on Market67
Property Features for 138 E Main Street
General Information
- Standard status
- Active
- Size
- 3,500 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1918
Listing Agency:
ODEAN KEEVER & ASSOCIATES, INC.
(828) 286-1311
Listed By:
SONJA SMITH · License #133997
Source:
Corcoran
Added: May 20
Changed: Jul 10
Last Checked: Jul 25 at 2:15AM
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 ODEAN KEEVER & ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
This mixed-use property, situated in the heart of Historic Downtown Forest City, presents a unique opportunity. The main level comprises approximately 1,750 square feet of office and retail space, currently utilized as a team headquarters and retail store. Its prime downtown location offers visibility suitable for entrepreneurs, investors, or business owners. Above the commercial space is a 1,750 square foot apartment with vintage character and early 1900s charm. The residence combines history, comfort, and style in the center of town. Renovations and updates have been completed, including a new roof, HVAC system, water heater, electrical and plumbing updates, and a deck overlooking the amphitheater. Forest City is located in the foothills of the Blue Ridge Mountains, between Charlotte, Asheville, and Greenville. Historic Downtown Forest City features boutiques, antique shops, and restaurants. The tree-lined Main Street reflects the community's history. This property is suited for a live/work concept, a new business venture, or investment. The property is currently used as the headquarters for the Forest City Owls.
Key Highlights
- Prime Historic Downtown location with excellent visibility, ideal for retail or office use.
- Unique mixed‑use property featuring both commercial space (approx. 1,750 sq ft) and a residential apartment (approx. 1,750 sq ft).
- Fully renovated with a new roof, HVAC, water heater, electrical and plumbing updates, and a new deck.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.4k | $14.40 |
| − Vacancy | −$958 | −$0.27 |
| EGI | $49.4k | $14.13 |
| − OpEx | −$14.8k | −$4.24 |
| NOI | $34.6k | $9.89 |
3,500 SF · lease $14.40/SF/yr · vacancy 1.90% · expense 30.00%
Alternative Uses
Best Use
Retail
$494.4K
$432.6K – $576.8K
NOI $34,610 @ 7.0% cap · market cap 6.94%
Second Best
Mixed Use
$353.2K
$309.1K – $412.1K
NOI $24,724 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$771.8K
$675.4K – $900.5K
NOI $54,029 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
FAQs
What type of property is this?
Mixed-use property - Office/retail space with residential apartment in historic downtown Forest City.
Where is this mixed-use property located?
The property is located at 138 E Main Street Forest City, NC.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Prime Historic Downtown location with excellent visibility, ideal for retail or office use.; Unique mixed‑use property featuring both commercial space (approx. 1,750 sq ft) and a residential apartment (approx. 1,750 sq ft).; Fully renovated with a new roof, HVAC, water heater, electrical and plumbing updates, and a new deck.
