Two-Unit Storefront
For Sale
$450,000
2504 Newton Drive, Statesville, NC 28677
Separate building systems support independent operation of the two sides.
Property Size2,100 SF
Lot Size1.40 Acres
Price / SF$214.29
Days on Market137
Property Features for 2504 Newton Drive
General Information
Standard status
Active
Size
2,100 SF
Lot size
1.40 Acres
Property subtype
Commercial
Zoning
B5
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
2
Building Details
Year Built
1957
Buildings
1
Owner Occupied
No
Listing Agency:
Cooper Southern Properties
(828) 635-4440
Listed By:
Marissa Cooper Winstead · License #204013
Source:
Techrealtyllc
Added: Mar 19
Changed: Aug 2
Last Checked: Aug 2 at 5:40AM
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 Cooper Southern Properties
Investment Insights
Based on property information with market context.
This 2,100 SF commercial building, constructed in 1957, has a flexible layout with two bathrooms, several office areas, and a substantial reception space. It has historically operated as two independent units, with separate HVAC systems, electrical services, and water heaters serving each side. Improvements include a metal roof, exterior and interior updates, electrical work, and replacement window glass.
The property encompasses approximately 1.4 acres across four parcels near the Statesville airport, with access to Hwy 70 and proximity to I-40 and I-77. The front parcels and building carry B5 General Business zoning, while the rear parcels are residentially zoned. A portion of one rear lot is affected by an AT&T utility easement. The building is occupied by a sewing and alterations business under a lease extending through May 2026. Water service is provided by a well, with county water available at the road, and the property has a septic system.
The property encompasses approximately 1.4 acres across four parcels near the Statesville airport, with access to Hwy 70 and proximity to I-40 and I-77. The front parcels and building carry B5 General Business zoning, while the rear parcels are residentially zoned. A portion of one rear lot is affected by an AT&T utility easement. The building is occupied by a sewing and alterations business under a lease extending through May 2026. Water service is provided by a well, with county water available at the road, and the property has a septic system.
Key Highlights
- Approximately 1.4 acres across four parcels
- 2,100 SF commercial building constructed in 1957
- Front parcels and building zoned B5 General Business; rear parcels residentially zoned
Financial Insights For Office B
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 | $54.7k | $26.04 |
| − Vacancy | −$5.6k | −$2.66 |
| EGI | $49.1k | $23.38 |
| − OpEx | −$12.3k | −$5.85 |
| NOI | $36.8k | $17.54 |
2,100 SF · lease $26.04/SF/yr · vacancy 10.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$526.1K
$460.4K – $613.8K
NOI $36,830 @ 7.0% cap · market cap 8.18%
Second Best
Retail
$368.3K
$322.3K – $429.7K
NOI $25,781 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$661.0K
$578.3K – $771.1K
NOI $46,267 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Separate building systems support independent operation of the two sides.
Where is this storefront property located?
The property is located at 2504 Newton Drive Statesville, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Approximately 1.4 acres across four parcels; 2,100 SF commercial building constructed in 1957; Front parcels and building zoned B5 General Business; rear parcels residentially zoned
