Drive-Through Storefront
New
For Sale
$375,000
1935 Gillespie St, Fayetteville, NC 28306
Updated two-story commercial space with flexible upper-level rooms and customer access from three sides.
Property Size2,806 SF
Days on Market4
Property Features for 1935 Gillespie St
General Information
Standard status
Active
Size
2,806 SF
Property subtype
Retail
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Amenities
walk-in cooler
exterior lighting
half bath
washer and dryer hookups
kitchen area
Building Details
Building Size
2,806 SF
Year Built
1976
Buildings
1
Stories
2
Construction
barn-style
Listing Agency:
GRANT-MURRAY REAL ESTATE, LLC.
(910) 990-3974
Listed By:
Kevin Carroll · License #363322
(910) 990-3974
Source:
Grantmurrayre
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 30 at 4:06PM
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 GRANT-MURRAY REAL ESTATE, LLC.
Investment Insights
Based on property information with market context.
Built in 1976, this two-story storefront property combines retail space with a flexible upper level. The building includes two drive-through windows, on-site parking, exterior lighting, and frontage along three sides for convenient customer access. Its barn-style exterior gives the property a distinctive commercial appearance.
Recent work includes a metal roof, electric heat pump, electrical improvements, and new flooring throughout. The former walk-in cooler remains a useful feature, with the space able to accommodate a new compressor. The second floor contains two rooms, a half bath, washer and dryer hookups, a kitchen area, and separate interior and private exterior entrances, providing additional office or other flexible space.
The property is located at 1935 Gillespie St in Fayetteville, with exposure along S. Eastern Boulevard and Gillespie Street. Traffic counts are 32,000 AADT on S. Eastern Blvd. and 9,700 AADT on Gillespie Street.
Recent work includes a metal roof, electric heat pump, electrical improvements, and new flooring throughout. The former walk-in cooler remains a useful feature, with the space able to accommodate a new compressor. The second floor contains two rooms, a half bath, washer and dryer hookups, a kitchen area, and separate interior and private exterior entrances, providing additional office or other flexible space.
The property is located at 1935 Gillespie St in Fayetteville, with exposure along S. Eastern Boulevard and Gillespie Street. Traffic counts are 32,000 AADT on S. Eastern Blvd. and 9,700 AADT on Gillespie Street.
Key Highlights
- 32,000 AADT on S. Eastern Blvd.
- 9,700 AADT on Gillespie Street
- Road frontage on three sides
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
$31,714
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
8.46%
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%
$634,280
$634.3K
Cap Rate 7%
$453,057
$453.1K
Cap Rate 9%
$352,378
$352.4K
Market Conditions
NOI Build-Up for 2,806 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
$50.5K $18.00/SF
− Vacancy
−$5.2K −$1.85/SF
EGI
$45.3K $16.15/SF
− OpEx
−$13.6K −$4.84/SF
NOI
$31.7K $11.30/SF
Area
Fayetteville, NC
Vacancy
10.30%
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%
$634,280
Cap Rate 7%
$453,057
Cap Rate 9%
$352,378
Alternative Uses
Best Use
Retail
$453.1K
$396.4K – $528.6K
NOI $31,714 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$614.9K
$538.1K – $717.4K
NOI $43,046 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
281
Businesses Nearby
74k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 77%
Shops & Services 22%
Hotels & Casinos 1%
Cook Out
Dining
20,980 visits/mo
0.4 miles
Wendy's
Dining
13,051 visits/mo
0.3 miles
Taco Bell
Dining
11,148 visits/mo
0.3 miles
Popeyes Louisiana Kitchen
Dining
7,230 visits/mo
0.3 miles
BP
Shops & Services
6,031 visits/mo
0.2 miles
Demographics for 28306, NC
44,615
Population
17,723
Households
2.5
Avg Household Size
36
Median Age
28%
College-Educated
90%
High-School Grad
69.7 sq mi
ZIP Area
640
Density / Sq Mi
$63,175
Median Household Income
$40,258
Median Earnings
$1,115
Median Rent
$218,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Updated two-story commercial space with flexible upper-level rooms and customer access from three sides.
Where is this storefront property located?
The property is located at 1935 Gillespie St Fayetteville, NC.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 32,000 AADT on S. Eastern Blvd.; 9,700 AADT on Gillespie Street; Road frontage on three sides
