Single-Story Flex
New
For Sale
$1,625,000
173 Davis Street, Southern Pines, NC 28387
Commercial Sale, Southern Pines, NC
Property Size11,500 SF
Lot Size0.90 Acres
Price / SF$141.30
Days on Market3
Property Features for 173 Davis Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GB
Subdivision
Yadkin Park
Directions
From US-1 S from Downtown Southern Pines, turn right at the 1st cross street onto Murray Hill Road. Continue through the intersection with Hwy 501. Turn left onto Davis Street. The property will be on your right.
Standard status
Active
APN
00057127
Size
11,500 SF
Lot size
0.90 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
YADKIN PARK LOT 41 42
Legal Description
YADKIN PARK LOT 41 42
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1990
Listing Agency:
Carolina Summit Group, LLC
(910) 684-5353
Listed By:
Holly Spofford Bell · License #252152
(910) 690-1065
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 5:06AM
MLS# 100600336
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 11,500-square-foot flex property is arranged as a single-story commercial building with both office and warehouse areas. Built in 1990, the asset includes on-site parking and electric heating. Its GB zoning supports the property’s commercial classification.
The building is located on Davis Street in Yadkin Park, with access to US Hwy 15-501 and Moore County’s primary retail corridor. Surrounding retailers include Walmart, Lowe’s, and Target, while FirstHealth Fitness - Southern Pines is adjacent to the property.
Existing occupants are leasing on a month-to-month basis. The 0.9-acre site offers a combination of office, warehouse, and parking improvements within Southern Pines.
The building is located on Davis Street in Yadkin Park, with access to US Hwy 15-501 and Moore County’s primary retail corridor. Surrounding retailers include Walmart, Lowe’s, and Target, while FirstHealth Fitness - Southern Pines is adjacent to the property.
Existing occupants are leasing on a month-to-month basis. The 0.9-acre site offers a combination of office, warehouse, and parking improvements within Southern Pines.
Key Highlights
- 11,500 SF single‑story commercial building
- 0.9‑acre site in Yadkin Park
- Office and warehouse configuration with on‑site parking
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
$117,439
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
7.23%
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%
$2,348,780
$2.3M
Cap Rate 7%
$1,677,700
$1.7M
Cap Rate 9%
$1,304,878
$1.3M
Market Conditions
NOI Build-Up for 11,500 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
$196.0K $17.04/SF
− Vacancy
−$15.3K −$1.33/SF
EGI
$180.7K $15.71/SF
− OpEx
−$63.2K −$5.50/SF
NOI
$117.4K $10.21/SF
Area
Moore County, NC
Vacancy
7.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
35.00%
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%
$2,348,780
Cap Rate 7%
$1,677,700
Cap Rate 9%
$1,304,878
Alternative Uses
Best Use
Flex RnD
$1.68M
$1.47M – $1.96M
NOI $117,439 @ 7.0% cap · market cap 7.23%
Second Best
Office B
$1.21M
$1.06M – $1.41M
NOI $84,767 @ 7.0% cap · market cap 5.22%
Theoretical Best
Specialty Retail
$2.19M
$1.92M – $2.56M
NOI $153,391 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28387, NC
16,413
Population
8,731
Households
1.9
Avg Household Size
45
Median Age
53%
College-Educated
93%
High-School Grad
29.5 sq mi
ZIP Area
556
Density / Sq Mi
$73,587
Median Household Income
$51,681
Median Earnings
$1,137
Median Rent
$366,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Firehouse Subs Aberdeen — 1844 N Sandhills Blvd, Aberdeen, NC 28315
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Frequently Asked Questions
What type of property is this?
Flex space - GB-zoned commercial property combining office and warehouse areas with on-site parking and access to US Hwy 15-501.
Where is this flex space located?
The property is located at 173 Davis Street Southern Pines, NC.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: 11,500 SF single‑story commercial building; 0.9‑acre site in Yadkin Park; Office and warehouse configuration with on‑site parking
