Viewmont Square Corner Restaurant/Bar
For Sale
$875,000
1383/1381 N Center Street, Hickory, NC 28601
Restaurant/bar space in a popular area with equipment included.
Property Size3,833 SF
Price / SF$228.28
Days on Market465
Property Features for 1383/1381 N Center Street
General Information
Standard status
Active
Size
3,833 SF
Building Details
Year Built
2006
Listing Agency:
REALTY EXECUTIVES OF HICKORY
Listed By:
BYRON YARBROUGH
Source:
Corcoran
Added: May 28, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:08AM
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 REALTY EXECUTIVES OF HICKORY
Investment Insights
Based on property information with market context.
This 3833 square foot corner location in Shops at Viewmont Square presents a great opportunity in a popular, proven area. Currently set up as a restaurant and bar space, it could also be used as office, business, medical, or attorney offices, similar to some neighboring establishments. The current setup includes approximately 2400 square feet for the restaurant and 1433 square feet for the bar. The two buildings are connected through the kitchen, allowing for combined use or independent operation, with both having front and rear entrances. A significant amount of equipment remains, including an extra-large hood, two walk-in coolers, a draft beer system with cooling, a cleaning station, and an office area. There are four bathrooms and ample indoor seating, along with an outdoor patio. The parcels could be sold separately, offering various possibilities for operating the restaurant and bar separately or complimentarily.
Key Highlights
- High‑visibility corner location in the established Shops at Viewmont Square.
- Existing restaurant/bar setup with substantial equipment included (XL hood, walk‑in coolers, draft beer system, etc.).
- Flexible space: Two connected buildings allow for combined or independent operation.
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
$51,235
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
5.86%
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%
$1,024,700
$1.0M
Cap Rate 7%
$731,929
$731.9K
Cap Rate 9%
$569,278
$569.3K
Market Conditions
NOI Build-Up for 3,833 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
$72.7K $18.96/SF
− Vacancy
−$4.4K −$1.14/SF
EGI
$68.3K $17.82/SF
− OpEx
−$17.1K −$4.46/SF
NOI
$51.2K $13.37/SF
Area
Catawba County, NC
Vacancy
6.00%
Lease Rate
$18.96 /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%
$1,024,700
Cap Rate 7%
$731,929
Cap Rate 9%
$569,278
Alternative Uses
Best Use
Specialty Retail
$731.9K
$640.4K – $853.9K
NOI $51,235 @ 7.0% cap · market cap 5.86%
Second Best
Retail
$597.6K
$522.9K – $697.2K
NOI $41,831 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$1.12M
$979.7K – $1.31M
NOI $78,377 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
199k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Home Improvements & Furnishings 18%
Groceries 16%
Shops & Services 9%
Lowe's
Home Improvements & Furnishings
36,057 visits/mo
0.2 miles
Lowes Foods
Groceries
32,129 visits/mo
0.3 miles
Cook Out
Dining
24,257 visits/mo
0.2 miles
Wendy's
Dining
14,692 visits/mo
0.2 miles
El Paso Mexican Restaurant
Dining
12,335 visits/mo
0.2 miles
Demographics for 28601, NC
53,973
Population
23,400
Households
2.3
Avg Household Size
42
Median Age
35%
College-Educated
90%
High-School Grad
47.1 sq mi
ZIP Area
1,146
Density / Sq Mi
$67,839
Median Household Income
$41,697
Median Earnings
$951
Median Rent
$236,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- JB's Rolling Bistro, LLC — 361 10th Ave Dr NE, Hickory, NC 28601
- Bistro 127 Catering — 2039 N Center St, Hickory, NC 28601
Frequently Asked Questions
What type of property is this?
Restaurant - Restaurant/bar space in a popular area with equipment included.
Where is this restaurant located?
The property is located at 1383/1381 N Center Street Hickory, NC.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: High‑visibility corner location in the established Shops at Viewmont Square.; Existing restaurant/bar setup with **substantial equipment included** (XL hood, walk‑in coolers, draft beer system, etc.).; Flexible space: Two connected buildings allow for combined or independent operation.
