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: Jan 4 Changed: Sep 2 Last Checked: Sep 1 at 4:35PM

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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.

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 = 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

$35,736

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

8.12%

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%

$714,720 $714.7K

Cap Rate 7%

$510,514 $510.5K

Cap Rate 9%

$397,067 $397.1K

Market Conditions

NOI Build-Up for 3,420 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

$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 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%

$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.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Auto Parts Store Plumbing Service Storage Facility Real Estate Agency Bakery Kitchen & Bath Showroom

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

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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