Retail Storefront with Adjacent Lot
For Sale
$750,000
1702 S Madison Street, Whiteville, NC 28472
COMMERCIAL - Whiteville, NC
Property Size5,700 SF
Lot Size0.92 Acres
Price / SF$131.58
Days on Market210
Property Features for 1702 S Madison Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Retail
Subdivision
Not In Subdivision
Directions
From NC-905 N turn left on 130W, then turn left onto Leslie Newsome Ave, Turn left onto S Madison St and property will be on the right.
Standard status
Active
APN
0280.04-52-6189.000
Size
5,700 SF
Lot size
0.92 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lot#A Michael Hyatt
Tax Annual Amount
4199
Legal Description
Lot#A Michael Hyatt
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Flooring type
Concrete
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Chicora Advantage, LLC dba Coldwell Banker Sea Coast Advantage
(843) 280-1232
Listed By:
Emily A Lulves · License #354429
(843) 238-7753
Added: Jan 21
Changed: Aug 19
Last Checked: Aug 19 at 1:06PM
MLS# 100550441
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,700-square-foot storefront property sits on 0.92 acres and is zoned Retail. The building dates to 1981 and features wood siding, concrete flooring, central air conditioning, electric heat with a heat pump, public water, and a composition roof. It is currently configured for cabinet-making activity and previously operated as a restaurant, providing a commercial building with an existing service-oriented layout and reuse potential.
Located at 1702 S Madison Street in Whiteville, the property has traffic exposure on three sides. An adjacent lot positioned to the left of the building’s front is also available for purchase, offering an option to expand the land associated with the site. The property is in Columbus County, within ZIP Code 28472.
Located at 1702 S Madison Street in Whiteville, the property has traffic exposure on three sides. An adjacent lot positioned to the left of the building’s front is also available for purchase, offering an option to expand the land associated with the site. The property is in Columbus County, within ZIP Code 28472.
Key Highlights
- 5,700‑square‑foot storefront building on 0.92 acres
- Retail zoning supports the property’s commercial storefront use
- Currently used for cabinet‑making; 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
—
—
no second resolved use
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
416
Businesses Nearby
Balanced
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 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?
Storefront property - Retail-zoned commercial building with flexible interior space and an adjacent parcel available for separate purchase.
Where is this storefront property located?
The property is located at 1702 S Madison Street 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‑square‑foot storefront building on 0.92 acres; Retail zoning supports the property’s commercial storefront use; Currently used for cabinet‑making; previously operated as a restaurant
