Pre-Engineered Steel Dance Studio
For Sale
$835,000
2040 Fenner Road, Rocky Mount, NC 27804
9,000 SF pre-engineered steel building with rear 10'x10' rollup door and 800 SF front office/retail area.
Property Size9,000 SF
Lot Size3.00 Acres
Price / SF$92.78
Days on Market135
Property Features for 2040 Fenner Road
General Information
Standard status
Active
Size
9,000 SF
Lot size
3.00 Acres
Property subtype
Commercial
Zoning
I-2
Additional Details
Highway Access
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$10,555
Amenities
LVT/LVP,Concrete,Vinyl
No
Yes
Electric
Public
3.0
700'x386' 493/253/20
Metal Siding
Parking Lot,Gravel,Asphalt
Slab
9000.0
Building Details
Year Built
2014
Listing Agency:
CGP Realty
(912) 233-6000
Listed By:
Leila Khalidi
(912) 507-9379
Source:
Baystreetrealtygroup
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 5 at 5:31AM
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 CGP Realty
Investment Insights
Based on property information with market context.
This 2014-built, 9,000-square-foot pre-engineered steel commercial building is constructed on a reinforced concrete slab with concrete block/masonry and metal exterior finishes. The roof system is metal with an eave height of about 12 feet and an estimated center height of about 14 feet. Interior space includes approximately 800 square feet of front office/retail area with a full kitchen, a single-fixture bathroom, an office, and an open retail area. The remaining area is designed for a dance operation with four dance rooms, a hallway/flex room area, two bathrooms (one with three toilet fixtures and two sinks; the other with two toilet fixtures and one sink), and a rear storage area. Finishes include stained concrete, luxury vinyl flooring, painted drywall, fluorescent lighting, and exposed insulated ceiling/metal frame elements, and the building has multiple ground-mounted heat pumps.
The property is set on 3.0 acres with additional site improvements, including 18,500 square feet of impervious area, 3,000 square feet of concrete sidewalks, and a 15,500 square foot asphalt-paved parking lot, plus approximately 10,000 square feet of gravel/rock parking at the rear. Exterior features include insulated metal doors with glass, metal passage doors, aluminum-framed windows, and a rear 10'x10' rollup overhead door. Zoned for heavy commercial/industrial use (I-2) and located near light industrial uses, the site is described as minutes from I-95 and US 64, and near North Carolina Wesleyan College.
The property is set on 3.0 acres with additional site improvements, including 18,500 square feet of impervious area, 3,000 square feet of concrete sidewalks, and a 15,500 square foot asphalt-paved parking lot, plus approximately 10,000 square feet of gravel/rock parking at the rear. Exterior features include insulated metal doors with glass, metal passage doors, aluminum-framed windows, and a rear 10'x10' rollup overhead door. Zoned for heavy commercial/industrial use (I-2) and located near light industrial uses, the site is described as minutes from I-95 and US 64, and near North Carolina Wesleyan College.
Key Highlights
- 9,000 SF (60' x 150') CECO pre‑engineered steel commercial building built in 2014 on a reinforced concrete slab
- Front office/retail area includes a full kitchen, single‑fixture bathroom, office, and open retail area
- Interior layout includes four dance rooms plus hallway/flex area, two bathrooms, and rear storage; interior finishes include stained concrete and luxury vinyl flooring
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
$58,398
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
6.99%
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%
$1,167,960
$1.2M
Cap Rate 7%
$834,257
$834.3K
Cap Rate 9%
$648,867
$648.9K
Market Conditions
NOI Build-Up for 9,000 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
$90.7K $10.08/SF
− Vacancy
−$7.3K −$0.81/SF
EGI
$83.4K $9.27/SF
− OpEx
−$25.0K −$2.78/SF
NOI
$58.4K $6.49/SF
Area
Nash County, NC
Vacancy
8.04%
Lease Rate
$10.08 /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%
$1,167,960
Cap Rate 7%
$834,257
Cap Rate 9%
$648,867
Alternative Uses
Best Use
Industrial
$834.3K
$730.0K – $973.3K
NOI $58,398 @ 7.0% cap · market cap 6.99%
Second Best
Flex RnD
$711.7K
$622.7K – $830.3K
NOI $49,816 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$2.97M
$2.60M – $3.46M
NOI $207,709 @ 7.0% cap · market cap 24.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27804, NC
28,707
Population
14,352
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
89%
High-School Grad
43.0 sq mi
ZIP Area
668
Density / Sq Mi
$58,837
Median Household Income
$36,445
Median Earnings
$977
Median Rent
$177,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 9,000 SF pre-engineered steel building with rear 10'x10' rollup door and 800 SF front office/retail area.
Where is this flex space located?
The property is located at 2040 Fenner Road Rocky Mount, NC.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: 9,000 SF (60' x 150') CECO pre‑engineered steel commercial building built in 2014 on a reinforced concrete slab; Front office/retail area includes a full kitchen, single‑fixture bathroom, office, and open retail area; Interior layout includes four dance rooms plus hallway/flex area, two bathrooms, and rear storage; interior finishes include stained concrete and luxury vinyl flooring
