Two-Bay Auto
New
For Sale
$499,000
1526 Old US Highway 64, Lexington, NC 27292
Brick commercial building with offices, bathroom, lifts, and tire service equipment on nearly five acres.
Property Size1,800 SF
Lot Size4.97 Acres
Price / SF$277.22
Days on Market5
Property Features for 1526 Old US Highway 64
General Information
Standard status
Active
Size
1,800 SF
Lot size
4.97 Acres
Property subtype
Commercial
Additional Details
Business Included
Yes
Outdoor Storage
Yes
Service Bays
2
Amenities
offices
bathroom
Building Details
Year Built
1980
Buildings
1
Construction
brick
Listing Agency:
RE/MAX REALTY CONSULTANTS
(336) 217-9300
Listed By:
GIGI MOUSTAFA
Source:
Corcoran
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 5:45PM
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 RE/MAX REALTY CONSULTANTS
Investment Insights
Based on property information with market context.
This auto shop property includes a 1,800-square-foot brick building completed in 1980. The facility contains office space and a bathroom, along with a two-bay garage equipped with vehicle lifts and a tire machine. The property encompasses 4.97 acres and is located at 1526 Old US Highway 64 in Lexington, North Carolina.
Key Highlights
- 4.97‑acre auto shop property
- 1,800‑square‑foot brick building
- Two‑bay garage with vehicle lifts
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
$22,045
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
4.42%
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%
$440,900
$440.9K
Cap Rate 7%
$314,929
$314.9K
Cap Rate 9%
$244,944
$244.9K
Market Conditions
NOI Build-Up for 1,800 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
$32.4K $18.00/SF
− Vacancy
−$907 −$0.50/SF
EGI
$31.5K $17.50/SF
− OpEx
−$9.4K −$5.25/SF
NOI
$22.0K $12.25/SF
Area
Davidson County, NC
Vacancy
2.80%
Lease Rate
$18.00 /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%
$440,900
Cap Rate 7%
$314,929
Cap Rate 9%
$244,944
Alternative Uses
Best Use
Retail
$314.9K
$275.6K – $367.4K
NOI $22,045 @ 7.0% cap · market cap 4.42%
Second Best
Industrial
$149.2K
$130.6K – $174.1K
NOI $10,444 @ 7.0% cap · market cap 2.09%
Theoretical Best
Office A
$456.7K
$399.6K – $532.8K
NOI $31,968 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Citgo
Shops & Services
5,167 visits/mo
0.5 miles
Demographics for 27292, NC
39,337
Population
18,749
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
144.0 sq mi
ZIP Area
273
Density / Sq Mi
$54,468
Median Household Income
$34,776
Median Earnings
$831
Median Rent
$193,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Jarrett's Automotive — 540 Pinecroft Blvd, Lexington, NC 27295
- Steve Garwood Motorsports — 510 National Blvd, Lexington, NC 27292
- S & R Import Auto Services — 408 National Blvd, Lexington, NC 27292
- Parkway Ford of Lexington Service Center — 98 US-64, Lexington, NC 27295
- Parkway Lincoln of Lexington Service — 98 us-64, lexington, nc 27295
Frequently Asked Questions
What type of property is this?
Auto shop - Brick commercial building with offices, bathroom, lifts, and tire service equipment on nearly five acres.
Where is this auto shop located?
The property is located at 1526 Old US Highway 64 Lexington, 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: 4.97‑acre auto shop property; 1,800‑square‑foot brick building; Two‑bay garage with vehicle lifts
