Commercial Land with Existing
For Sale
$525,000
1475 W Market Street, Smithfield, NC 27577
Commercial Sale, Smithfield, NC
Property Size1,900 SF
Lot Size0.62 Acres
Price / SF$276.32
Days on Market162
Property Features for 1475 W Market Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM
Parking features
Parking Lot
Fireplace
1
Subdivision
Rose Manor Park
Lot features
Landscaped
Directions
From Clayton take Hwy 70 Bus towards Smithfield, on R.
Standard status
Active
APN
15077028e
Size
1,900 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Parcel ID: 15-0-77-028-E
Tax Annual Amount
2227
Legal Description
Parcel ID: 15-0-77-028-E
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Forced Air
Water source
Public
Building Details
Year built
1976
Flooring type
Hardwood, Tile - Ceramic
Building materials
Brick, Brick Veneer
Listing Agency:
HTR Southern Properties
(919) 879-8770
Listed By:
Tracy L Riba · License #221530
(919) 637-0004
Added: Mar 12
Changed: Aug 20
Last Checked: Aug 20 at 1:06AM
MLS# 100559950
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial land offering includes an approximately 1,900-square-foot building constructed in 1976. The improvements feature brick and brick veneer construction, hardwood and ceramic tile flooring, forced-air and propane heating, and a fireplace. An open patio with a firepit and an enclosed patio with a second firepit provide additional outdoor areas. The property is offered as-is and includes a parking lot.
Located at 1475 W Market Street in Smithfield, the site records more than 13,500 passing vehicles daily. Johnston Regional Airport, the Amazon distribution plant, and Johnston Health Hospital are identified nearby. The property carries COM zoning and includes a 20-foot utility easement. Public water and public sewer serve the site.
Located at 1475 W Market Street in Smithfield, the site records more than 13,500 passing vehicles daily. Johnston Regional Airport, the Amazon distribution plant, and Johnston Health Hospital are identified nearby. The property carries COM zoning and includes a 20-foot utility easement. Public water and public sewer serve the site.
Key Highlights
- Approximately 1,900 SF building on 0.62 acres
- More than 13,500 passing vehicles daily
- COM zoning with a 20' utility easement
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
$29,918
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
5.70%
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%
$598,360
$598.4K
Cap Rate 7%
$427,400
$427.4K
Cap Rate 9%
$332,422
$332.4K
Market Conditions
NOI Build-Up for 1,900 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
$41.0K $21.60/SF
− Vacancy
−$1.1K −$0.60/SF
EGI
$39.9K $21.00/SF
− OpEx
−$10.0K −$5.25/SF
NOI
$29.9K $15.75/SF
Area
Johnston County, NC
Vacancy
2.80%
Lease Rate
$21.60 /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%
$598,360
Cap Rate 7%
$427,400
Cap Rate 9%
$332,422
Alternative Uses
Best Use
Specialty Retail
$427.4K
$374.0K – $498.6K
NOI $29,918 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$574.8K
$503.0K – $670.6K
NOI $40,236 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 27577, NC
24,972
Population
10,744
Households
2.3
Avg Household Size
40
Median Age
21%
College-Educated
82%
High-School Grad
103.7 sq mi
ZIP Area
241
Density / Sq Mi
$56,237
Median Household Income
$39,604
Median Earnings
$802
Median Rent
$230,200
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?
Commercial land - Commercial site with an existing building, parking, outdoor patio areas, and public water and sewer.
Where is this commercial land located?
The property is located at 1475 W Market Street Smithfield, NC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Approximately 1,900 SF building on 0.62 acres; More than 13,500 passing vehicles daily; COM zoning with a 20' utility easement
