Established Restaurant Near Interstate
For Sale
$650,000
218 S Main Street, Grover, NC 28073
Well-established restaurant with growth potential near I-85.
Property Size2,500 SF
Price / SF$260
Days on Market328
Property Features for 218 S Main Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Amenities
Corner Lot
Building Details
Year Built
2004
Listing Agency:
JOLLY REALTY GROUP LLC
(704) 830-6737
Listed By:
JONI SMITH · License #176526
Source:
Corcoran
Added: Sep 26, 2025
Changed: Aug 18
Last Checked: Aug 18 at 6:22AM
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 JOLLY REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This is an opportunity to own a well-established restaurant with a strong reputation in the community. The restaurant currently offers breakfast, lunch, and dinner. The location is positioned just off Interstate I-85, near truck stops and approximately two exits from the new 2 Kings Casino. The property is approximately 2500 square feet. The restaurant is the only home-style meal restaurant in the area. The owner is retiring and seeking a hands-on owner-operator to continue and expand the business. The area's new growth and housing developments present potential for sales growth with new energy and marketing strategies.
Key Highlights
- Well‑established restaurant with a great reputation in the community
- Prime location directly off I‑85 interstate exit**
- Only home‑style meal restaurant in the area
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
$31,590
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
4.86%
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%
$631,800
$631.8K
Cap Rate 7%
$451,286
$451.3K
Cap Rate 9%
$351,000
$351.0K
Market Conditions
NOI Build-Up for 2,500 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
$45.0K $18.00/SF
− Vacancy
−$2.9K −$1.15/SF
EGI
$42.1K $16.85/SF
− OpEx
−$10.5K −$4.21/SF
NOI
$31.6K $12.64/SF
Area
Cleveland County, NC
Vacancy
6.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$631,800
Cap Rate 7%
$451,286
Cap Rate 9%
$351,000
Alternative Uses
Best Use
Specialty Retail
$451.3K
$394.9K – $526.5K
NOI $31,590 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$634.9K
$555.5K – $740.7K
NOI $44,442 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28073, NC
5,356
Population
2,664
Households
2
Avg Household Size
42
Median Age
12%
College-Educated
87%
High-School Grad
25.7 sq mi
ZIP Area
208
Density / Sq Mi
$55,466
Median Household Income
$32,426
Median Earnings
$870
Median Rent
$125,800
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Well-established restaurant with growth potential near I-85.
Where is this conventional restaurant located?
The property is located at 218 S Main Street Grover, NC.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Well‑established restaurant with a great reputation in the community; Prime location directly off I‑85 interstate exit**; Only home‑style meal restaurant in the area
