Downtown Mixed-Use
New
For Sale
Contact for pricing
213 South Steele Street, Sanford, NC 27330
CBD-zoned downtown property combines existing occupancy with space suited to office, retail, and professional-service uses.
Property Size8,102 SF
Price / SF$123.43
Days on Market5
Property Features for 213 South Steele Street
General Information
Standard status
Active
Size
8,102 SF
Class
C
Property subtype
Retail, Office
Zoning
CBD
Lease Type
Gross
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1975
Units
1
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
Century 21 Triangle Group - Flanagan CRE Team
(919) 302-3298
Listed By:
Jose Cruz · License #312455
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 8:25AM
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 Century 21 Triangle Group - Flanagan CRE Team
Investment Insights
Based on property information with market context.
This mixed-use commercial building contains 8,102 SF and was constructed in 1975. Approximately 1,700± SF is available for lease, while Suites 213, 217B, and 217C provide additional leasable areas. The current owner will remain in occupancy after closing, using a limited portion of the property and creating an existing tenant relationship for the new owner. CBD zoning supports the property’s downtown commercial setting.
The building is located in downtown Sanford with access to US-1, US-421, and NC-87. The source information identifies potential applications including retail, office, professional services, boutique, restaurant, and specialty commercial uses, giving the property a range of possible occupancy formats within its mixed-use classification.
The building is located in downtown Sanford with access to US-1, US-421, and NC-87. The source information identifies potential applications including retail, office, professional services, boutique, restaurant, and specialty commercial uses, giving the property a range of possible occupancy formats within its mixed-use classification.
Key Highlights
- 8,102 SF mixed‑use commercial building constructed in 1975
- Approximately 1,700± SF available for lease
- Suites 213, 217B, and 217C provide additional leasable areas
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
$85,132
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
8.51%
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%
$1,702,640
$1.7M
Cap Rate 7%
$1,216,171
$1.2M
Cap Rate 9%
$945,911
$945.9K
Market Conditions
NOI Build-Up for 8,102 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
$145.8K $18.00/SF
− Vacancy
−$9.6K −$1.19/SF
EGI
$136.2K $16.81/SF
− OpEx
−$51.1K −$6.30/SF
NOI
$85.1K $10.51/SF
Area
Lee County, NC
Vacancy
6.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,702,640
Cap Rate 7%
$1,216,171
Cap Rate 9%
$945,911
Alternative Uses
Best Use
Office B
$1.68M
$1.47M – $1.96M
NOI $117,766 @ 7.0% cap · market cap 11.78%
Second Best
Retail
$1.37M
$1.20M – $1.60M
NOI $96,018 @ 7.0% cap · market cap 9.60%
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,903 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,128
Businesses Nearby
Explore this area
Business Placement
Demographics for 27330, NC
39,489
Population
17,026
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
210.7 sq mi
ZIP Area
187
Density / Sq Mi
$60,726
Median Household Income
$37,477
Median Earnings
$966
Median Rent
$213,000
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - CBD-zoned downtown property combines existing occupancy with space suited to office, retail, and professional-service uses.
Where is this mixed-use property located?
The property is located at 213 South Steele Street Sanford, NC.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 8,102 SF mixed‑use commercial building constructed in 1975; Approximately 1,700± SF available for lease; Suites 213, 217B, and 217C provide additional leasable areas
