Turnkey Salon Suite Office
238 S Allen Rd Wake Forest, NC 27587
238 S Allen Rd, Wake Forest, NC, 27587
Contact for pricing
For Sale
Contact for pricing
Two-story building configured with up to 15 salon suites, including a full kitchen, four restrooms, and onsite parking.
Property Size3,900 SF
Price / SF$307.69
Days on Market115
Property Features for 238 S Allen Rd
General Information
- Standard status
- Active
- Size
- 3,900 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 1985
Listing agency
KW Commercial Raleigh
(919) 675-2750
Listed by
Diego Munoz · License #NC 273250
Source
Crexi
Added: Mar 30 Updated: Jul 21 at 7:04PM Checked: Jul 21 at 7:04PM
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 KW Commercial Raleigh
Investment Insights
Based on property information with market context.
238 South Allen Street is a meticulously maintained two-story building designed for high-capacity service operations, with up to 15 ready-made salon suites for immediate occupancy. The interior includes a full kitchen, four restrooms, and dedicated storage and laundry facilities to support day-to-day workflow.
The property is positioned just blocks from Historic Downtown Wake Forest, with connectivity to the NC-98 corridor and US-1 nearby. It also features 12 onsite parking spots and ADA accessibility via integrated ramps.
Offered as a turnkey setup within flexible NMX (Neighborhood Mixed-Use) zoning, the property is set up to accommodate service-focused tenants while maintaining convenient client access and practical onsite amenities.
The property is positioned just blocks from Historic Downtown Wake Forest, with connectivity to the NC-98 corridor and US-1 nearby. It also features 12 onsite parking spots and ADA accessibility via integrated ramps.
Offered as a turnkey setup within flexible NMX (Neighborhood Mixed-Use) zoning, the property is set up to accommodate service-focused tenants while maintaining convenient client access and practical onsite amenities.
Key Highlights
- 1985 two‑story building configured with up to 15 ready‑made salon suites for immediate occupancy
- Interior features include a full kitchen, four restrooms, dedicated storage, and laundry facilities
- 12 onsite parking spots and ADA accessibility via integrated ramps
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $105.3k | $27.00 |
| − Vacancy | −$6.4k | −$1.65 |
| EGI | $98.9k | $25.35 |
| − OpEx | −$29.7k | −$7.60 |
| NOI | $69.2k | $17.74 |
3,900 SF · lease $27.00/SF/yr · vacancy 6.12% · expense 30.00%
Alternative Uses
Best Use
Retail
$988.6K
$865.0K – $1.15M
NOI $69,199 @ 7.0% cap · market cap 5.77%
Second Best
Office B
$855.2K
$748.3K – $997.8K
NOI $59,867 @ 7.0% cap · market cap 4.99%
Theoretical Best
Specialty Retail
$1.11M
$974.4K – $1.30M
NOI $77,948 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Botanical Bliss & Beauty ...
Physician
Emery Aesthetics and Wellness
Spa & Massage Center
jade elizabeth salons
Hair Salon
Beautiful Chaos Hair ...
Hair Salon
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FAQs
What type of property is this?
Office units - Two-story building configured with up to 15 salon suites, including a full kitchen, four restrooms, and onsite parking.
Where is this office units located?
The property is located at 238 S Allen Rd Wake Forest, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 1985 two‑story building configured with up to 15 ready‑made salon suites for immediate occupancy; Interior features include a full kitchen, four restrooms, dedicated storage, and laundry facilities; 12 onsite parking spots and ADA accessibility via integrated ramps
