Storefront Property with
For Sale
$2,100,000
2465 S New Hope Rd, Gastonia, NC 28054
Former Walgreens location with on-site parking, prominent road exposure, and a newly installed roof.
Property Size10,908 SF
Days on Market89
Property Features for 2465 S New Hope Rd
General Information
Standard status
Active
Size
10,908 SF
Class
B
Property subtype
Street Retail
Additional Details
Drive-Thru
Yes
Building Details
Building Size
10,908 SF
Year Built
1998
Listing Agency:
Encore Real Estate Investment Services
(248) 866-4977
Listed By:
Michael Gaggo · License #6501381426
(248) 866-4977
Source:
Thebrokerlist
Added: Jun 3
Changed: Aug 29
Last Checked: Aug 29 at 1:42PM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
The former Walgreens property at 2465 S New Hope Rd features a storefront retail layout with an existing drive-through, on-site parking, prominent frontage, and signage along the road. A new roof was installed in 2023, and the building was constructed in 1998.
The site occupies the signalized intersection of S. New Hope Rd and Redbud Dr in Gastonia, with reported traffic volumes exceeding 21,500 vehicles per day on S. New Hope Rd and 18,000 on Redbud Dr. It is positioned across from Walmart Neighborhood Market and near Circle K, Dunkin', Food Lion, Pizza Hut, Sherwin-Williams, and Subway. The property is also located near I-89.
The site occupies the signalized intersection of S. New Hope Rd and Redbud Dr in Gastonia, with reported traffic volumes exceeding 21,500 vehicles per day on S. New Hope Rd and 18,000 on Redbud Dr. It is positioned across from Walmart Neighborhood Market and near Circle K, Dunkin', Food Lion, Pizza Hut, Sherwin-Williams, and Subway. The property is also located near I-89.
Key Highlights
- Signalized intersection at S. New Hope Rd and Redbud Dr
- 21,500+ VPD on S. New Hope Rd and 18,000+ VPD on Redbud Dr
- Drive‑through configuration with ample on‑site parking
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
$133,913
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
6.38%
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%
$2,678,260
$2.7M
Cap Rate 7%
$1,913,043
$1.9M
Cap Rate 9%
$1,487,922
$1.5M
Market Conditions
NOI Build-Up for 10,908 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
$206.8K $18.96/SF
− Vacancy
−$15.5K −$1.42/SF
EGI
$191.3K $17.54/SF
− OpEx
−$57.4K −$5.26/SF
NOI
$133.9K $12.28/SF
Area
Gaston County, NC
Vacancy
7.50%
Lease Rate
$18.96 /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%
$2,678,260
Cap Rate 7%
$1,913,043
Cap Rate 9%
$1,487,922
Alternative Uses
Best Use
Retail
$1.91M
$1.67M – $2.23M
NOI $133,913 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.43M
$3.00M – $4.01M
NOI $240,325 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
138k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 47%
Shops & Services 26%
Dining 26%
Home Improvements & Furnishings 1%
Walmart Neighborhood Market
Groceries
36,147 visits/mo
0.2 miles
Food Lion Grocery Store
Groceries
29,376 visits/mo
0.1 miles
Circle K
Shops & Services
17,905 visits/mo
0.0 miles
Circle K
Shops & Services
16,721 visits/mo
0.1 miles
Dunkin' Donuts
Dining
12,210 visits/mo
0.1 miles
Demographics for 28054, NC
40,548
Population
18,351
Households
2.2
Avg Household Size
40
Median Age
25%
College-Educated
90%
High-School Grad
19.3 sq mi
ZIP Area
2,101
Density / Sq Mi
$59,524
Median Household Income
$39,883
Median Earnings
$1,150
Median Rent
$220,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Former Walgreens location with on-site parking, prominent road exposure, and a newly installed roof.
Where is this storefront property located?
The property is located at 2465 S New Hope Rd Gastonia, NC.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Signalized intersection at S. New Hope Rd and Redbud Dr; 21,500+ VPD on S. New Hope Rd and 18,000+ VPD on Redbud Dr; Drive‑through configuration with ample on‑site parking
