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    Historic Office Building For Sale Title is generated by Realmo AI

    201 N Second Street, Smithfield, NC 27577

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    For Sale
    $350,000

    Charming 4,253 SF office space in historic Smithfield district.

    Type:Commercial/Industrial
    Property size:
    4,253 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $82/SF
    Added:
    Mar 11, 2026
    Days on Market:
    69
    Last Refresh:
    Apr 5 at 9:40 pm

    Property Features for 201 N Second Street

    General Information

    Standard status
    Active
    Size
    4,253 SF
    Lot size
    0.26 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1850

    We can help!

    Listing Contact
    Perry Harris

    Listing agent Perry Harris License #308749

    Listing office Harris Realty & Land, LLC

    Listing date Mar 11, 2026

    Source Exitrealty

    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 Harris Realty & Land, LLC

    HighLights

    • 4,253 Sq Ft of Office Space in North Smithfield Historic District
    • Zoned O&I (Office & Institutional)
    • Located on the National Register of Historic Places
    • Unique architectural history spanning three building periods, starting circa 1850
    • Features original Greek Revival details (transom, sidelights, Doric columns)
    • Potential to own the Oldest Home in Smithfield

    Overview

    Located in the North Smithfield Historic District, the Waddell-Brenizer House offers 4,253 square feet of office space. The property is zoned O&I and is listed on the National Register of Historic Places. The structure incorporates three building periods, beginning circa 1850 as a one-story, two-room Greek Revival style office building featuring a four-column Doric portico. After the Civil War, the office was enlarged into a single-story, central-hall, double-pile house and office. The original Greek Revival style transom and sidelights remain intact on the south side. The central entrance with sidelights and transom, along with the nine-over-nine sash window with arched transom on the north, reflect the post-Civil War expansion. Between 1908 and 1915, a second story with a large shed dormer featuring six-over-six sash windows was added. The engaged porch, supported by four fluted Doric columns original to the early office, features a wide entablature. This property presents an opportunity to own one of the oldest homes in Smithfield.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Holland Jr Andrew Law Firm Global Insurance Solutions Insurance Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Smithfield
    County
    Johnston
    State
    North Carolina
    Longitude
    -78.3467
    Latitude
    35.5139

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    FAQs

    What type of property is this?
    Office building - Charming 4,253 SF office space in historic Smithfield district.
    Where is this office building located?
    The property is located at 201 N Second Street Smithfield, NC.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: 4,253 Sq Ft of Office Space in North Smithfield Historic District; Zoned O&I (Office & Institutional); Located on the National Register of Historic Places
    (919) 300-1160
    We can help!
    Listing Contact
    Perry Harris
    Real Estate License ID: 308749
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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