Turnkey Restaurant with
For Sale
$550,000
246 N Carolina St, Goldsboro, NC 27530
Restaurant space comes fully equipped plus a tenant-occupied three-bedroom apartment and separate flex storage area.
Property Size3,461 SF
Price / SF$158.91
Days on Market74
Property Features for 246 N Carolina St
General Information
Standard status
Active
Size
3,461 SF
Additional Details
Business Included
Yes
Commercial Hood
Yes
Taxes and HOA fees
Annual Taxes
$1,358
Listing Agency:
EXP Realty LLC
(919) 720-3141
Listed By:
Sami Morteo
(919) 720-3141
Source:
Exprealty
Added: May 27
Changed: Aug 8
Last Checked: Aug 8 at 8:38AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This turnkey property is set up for immediate restaurant operation and includes a comprehensive package of equipment and fixtures. The included items are fryers, grills, an ice machine, refrigerators, a walk-in cooler and freezer, a steam table, prep stations, tables and chairs, sinks, a hood exhaust system, along with a safe and POS system. The property also includes a spacious apartment with three bedrooms, one bathroom, a living room, an eat-in kitchen, and a garage.
In addition to the restaurant and apartment, there is separate storage/flex space that was formerly operated as a tanning salon. The apartment is currently tenant-occupied on a month-to-month lease.
The combination of an operating-ready restaurant setup, on-site apartment space, and an additional flexible area makes the property well-suited for an owner-operator seeking functional, ready-to-run improvements, as well as for buyers looking to maintain rental continuity through the existing month-to-month tenant. The separate storage/flex space provides room to support the restaurant operation or accommodate a secondary use, depending on the buyer’s goals.
In addition to the restaurant and apartment, there is separate storage/flex space that was formerly operated as a tanning salon. The apartment is currently tenant-occupied on a month-to-month lease.
The combination of an operating-ready restaurant setup, on-site apartment space, and an additional flexible area makes the property well-suited for an owner-operator seeking functional, ready-to-run improvements, as well as for buyers looking to maintain rental continuity through the existing month-to-month tenant. The separate storage/flex space provides room to support the restaurant operation or accommodate a secondary use, depending on the buyer’s goals.
Key Highlights
- Restaurant space includes essential equipment and fixtures: fryers, grills, ice machine, refrigerators, walk‑in cooler and freezer
- Also included: safe, POS system, steam table, prep stations, tables, chairs, sinks, and a hood exhaust system
- On‑site 3‑bedroom, 1‑bath apartment with living room and eat‑in kitchen, currently tenant‑occupied on a month‑to‑month lease
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
$28,211
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
5.13%
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%
$564,220
$564.2K
Cap Rate 7%
$403,014
$403.0K
Cap Rate 9%
$313,456
$313.5K
Market Conditions
NOI Build-Up for 3,461 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
$54.0K $15.60/SF
− Vacancy
−$2.7K −$0.78/SF
EGI
$51.3K $14.82/SF
− OpEx
−$23.1K −$6.67/SF
NOI
$28.2K $8.15/SF
Area
Wayne County, NC
Vacancy
5.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$564,220
Cap Rate 7%
$403,014
Cap Rate 9%
$313,456
Alternative Uses
Best Use
Specialty Retail
$2.78M
$2.43M – $3.25M
NOI $194,777 @ 7.0% cap · market cap 35.41%
Second Best
Flex RnD
$2.25M
$1.97M – $2.63M
NOI $157,715 @ 7.0% cap · market cap 28.68%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27530, NC
37,470
Population
17,796
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
89%
High-School Grad
106.5 sq mi
ZIP Area
352
Density / Sq Mi
$55,507
Median Household Income
$37,696
Median Earnings
$827
Median Rent
$176,500
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?
Conventional restaurant - Restaurant space comes fully equipped plus a tenant-occupied three-bedroom apartment and separate flex storage area.
Where is this conventional restaurant located?
The property is located at 246 N Carolina St Goldsboro, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Restaurant space includes essential equipment and fixtures: fryers, grills, ice machine, refrigerators, walk‑in cooler and freezer; Also included: safe, POS system, steam table, prep stations, tables, chairs, sinks, and a hood exhaust system; On‑site 3‑bedroom, 1‑bath apartment with living room and eat‑in kitchen, currently tenant‑occupied on a month‑to‑month lease
