Building Details

Building Size 3,420 SF

Year Built 1897

Buildings 2

Stories 2

Listing Agency: ATLAS PROPERTY SYSTEMS, INC.

Listed By: Jeffrey Aiello · License #239381 Show Phone

Source: Evrealestate

Added: Feb 21 Changed: Oct 19 Last Checked: Oct 19 at 4:33AM

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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 ATLAS PROPERTY SYSTEMS, INC.

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Investment Insights

Based on property information with market context.

This remodeled historic brick office building, constructed by the Washburn family in 1897, is located in the heart of Bostic. The property has been restored over the last 20 years. The interior features over 165 feet of hand-painted mural art by local artist Clive Haynes, depicting historic Bostic in the 1940s. Original heartwood pine floors are present upstairs, complemented by full thickness oak wall panels and handcrafted oak window trim. New windows are scheduled for completion in late 2025. Modernization upgrades include electrical, plumbing, and structural improvements. The building is wired for high-speed fiber-optic internet. LED lighting is installed throughout, and a security camera system is included. The roof is standing seam metal with a 40-year warranty, installed in 2020 along with new trusses and attic insulation at a cost exceeding $100,000. Exterior features include an attached carport (45'x25') and a large detached garage/warehouse building (67'x30'). A large, partially fenced-in paved parking lot area is also present. The property size is 3420 square feet.

Key Highlights

• Lovingly restored

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,736

Cap Rate

8.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$714,720 $714.7K

Cap Rate 7%

$510,514 $510.5K

Cap Rate 9%

$397,067 $397.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,420 SF

Gross rent

$61.6K $18.00/SF

− Vacancy

−$13.9K −$4.07/SF

EGI

$47.6K $13.93/SF

− OpEx

−$11.9K −$3.48/SF

NOI

$35.7K $10.45/SF

Area

Rutherford County, NC

Vacancy

22.60%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$714,720

Cap Rate 7%

$510,514

Cap Rate 9%

$397,067

Alternative Uses

Best Use

Office B

$510.5K

$446.7K – $595.6K (±1% cap)

NOI $35,736 @ 7.0% cap · market cap 8.12%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$754.2K

$659.9K – $879.9K (±1% cap)

NOI $52,794 @ 7.0% cap · market cap 12.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Plumbing Service Auto Parts Store Storage Facility Bakery Real Estate Agency Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

41

Businesses Nearby

Explore this area Business Placement

Demographics for 28018, NC

5,320

Population

2,681

Households

2

Avg Household Size

48

Median Age

22%

College-Educated

90%

High-School Grad

99.5 sq mi

ZIP Area

53

Density / Sq Mi

$54,432

Median Household Income

$37,652

Median Earnings

$800

Median Rent

$152,400

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Frequently Asked Questions

What type of property is this?

Office building - Remodeled historic brick office building in the heart of Bostic.

Where is this office building located?

The property is located at 157 N Main Street Bostic, NC.

What is the asking price?

The asking price for this property is $439,900.

What are key features of this property?

This property features: Lovingly restored