Historic Wedding Venue and
For Sale
Contact for pricing
201 E HILL ST, Benson, NC 27504
Historic circa-1910 event and lodging property with a grand ballroom and guest accommodations, ready after recent capital improvements.
Property Size8,053 SF
Price / SF$148.39
Days on Market55
Property Features for 201 E HILL ST
General Information
Standard status
Active
Size
8,053 SF
Property subtype
Mixed Use, Special Purpose
Additional Details
Business Included
Yes
Building Details
Year Built
1910
Listing Agency:
Marti Hampton Real Estate
(919) 601-7710
Listed By:
Marti Hampton · License #132302
Source:
Crexi
Added: Jun 14
Changed: Jul 10
Last Checked: Aug 6 at 12:38PM
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 Marti Hampton Real Estate
Investment Insights
Based on property information with market context.
The Preston Woodall House is a special-purpose historic hospitality property with approximately 8,053 square feet and multiple indoor and outdoor gathering spaces. The centerpiece is the Cora Lily Grand Ballroom, supported by elegant parlors and guest accommodations for overnight stays. The property has undergone extensive preparation and capital improvements, including ballroom enhancements, interior and exterior painting, flooring upgrades, wallpaper restoration, plumbing improvements, drainage work, deep cleaning, and numerous other improvements throughout the house.
The property is located at 201 E Hill St in downtown Benson, North Carolina, positioned for accessibility to the Raleigh, Fayetteville, and I-95 corridors as well as the Triangle region. It is offered for sale as an established event and hospitality destination.
This asset can fit a range of hospitality-focused operators and buyers, including wedding and event venue use, a boutique hotel or bed and breakfast concept, or an event-centered corporate retreat and private gathering facility. The most suitable fit is a buyer seeking to operate from an improved historic event property with an existing ballroom and lodging accommodations, with the flexibility to reintroduce activity after a period of inactivity.
The property is located at 201 E Hill St in downtown Benson, North Carolina, positioned for accessibility to the Raleigh, Fayetteville, and I-95 corridors as well as the Triangle region. It is offered for sale as an established event and hospitality destination.
This asset can fit a range of hospitality-focused operators and buyers, including wedding and event venue use, a boutique hotel or bed and breakfast concept, or an event-centered corporate retreat and private gathering facility. The most suitable fit is a buyer seeking to operate from an improved historic event property with an existing ballroom and lodging accommodations, with the flexibility to reintroduce activity after a period of inactivity.
Key Highlights
- Historic circa‑1910 Preston Woodall House with 8,053 SF and a Cora Lily Grand Ballroom
- Downtown Benson event venue and hospitality property with guest accommodations and multiple indoor/outdoor gathering spaces
- Recent improvements completed, including ballroom enhancements, interior/exterior painting, flooring upgrades, and wallpaper restoration
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
$50,492
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
4.23%
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%
$1,009,840
$1.0M
Cap Rate 7%
$721,314
$721.3K
Cap Rate 9%
$561,022
$561.0K
Market Conditions
NOI Build-Up for 8,053 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
$120.8K $15.00/SF
− Vacancy
−$14.5K −$1.80/SF
EGI
$106.3K $13.20/SF
− OpEx
−$55.8K −$6.93/SF
NOI
$50.5K $6.27/SF
Area
Johnston County, NC
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,009,840
Cap Rate 7%
$721,314
Cap Rate 9%
$561,022
Alternative Uses
Best Use
Hotel Hospitality
$721.3K
$631.2K – $841.5K
NOI $50,492 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.44M
$2.13M – $2.84M
NOI $170,535 @ 7.0% cap · market cap 14.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 27504, NC
16,613
Population
7,140
Households
2.3
Avg Household Size
38
Median Age
18%
College-Educated
87%
High-School Grad
89.8 sq mi
ZIP Area
185
Density / Sq Mi
$68,376
Median Household Income
$44,481
Median Earnings
$995
Median Rent
$217,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Historic circa-1910 event and lodging property with a grand ballroom and guest accommodations, ready after recent capital improvements.
Where is this wedding venue located?
The property is located at 201 E HILL ST Benson, NC.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Historic circa‑1910 Preston Woodall House with 8,053 SF and a Cora Lily Grand Ballroom; Downtown Benson event venue and hospitality property with guest accommodations and multiple indoor/outdoor gathering spaces; Recent improvements completed, including ballroom enhancements, interior/exterior painting, flooring upgrades, and wallpaper restoration
