Auto Shop With Drive-In
New
For Sale
$250,000
2300 Lee, Sanford, NC 27330
Service-oriented commercial building with office, restroom, equipment, and adaptable workspace, subject to governmental approval.
Property Size3,136 SF
Lot Size0.24 Acres
Price / SF$79.72
Days on Market3
Property Features for 2300 Lee
General Information
Standard status
Active
Size
3,136 SF
Lot size
0.24 Acres
Property subtype
Commercial
Warehouse & Industrial
Clear Height
11 ft
Drive-In Doors
2
Additional Details
Traffic Count
5,200 vehicles/day
Taxes and HOA fees
Annual Taxes
$1,047
Amenities
office
restroom
drive-in roll-up doors
Concrete Flooring
Corner
Shingle Roof
Building Details
Year Built
1950
Building Size
3,136 SF
Listing Agency:
HARRIS REALTY & AUCTION
(919) 742-3286
Listed By:
SCOTT HARRIS · License #159569
(919) 498-4077
Source:
Corcoran
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 1:05PM
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 & AUCTION
Investment Insights
Based on property information with market context.
The property is a 3,136-square-foot commercial building on a 0.24-acre lot, constructed in 1950 and previously used for automotive service. Improvements include two drive-in roll-up doors measuring approximately 11' x 8' and 11' x 11', an approximately 11-foot ceiling, office and restroom areas, two chain hoists, and a 175 PSI, 80-gallon air compressor. The configuration provides functional space for automotive, service, repair, or other commercial applications, subject to governmental approval.
Located at 2300 Lee Avenue in Sanford, the property recorded an NCDOT daily traffic count of approximately 5,200 vehicles in 2024. The sale is on an AS IS basis. One or more underground petroleum storage tanks are believed to remain, and no Phase I Environmental Site Assessment, tank inspection, closure report, soil testing, or groundwater testing has been provided. Buyer due diligence should address environmental, zoning, regulatory, and physical-condition matters.
Located at 2300 Lee Avenue in Sanford, the property recorded an NCDOT daily traffic count of approximately 5,200 vehicles in 2024. The sale is on an AS IS basis. One or more underground petroleum storage tanks are believed to remain, and no Phase I Environmental Site Assessment, tank inspection, closure report, soil testing, or groundwater testing has been provided. Buyer due diligence should address environmental, zoning, regulatory, and physical-condition matters.
Key Highlights
- 3,136 SF commercial building on a 0.24‑acre lot
- Two drive‑in roll‑up doors: approximately 11' x 8' and 11' x 11'
- Approximately 11‑foot ceiling with office and restroom 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
$16,629
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
6.65%
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%
$332,580
$332.6K
Cap Rate 7%
$237,557
$237.6K
Cap Rate 9%
$184,767
$184.8K
Market Conditions
NOI Build-Up for 3,136 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
$24.5K $7.80/SF
− Vacancy
−$704 −$0.22/SF
EGI
$23.8K $7.58/SF
− OpEx
−$7.1K −$2.27/SF
NOI
$16.6K $5.30/SF
Area
Lee County, NC
Vacancy
2.88%
Lease Rate
$7.80 /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%
$332,580
Cap Rate 7%
$237,557
Cap Rate 9%
$184,767
Alternative Uses
Best Use
Retail
$530.9K
$464.6K – $619.4K
NOI $37,165 @ 7.0% cap · market cap 14.87%
Second Best
Industrial
$237.6K
$207.9K – $277.2K
NOI $16,629 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$762.5K
$667.2K – $889.6K
NOI $53,377 @ 7.0% cap · market cap 21.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11 ft
Clear height
2
Drive-in doors
5,200 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
710
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- GT Auto Services — 2930 Industrial Dr, Sanford, NC 27332
- In & Out — 228 W Seawell St, Sanford, NC 27332
- L.A Custom Mufflers State Inpection & Tires — 2802 Industrial Dr, Sanford, NC 27332
- Sanford Transmissions and Automotive — 2840 Lee Ave, Sanford, NC 27332
- GB's Auto Service — 2820 Lee Ave, Sanford, NC 27332
Frequently Asked Questions
What type of property is this?
Auto shop - Service-oriented commercial building with office, restroom, equipment, and adaptable workspace, subject to governmental approval.
Where is this auto shop located?
The property is located at 2300 Lee Sanford, NC.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 3,136 SF commercial building on a 0.24‑acre lot; Two drive‑in roll‑up doors: approximately 11' x 8' and 11' x 11'; Approximately 11‑foot ceiling with office and restroom areas
