Building Details

Building Size 3,569 SF

Year Built 1934

Units 3

Listing Agency: RE/MAX Southern Shores p***@paigebird.com Show Phone

Listed By: Bryant D Evans · License #47713 Show Phone

Source: Thomasrealtysold

Added: May 29 Changed: Aug 23 Last Checked: Aug 23 at 3:14AM

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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 RE/MAX Southern Shores

Investment Insights

Based on property information with market context.

This property includes a beautifully remodeled 1934 main home with 3 bedrooms and 2 bathrooms. Interior features include a spacious living area, a fully renovated kitchen, and a dedicated laundry room. A secondary building serves as a library and guest suite, with a loft designed to sleep four.

Behind the library, the property offers a covered venue intended for events with an open indoor-outdoor layout. The venue is described as able to accommodate up to 350 seated guests and includes bathrooms and a full commercial kitchen.

Overall, the asset combines residential living with a dedicated event setup, supported by the presence of a commercial kitchen and guest accommodations for hosted gatherings.

Key Highlights

• Remodeled 3‑bedroom, 2‑bath home built in 1934 with a spacious living area
• Fully renovated kitchen in the main house plus a dedicated laundry room
• Secondary building serves as a library and guest suite with a loft that sleeps 4

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

$45,473

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

3.64%

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%

$909,460 $909.5K

Cap Rate 7%

$649,614 $649.6K

Cap Rate 9%

$505,256 $505.3K

Market Conditions

NOI Build-Up for 3,569 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

$67.7K $18.96/SF

− Vacancy

−$7.0K −$1.97/SF

EGI

$60.6K $16.99/SF

− OpEx

−$15.2K −$4.25/SF

NOI

$45.5K $12.74/SF

Area

Columbus County, NC

Vacancy

10.40%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

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%

$909,460

Cap Rate 7%

$649,614

Cap Rate 9%

$505,256

Alternative Uses

Best Use

Specialty Retail

$649.6K

$568.4K – $757.9K (±1% cap)

NOI $45,473 @ 7.0% cap · market cap 3.64%

Second Best

Industrial

$296.8K

$259.7K – $346.3K (±1% cap)

NOI $20,776 @ 7.0% cap · market cap 1.66%

Theoretical Best

Office A

$865.8K

$757.5K – $1.01M (±1% cap)

NOI $60,603 @ 7.0% cap · market cap 4.85%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Wedding venues

Suggested Use

Top Pick HVAC Service Gym & Fitness Center Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

8

Businesses Nearby

Explore this area Business Placement

Demographics for 28432, NC

1,806

Population

686

Households

2.6

Avg Household Size

38

Median Age

13%

College-Educated

80%

High-School Grad

34.2 sq mi

ZIP Area

53

Density / Sq Mi

$83,984

Median Household Income

$47,602

Median Earnings

$871

Median Rent

$113,700

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this wedding venues located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Wedding venue - Remodeled home plus an expansive covered event space with a full commercial kitchen and guest accommodations.

Where is this wedding venue located?

The property is located at 2589 Sidney Cherry Grove Road Clarendon, NC.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Remodeled 3‑bedroom, 2‑bath home built in 1934 with a spacious living area; Fully renovated kitchen in the main house plus a dedicated laundry room; Secondary building serves as a library and guest suite with a loft that sleeps 4