Versatile Flex
For Sale
$383,000
151 N Steele Street, Sanford, NC 27330
Commercial Sale, Sanford, NC
Property Size3,115 SF
Lot Size0.06 Acres
Price / SF$122.95
Days on Market48
Property Features for 151 N Steele Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CBD
Parking
2
Standard status
Active
APN
964360229900
Size
3,115 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
151 N Steele St Pc 2/444
Tax Annual Amount
1252
Legal Description
151 N Steele St Pc 2/444
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1947
Flooring type
Wood, Laminate, Simulated wood, Hardwood, Combination
Building materials
Block, Brick, Frame
Roof type
Membrane
Listing Agency:
Compass -- Cary
(919) 769-1956
Listed By:
David Lamb
(919) 770-9338
Added: Jul 31
Changed: Sep 15
Last Checked: Sep 16 at 11:06AM
MLS# 10183892
Copyright © 2026 Doorify 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 3,115-square-foot flex property occupies a 0.06-acre site in Sanford’s Central Business District. The building dates to 1947 and includes a flexible interior suited to retail, office, professional services, creative workspace, or a mixed-use concept, subject to zoning. Wood, simulated wood, hardwood, and laminate flooring are present, with block, brick, and frame construction.
The property is located near downtown restaurants, breweries, and shops, with public water and public sewer service. Regional access includes US-1 and US-421, connecting the site with Sanford and the broader Triangle region. Central heating and cooling, natural gas heating, central air, and a membrane roof complete the existing building systems.
The property is located near downtown restaurants, breweries, and shops, with public water and public sewer service. Regional access includes US-1 and US-421, connecting the site with Sanford and the broader Triangle region. Central heating and cooling, natural gas heating, central air, and a membrane roof complete the existing building systems.
Key Highlights
- 3,115 square feet of commercial space on a 0.06‑acre site
- CBD zoning in Sanford’s Central Business District
- Flexible layout for retail, office, professional services, or creative workspace, subject to zoning
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
$16,518
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
4.31%
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%
$330,360
$330.4K
Cap Rate 7%
$235,971
$236.0K
Cap Rate 9%
$183,533
$183.5K
Market Conditions
NOI Build-Up for 3,115 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
$24.3K $7.80/SF
− Vacancy
−$700 −$0.22/SF
EGI
$23.6K $7.58/SF
− OpEx
−$7.1K −$2.27/SF
NOI
$16.5K $5.30/SF
Area
Lee County, NC
Vacancy
2.88%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
30.00%
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%
$330,360
Cap Rate 7%
$235,971
Cap Rate 9%
$183,533
Alternative Uses
Best Use
Office B
$646.8K
$566.0K – $754.6K
NOI $45,278 @ 7.0% cap · market cap 11.82%
Second Best
Retail
$527.4K
$461.5K – $615.3K
NOI $36,916 @ 7.0% cap · market cap 9.64%
Theoretical Best
Office A
$757.4K
$662.8K – $883.7K
NOI $53,020 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
991
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27330, NC
39,489
Population
17,026
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
210.7 sq mi
ZIP Area
187
Density / Sq Mi
$60,726
Median Household Income
$37,477
Median Earnings
$966
Median Rent
$213,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Similar Off Market Nearby
- Alkaline Bites FoodTruck & Commissary — 706 Wall St, Sanford, NC 27330
- GiGi's Creations Catering — 143 Charlotte Ave, Sanford, NC 27330
Frequently Asked Questions
What type of property is this?
Flex space - CBD-zoned space with a flexible floor plan for commercial uses.
Where is this flex space located?
The property is located at 151 N Steele Street Sanford, NC.
What is the asking price?
The asking price for this property is $383,000.
What are key features of this property?
This property features: 3,115 square feet of commercial space on a 0.06‑acre site; CBD zoning in Sanford’s Central Business District; Flexible layout for retail, office, professional services, or creative workspace, subject to zoning
