Versatile Building on Large
For Sale
$249,900
1631 Worthville Road, Randleman, NC 27317
1.57 acre lot with 4000sf building, rezoning potential.
Property Size4,000 SF
Lot Size1.57 Acres
Price / SF$62.48
Days on Market287
Property Features for 1631 Worthville Road
General Information
Standard status
Active
Size
4,000 SF
Lot size
1.57 Acres
Property subtype
Commercial
Amenities
Cleared
Listing Agency:
GATEWAY PROPERTIES AND DEVELOPMENT
(336) 669-9404
Listed By:
BETSY MOODY · License #169537
Source:
Corcoran
Added: Nov 7, 2025
Changed: Aug 16
Last Checked: Aug 20 at 4:24AM
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 GATEWAY PROPERTIES AND DEVELOPMENT
Investment Insights
Based on property information with market context.
This property features a building on a 1.57-acre lot. The building, approximately 4000 square feet, is currently zoned for towing under conditional use. The property could be suitable for various businesses, subject to rezoning. Approximately 2500 square feet of the building has a ceiling height of 16 feet. A new well is being drilled, and a new septic system is being installed.
Key Highlights
- 1.57 acre lot
- Approximately 4000sf building
- About 2500sf has 16ft ceiling height**
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
$15,933
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
6.38%
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%
$318,660
$318.7K
Cap Rate 7%
$227,614
$227.6K
Cap Rate 9%
$177,033
$177.0K
Market Conditions
NOI Build-Up for 4,000 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
$24.2K $6.06/SF
− Vacancy
−$1.5K −$0.37/SF
EGI
$22.8K $5.69/SF
− OpEx
−$6.8K −$1.71/SF
NOI
$15.9K $3.98/SF
Area
Randolph County, NC
Vacancy
6.10%
Lease Rate
$6.06 /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%
$318,660
Cap Rate 7%
$227,614
Cap Rate 9%
$177,033
Alternative Uses
Best Use
Retail
$738.7K
$646.4K – $861.8K
NOI $51,708 @ 7.0% cap · market cap 20.69%
Second Best
Industrial
$227.6K
$199.2K – $265.6K
NOI $15,933 @ 7.0% cap · market cap 6.38%
Theoretical Best
Office A
$1.38M
$1.20M – $1.61M
NOI $96,318 @ 7.0% cap · market cap 38.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27317, NC
17,563
Population
7,276
Households
2.4
Avg Household Size
42
Median Age
15%
College-Educated
82%
High-School Grad
54.1 sq mi
ZIP Area
325
Density / Sq Mi
$57,266
Median Household Income
$34,578
Median Earnings
$793
Median Rent
$170,100
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?
Auto shop - 1.57 acre lot with 4000sf building, rezoning potential.
Where is this auto shop located?
The property is located at 1631 Worthville Road Randleman, NC.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 1.57 acre lot; Approximately 4000sf building; About 2500sf has 16ft ceiling height**
