Storefront Flex
For Sale
$750,000
1702 S Madison St, Whiteville, NC 28472
The building is currently used for cabinet making and previously operated as a restaurant.
Property Size5,700 SF
Price / SF$131.58
Days on Market41
Property Features for 1702 S Madison St
General Information
Standard status
Active
Size
5,700 SF
Building Details
Year Built
1981
Listing Agency:
Chicora Advantage, LLC dba Coldwell Banker Sea Coast Advantage
(843) 855-3361
Listed By:
Eric A. Galvin · License #362829
Source:
Barefootbrokers
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 4:04AM
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 Chicora Advantage, LLC dba Coldwell Banker Sea Coast Advantage
Investment Insights
Based on property information with market context.
Built in 1981, this 5,700-square-foot flex space has a storefront-oriented configuration and is currently used for cabinet making. The property previously operated as a restaurant, providing two documented commercial use histories for evaluating the existing improvements.
Located at 1702 S Madison St in Whiteville, North Carolina, the property experiences traffic exposure along three sides. An adjacent lot to the left of the building is also available for purchase, offering an additional property component for consideration.
Located at 1702 S Madison St in Whiteville, North Carolina, the property experiences traffic exposure along three sides. An adjacent lot to the left of the building is also available for purchase, offering an additional property component for consideration.
Key Highlights
- 5,700 SF flex space with storefront configuration
- Current cabinet‑making use
- Previously operated as a restaurant
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
$68,804
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
9.17%
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%
$1,376,080
$1.4M
Cap Rate 7%
$982,914
$982.9K
Cap Rate 9%
$764,489
$764.5K
Market Conditions
NOI Build-Up for 5,700 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
$102.6K $18.00/SF
− Vacancy
−$4.3K −$0.76/SF
EGI
$98.3K $17.24/SF
− OpEx
−$29.5K −$5.17/SF
NOI
$68.8K $12.07/SF
Area
Columbus County, NC
Vacancy
4.20%
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%
$1,376,080
Cap Rate 7%
$982,914
Cap Rate 9%
$764,489
Alternative Uses
Best Use
Retail
$982.9K
$860.1K – $1.15M
NOI $68,804 @ 7.0% cap · market cap 9.17%
Second Best
Flex RnD
$944.0K
$826.0K – $1.10M
NOI $66,081 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,789 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28472, NC
17,308
Population
8,073
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
91%
High-School Grad
197.9 sq mi
ZIP Area
87
Density / Sq Mi
$48,963
Median Household Income
$36,535
Median Earnings
$788
Median Rent
$141,000
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - The building is currently used for cabinet making and previously operated as a restaurant.
Where is this flex space located?
The property is located at 1702 S Madison St Whiteville, NC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 5,700 SF flex space with storefront configuration; Current cabinet‑making use; Previously operated as a restaurant
