Three-Space Mixed-Use
For Sale
$229,000
155 /157 E Main St, Forest City, NC 28043
Configured for three commercial spaces, supporting multi-tenant occupancy or an owner-operated business.
Property Size1,704 SF
Price / SF$134.39
Days on Market23
Property Features for 155 /157 E Main St
General Information
Standard status
Active
Size
1,704 SF
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Odean Keever & Associates, Inc.
(828) 748-5359
Listed By:
Sonja Smith · License #133997
Source:
Lewisandkirk
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 25 at 5:01AM
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 1,704-square-foot mixed-use commercial building was constructed in 1940 and is currently arranged as three separate business spaces. The configuration can support multiple occupants, an owner-operated business, or future reconfiguration for changing commercial requirements.
Located in downtown Forest City, the property is positioned within an established business district and offers access to retail, office, and service-oriented uses. A rear area is identified as an additional potential site for expansion or development, providing another component for consideration alongside the existing building.
Located in downtown Forest City, the property is positioned within an established business district and offers access to retail, office, and service-oriented uses. A rear area is identified as an additional potential site for expansion or development, providing another component for consideration alongside the existing building.
Key Highlights
- 1,704‑square‑foot mixed‑use commercial building
- Three separately configured business spaces
- Constructed in 1940
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
$16,850
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
7.36%
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%
$337,000
$337.0K
Cap Rate 7%
$240,714
$240.7K
Cap Rate 9%
$187,222
$187.2K
Market Conditions
NOI Build-Up for 1,704 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
$24.5K $14.40/SF
− Vacancy
−$466 −$0.27/SF
EGI
$24.1K $14.13/SF
− OpEx
−$7.2K −$4.24/SF
NOI
$16.8K $9.89/SF
Area
Rutherford County, NC
Vacancy
1.90%
Lease Rate
$14.40 /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%
$337,000
Cap Rate 7%
$240,714
Cap Rate 9%
$187,222
Alternative Uses
Best Use
Retail
$240.7K
$210.6K – $280.8K
NOI $16,850 @ 7.0% cap · market cap 7.36%
Second Best
Mixed Use
$172.0K
$150.5K – $200.6K
NOI $12,037 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$375.8K
$328.8K – $438.4K
NOI $26,304 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Home Improvements & Furnishings 10%
Truist
Shops & Services
12,013 visits/mo
0.1 miles
Kimbrell's Furniture
Home Improvements & Furnishings
1,451 visits/mo
0.2 miles
OneMain Financial
Shops & Services
1,086 visits/mo
0.1 miles
Demographics for 28043, NC
20,183
Population
9,356
Households
2.2
Avg Household Size
43
Median Age
18%
College-Educated
84%
High-School Grad
66.3 sq mi
ZIP Area
304
Density / Sq Mi
$41,746
Median Household Income
$29,909
Median Earnings
$744
Median Rent
$176,100
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Configured for three commercial spaces, supporting multi-tenant occupancy or an owner-operated business.
Where is this mixed-use property located?
The property is located at 155 /157 E Main St Forest City, NC.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 1,704‑square‑foot mixed‑use commercial building; Three separately configured business spaces; Constructed in 1940
